Mid-Morning Market Update: Markets Edge Higher; Macy's Tops Q1 Estimates

Following the market opening Wednesday, the Dow traded up 0.04 percent to 24,716.86 while the NASDAQ climbed 0.30 percent to 7,373.78. The S&P also rose, gaining 0.16 percent to 2,715.80.

Leading and Lagging Sectors

Wednesday morning, the materials shares rose 0.83 percent. Meanwhile, top gainers in the sector included Intrepid Potash, Inc. IPI, up 8 percent, and Braskem S.A. BAK up 6 percent.

In trading on Wednesday, energy shares fell 0.34 percent.

Top Headline

Macy's Inc M reported stronger-than-expected results for its first quarter and lifted guidance.

The company said it earned 48 cents per share in the first quarter on revenue of $5.54 billion versus expectations of 35 cents per share and $5.39 billion. Management lifted its fiscal 2018 EPS guidance from $3.55-$3.75 to a new range of $3.75-$3.95.

Equities Trading UP

Blink Charging Co. BLNK shares shot up 27 percent to $6.96. Blink Charging reported Q1 net income of $2.2 million, versus a year-ago net loss of $3.1 million.

Shares of Boot Barn Holdings, Inc. BOOT got a boost, shooting up 13 percent to $24.815 after the company reported upbeat results for its fourth quarter and issued strong first-quarter earnings guidance.

Abaxis, Inc. ABAX shares were also up, gaining 15 percent to $82.75. Zoetis Inc. ZTS announced plans to acquire Abaxis for $83 per share in cash.

Equities Trading DOWN

Evolus, Inc. EOLS shares dropped 28 percent to $10.555. The lifestyle aesthetics company said the FDA issued a Complete Response Letter which cited deficiencies which were related to Chemistry, Manufacturing, and Controls processes which is not related to clinical or non-clinical matters.

Shares of Cemtrex, Inc. CETX were down 16 percent to $2.19. Cemtrex posted Q2 earnings of $0.04 per share on sales of $20.6 million.

Social Reality, Inc. SRAX was down, falling around 10 percent to $4.01 after reporting a first-quarter sales miss.

Commodities

In commodity news, oil traded down 0.52 percent to $70.94 while gold traded down 0.25 percent to $1,287.10.

Silver traded down 0.33 percent Wednesday to $16.215, while copper fell 0.10 to $3.053.
.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.21 percent, the Spanish Ibex Index fell 0.96 percent, while Italy’s FTSE MIB Index dipped 2.22 percent. Meanwhile the German DAX rose 0.40 percent, and the French CAC 40 climbed 0.16 percent while U.K. shares rose 0.12 percent.

Economics

Housing starts fell 3.7 percent to an annual rate of 1.29 million in April, versus a revised 1.34 million rate in March. Housing permits declined 1.8 percent to an annual rate of 1.35 million.

U.S. industrial production rose 0.7 percent for April, versus economists’ expectations for a 0.2 percent growth.

The Energy Information Administration’s weekly report on petroleum inventories in the U.S.is schedule for release at 10:30 a.m. ET.

St. Louis Fed President James Bullard will speak at 6:30 p.m. ET.