Mid-Day Market Update: Crude Oil Down Over 4%; Himax Technologies Shares Spike Higher

Midway through trading Tuesday, the Dow traded down 0.68 percent to 17,827.79 while the NASDAQ declined 1.11 percent to 4,808.65. The S&P also fell, dropping 0.85 percent to 2,085.07.

Leading and Lagging Sectors

On Tuesday, non-cyclical consumer goods & services shares surged by 0.51 percent.

In trading on Tuesday, energy shares fell by 2.37 percent. Meanwhile, top losers in the sector included Denbury Resources Inc. DNR, down 12 percent, and Unit Corporation UNT, down 15 percent.

Top Headline

Tesla Motors Inc TSLA announced it delivered fewer cars than expected in the second quarter.

Tesla said it delivered 14,370 vehicles in the second quarter, which was notably short of its own projections of 17,000 vehicles.

In total, Tesla delivered 9,745 Model S sedans and 4,625 Model X vehicles in the second quarter.

Equities Trading UP

Leading Brands, Inc (USA) LBIX shares shot up 18 percent to $2.00 as the company reported results of 2016 Annual Meeting. The company also entered into an agreement to supply HappyWater to a significant customer in China.

Shares of Insys Therapeutics Inc INSY got a boost, shooting up 9 percent to $14.63 as the company reported the FDA approval of Syndros.

Himax Technologies, Inc. (ADR) HIMX shares were also up, gaining 7 percent to $7.97 after the company issued a strong outlook for the second quarter.

Equities Trading DOWN

Amedica Corporation AMDA shares dropped 31 percent to $0.92. Amedica priced its $11 million offering at $1 per unit.

Shares of Can Fite Biopharma Ltd (ADR) CANF were down 18 percent to $2.15 as the company reported that its Phase 2 glaucoma data failed to meet primary endpoint.

Harley-Davidson Inc HOG was down, falling around 12 percent to $47.80. Harley-Davidson surged over 19 percent Friday, after Benzinga reported chatter of a potential takeover offer from KKR & Co. L.P. KKR. Baird downgraded Harley-Davidson from Outperform To Neutral.

Commodities

In commodity news, oil traded down 4.33 percent to $46.87 while gold traded up 1.07 percent to $1,353.30.

Silver traded up 1.31 percent Tuesday to $19.85, while copper fell 1.80 percent to $2.18.

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 1.70 percent, the Spanish Ibex Index dipped 2.28 percent, while Italy’s FTSE MIB Index slipped 1.45 percent. Meanwhile the German DAX declined 1.82 percent, and the French CAC 40 dropped 1.69 percent, while U.K. shares rose 0.35 percent.

Economics

U.S. factory orders declined 1.00 percent for May, versus economists’ expectations for a 0.90 percent drop.

The Treasury is set to auction 4-week bills.

New York Federal Reserve Bank President William Dudley is set to speak at in Binghampton, New York at 2:30 p.m. ET.