Stock futures were choppy Thursday, swinging between losses and gains, after the Swiss National Bank stunned investors by ditching its currency ceiling against the euro and gashing its deposit rate to negative 0.75%.
The S&P 500 (SPX) declines were broad-based, with eight of 10 main industry groups ending lower. Financials and materials led losses, while utilities jumped. Beaten-down energy sector stocks swung from a 2% loss to end with a gain of 0.1%.
The Dow Jones Industrial Average (DJI) dipped as much as 300 points, but closed down 186.59 points, or 1.1%, lower at 17,427.09, with 27 of it 30 of its constituents ending with losses. JPMorgan Chase & Co was the top decliner on the index.
Declines on the Nasdaq Composite (RIXF) ended the session down 22.18 points, or 0.5%, at 4,639.32.
Basic materials stocks improved broadly on Wall Street so far on Thursday, with the sector seeing an overall increase of 0.1%. More broadly, the Dow Jones Industrial Average fell 0.4%, the Nasdaq declined 0.6% and the S&P 500 was down 0.4%.
One broker described the central bank’s move as “carnage”, while Swatch Chief Executive Nick Hayek called the franc’s surge in value against the euro an economic “tsunami” for Switzerland, which sells more than 40 percent of its exports to Europe.
Despite, basic materials stocks improved but still Oil & Gas Sector stocks Basic Energy Services, (BAS), Halliburton Company (HAL), Oceaneering International (OII), Schlumberger Limited (SLB), is facing failure.
Basic Energy Services, Inc (NYSE:BAS) managed to keep its fall at -4.38% on below-normal volume of 4.5 million shares. The stock settled at $5.46 after floating in a range of $5.41to $5.91. Basic Energy Services, recently declared it will release its fourth quarter and year-end 2014 financial results after the market closes on Thursday, February 19, 2015. In conjunction with the release, Basic has scheduled a conference call that will be broadcast live over the Internet on Friday, February 20, 2015, starting at 9:00 a.m. Eastern Time (8:00 a.m. Central Time).
Halliburton Company (NYSE:HAL) traded down on a volume of 19.5 million, lower than its standard daily volume. Shares have dropped -2.63% to $37.33. Over the last twelve months, the stock has lost -26.11%. Halliburton Company, provides a range of services and products for the exploration, development, and production of oil and natural gas to oil and gas companies worldwide.
Oceaneering International (NYSE:OII) settled -3.93% lower at $50.91 on above-normal volume of 1.84 million shares during the last trading day. The stock has its 12-month high at $79.05 and 52-week low price was $50.81. It traded in a range of $50.81 to $54.05 during the last trading day. Oceaneering International, declared it will release its fourth quarter and annual 2014 earnings Wednesday, February 11, 2015, after 5:00 p.m. Eastern. A conference call to discuss these results and the company’s future business outlook is scheduled for Thursday, February 12, 2015, at 11:00 a.m. Eastern.
Schlumberger Limited.(NYSE:SLB) saw its price fall on above-normal volume, as 10.92 million shares changed hands when compared with its average daily volume of 10.24 million shares. The stock was down -2.25% to $76.63. Schlumberger Limited, recently reported results for the full-year and fourth-quarter 2014. Schlumberger CEO Paal Kibsgaard commented, “Full-year 2014 income of $48.6 billion increased 7% year-on-year and grew for the fifth consecutive year. Performance was driven by North America where income grew 16%, while International Area increase of 4% was led by a 10% enhance in Middle East & Asia Area income. Full-year pretax operating income grew by 13%, with pretax operating margin expanding 113 basis points to 21.8%. International margin expanded by 168 basis points to reach 23.9%, reflecting an incremental operating margin of 69%.
