Mid-Afternoon Market Update: Crude Oil Up Over 1%; Polaris Shares Surge On Upbeat Earnings

Toward the end of trading Tuesday, the Dow traded up 0.87 percent to 23,475.76 while the NASDAQ climbed 0.28 percent to 6,604.93. The S&P also rose, gaining 0.20 percent to 2,570.22.

Leading and Lagging Sectors

Tuesday afternoon, the basic materials shares surged 0.56 percent. Meanwhile, top gainers in the sector included Intrepid Potash, Inc. IPI, up 14 percent, and Graphic Packaging Holding Company GPK, up 6 percent.

In trading on Tuesday, healthcare shares fell 0.61 percent. Meanwhile, top losers in the sector included Celldex Therapeutics, Inc. CLDX, down 6 percent, and Omeros Corporation OMER down 10 percent.

Top Headline

General Motors Company GM reported upbeat results for its third quarter.

General Motors posted quarterly adjusted earnings of $1.32 per share on revenue of $33.66 billion. However, analysts expected earnings of $1.13 per share on revenue of $32.7 billion.

Equities Trading UP

Polaris Industries Inc. PII shares shot up 14 percent to $122.26 as the company posted upbeat Q3 results and raised FY 2017 guidance.

Shares of Knoll Inc KNL got a boost, shooting up 14 percent to $22.81 as the company posted upbeat results for its third quarter on Monday.

Pain Therapeutics, Inc. PTIE shares were also up, gaining 43 percent to $5.34 after the company reported successful Phase I study for PTI-125.

Equities Trading DOWN

Identiv Inc INVE shares dropped 22 percent to $3.14 after the company lowered its FY17 outlook.

Shares of HNI Corp HNI were down 20 percent to $33.81 after the company issued a weak earnings forecast.

Immune Design Corp IMDZ was down, falling around 16 percent to $4.38 after the company reported a 16 million share common stock offering.

Commodities

In commodity news, oil traded up 1.12 percent to $52.48 while gold traded down 0.30 percent to $1,277.10.

Silver traded down 0.67 percent Tuesday to $16.96, while copper rose 0.25 percent to $3.196.

Eurozone

European shares closed mostly higher today. The eurozone’s STOXX 600 slipped 0.36 percent, the Spanish Ibex Index rose 0.44 percent, while Italy’s FTSE MIB Index surged 1.12 percent. Meanwhile the German DAX gained 0.08 percent, and the French CAC 40 climbed 0.15 percent while U.K. shares rose 0.03 percent.

Economics

The Johnson Redbook Retail Sales Index declined 1.3 percent during the first three weeks of October versus September.

The Markit flash manufacturing PMI climbed to 54.5 in October, versus a prior reading of 53.10. The flash services PMI rose to 55.9 in October, compared to previous reading of 55.3.

The Richmond Fed manufacturing index slipped to 12.00 for October, versus prior reading of 19.00. However, economists were expecting a reading of 17.00.