Benzinga Mid-Morning Market Update
Following the market opening Tuesday morning, the Dow traded up 0.71 percent to 13,518.99 while the NASDAQ rose 0.46 percent to 3,078.34. The S&P also rose, increasing 0.69 percent to 1,450.02.
As a heads up for this week, pharmaceutical stocks are set to be even more volatile than normal leading up to an FDA panel meeting on drugs from three pharmaceutical companies: NPS Pharmaceuticals (NASDAQ: NSPS), Aegerion Pharmaceuticals (NASDAQ: AEGR), and Isis Pharmaceuticals (NASDAQ: ISIS)
Top Headline: In a shocking move, Citigroup (NYSE: C) CEO Vikrim Pandit resigned this morning following an earnings beat Monday. Further raising suspicions, Citigroup COO John Havens moved his retirement up from the end of the year to this morning, leaving the company suddenly as well. Speculation is buzzing around the event, but many expect some sort of internal crisis or scandal at the bank, stay tuned for details.
Equities Trading UP Mueller Water Products (NYSE: MWA) traded up 5.14 percent to $4.91 Tuesday morning following an upgrade at RBC Capital.
Questcor Pharmaceuticals (NASDAQ: QCOR) traded up as well, increasing 6.47 percent to $24.68 following the declaration of some insider trades made after the bell Monday.
Shares Mattel (NASDAQ: MAT) traded up 3.78 percent to $37.76 after the company posted a third-quarter earnings beat.
Equities Trading DOWN Clearwire (NASDAQ: CLWR) took a hit in early trading, falling 16.21 percent to $2.25 despite an upgrade at DA Davidson.
Isis Pharmaceuticals (NASDAQ: ISIS) also fell, dropping 12.09 percent to $11.56 after a downgrade at Piper Jaffray.
Shares of Dynavax (NASDAQ: DVAX) traded down 3.56 percent to $4.88 despite a wave of new coverages from analysts, and a handful of upgrades.
Commodities In commodity news, Oil traded down 0.10 percent to $91.76, while Gold traded up 0.46 percent to $1,745.60.
Silver traded up 0.24 percent Tuesday Morning to $32.98.
Euro Zone Big news out of the Euro zone today as German lawmakers announced that they were open to ‘precautionary credit for Spain'. This has caused a boost in the Euro as investors expect a mini bailout to hit Spain very soon.
Economics In economic news, the consumer price index month over month came in at 0.6 percent, above the expected 0.5 percent, but equal to the previous number. The consumer price index month over month with food and energy sectors removed came in at 0.1 percent, below the expected 0.2 percent and equal to the prior figure.
The consumer price index year over year was also reported, coming in at 2.0 percent, slightly above the expected 1.9 percent and the previous report of 1.7 percent. The consumer price index with energy and food removed came in at 2.0 percent as well, equal to estimates, and slightly higher than the prior figure of 1.9 percent.
Total net TIC Flows came in at $91.4 billion, above the prior figure of $74 billion, while net long-term TIC flows came in at $90 billion, well above the estimated $48 billion and the prior figure of $67.2 billion.
Industrial production came in at 0.4 percent, above the expected 0.2 percent, and well above the prior figure of -1.4 percent. Capacity utilization was reported at 78.3 percent, equal to estimates and barely above the prior number of 78.0 percent.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.