Mid-Morning Market Update: Markets Mostly Higher; Toll Brothers Misses Q4 Views

Following the market opening Tuesday, the Dow traded down 0.07 percent to 24,273.93 while the NASDAQ climbed 0.50 percent to 6,809.18. The S&P also rose, gaining 0.07 percent to 2,641.34.

Leading and Lagging Sectors

Tuesday morning, the information technology sector proved to be a source of strength for the market. Leading the sector was strength from Daqo New Energy Corp. DQ and 21Vianet Group, Inc. VNET.

In trading on Tuesday, utilities shares fell 1.52 percent.

Top Headline

Toll Brothers, Inc. TOL reported downbeat results for its fourth quarter.

Toll Brothers posted quarterly earnings of $1.17 per share on revenue of $2.03 billion. However, analysts expected earnings of $1.19 per share on revenue of $2.08 billion.

Equities Trading UP

Revance Therapeutics, Inc. RVNC shares shot up 29 percent to $33.65 after the company disclosed that its RT002 met primary and all secondary endpoints.

Shares of Collegium Pharmaceutical, Inc. COLL got a boost, shooting up 11 percent to $18.86. Depomed, Inc. DEPO disclosed a NUCYNTA® Commercialization Agreement with Collegium Pharmaceutical.

Barnes & Noble Education, Inc. BNED shares were also up, gaining 21 percent to $7.64 after the company reported Q2 results.

Equities Trading DOWN

Galectin Therapeutics, Inc. GALT shares dropped 44 percent to $1.38 as the company reported that its Phase 2b NASH-CX trial did not meet its primary endpoint.

Shares of Ascena Retail Group, Inc. ASNA were down 21 percent to $2.05. Ascena Retail reported in-line earnings for its first quarter. The company reported a 5 percent drop in its Q1 comps and issued weak second quarter guidance.

Digital Power Corporation DPW was down, falling around 9 percent to $3.18 following news of offering by selling shareholders.

Commodities

In commodity news, oil traded down 0.16 percent to $57.38 while gold traded down 0.52 percent to $1,271.00.

Silver traded down 1.03 percent Tuesday to $16.205, while copper fell 3.85 percent to $2.971.

Eurozone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.18 percent, the Spanish Ibex Index rose 0.19 percent, while Italy’s FTSE MIB Index jumped 0.17 percent. Meanwhile the German DAX slipped 0.24 percent, and the French CAC 40 dipped 0.36 percent while U.K. shares rose 0.14 percent.

Economics

U.S. trade deficit rose 8.6 percent to $48.7 billion in October.

The ISM non-manufacturing index dropped to 57.40 in November, versus prior reading of 60.10. However, economists projected a reading of 59.10.

The Treasury is set to auction 4-and 52-week bills at 11:30 a.m. ET.