U.S. indices were falling across the board midday, following the same direction U.S. futures moved in morning trading Thursday. The Nasdaq was the biggest loser, falling more than 1% while the Dow Jones Industrial Average and S&P 500 fell 0.8%.
Markets continue to decline following the release of the latest Federal Reserve minutes, which suggested a possible interest rate hike as early as June. Also affecting markets today was the disappearance of and EgyptAir flight traveling from Paris to Cairo over the Mediterranean. The plane was carrying 66 passengers when it went down. Egyptian and U.S. government officials believe that the plane's demise was the result of a terrorist attack, according to CNN.
Crude prices were also falling midday, with industry standard Brent crude futures contracts for July delivery declining $0.44 to $48.89 per barrel while West Texas crude futures fell $0.36 to $47.83 per barrel.
Walmart (WMT) shares were up nearly 9% on 3x its normal volume following the release of the retailer's latest earnings results. The retailer reported earnings per share of $0.98 in the quarter ended April 29, a dime better than Wall Street was expecting for the period. Same-store sales in the U.S. increased 1%, year over year, in the quarter, leading to revenue of $115.9 billion. Analysts were expecting revenue of $112.67 billion.
Urban Outfitters (URBN) shares were up more than 10% after the apparel retailer topped analysts' first-quarter top- and bottom-line estimates. The retailer reported that revenue rose 3% year over year to $762.58 million yielding earnings of a quarter per share. Analysts on average were expecting revenue of $759.39 million and earnings that were in line with what Urban Outfitters reported.
Cisco (CSCO) shares were also climbing following its latest earnings release. The Action Alerts PLUS holding reported top-line results of $12 billion yielding bottom-line results of $0.57 per share. Analysts on average were expecting earnings of $0.55 per share on revenue of $11.97 billion.
Dick's Sporting Goods (DKS) shares were up nearly 8% after the retailer reported EPS of $0.50 in the April quarter, a penny better than estimates, on revenue of $1.66 billion that was in line with analyst estimates. The sports retailer provided full-year earnings guidance between $2.60 and $2.90 per share.