Mid-Morning Market Update: Markets Lower, SunPower Recovering
Following the market opening Tuesday, the Dow traded down 0.37 percent to 13,334.18 while the NASDAQ fell 0.38 percent to 3,087.18. The S&P also fell, decreasing 0.46 percent to 1,455.25.
Earnings season officially kicks off today with Alcoa's (NYSE: AA) earnings after the closing bell. While the official start of earnings season is this week, things don't heat up until mid next week when the financial sector begins to report.
Equities Trading UP
Signet Jewlers (NYSE: SIG) saw an 8.94 percent boost to $58.64 in early trading after the company announced a rise in its holiday sales figure this morning.
Shares of SunPower (NASDAQ: SPWR) were also up, gaining 6.55 percent to $8.13 as traders regained confidence in the stock following a drop of nearly 20 percent over the last two sessions.
Celgene (NASDAQ: CELG) rose as well, trading up 4.11 percent to $89.25 following its presentation during the first day of the J.P. Morgan healthcare conference.
Equities Trading DOWN
Fusion-io (NYSE: FIO) had a rough start to trading today, falling 8.30 percent to $19.44 after William Blair cut its rating on the company.
Cypress Semiconductor (NASDAQ: CY) were down as well, losing 8.88 percent to $10.07 as the company warned that its fourth-quarter results may miss expectations.
Shares of GameStop (NYSE: GME) also took a hit, dropping 5.88 percent to $23.30 after the company reported poor holiday sales this morning.
In commodity news, oil traded up 0.21percent to $93.39, while gold traded up 0.66 percent to $1,657.40.
Silver traded up 0.23 percent Monday to $30.31.
In the eurozone this morning, markets were largely on the rise in the face of some poor data released early in trading. Leading the rally was the Italian MIB index, while the Spanish IBEX and German DAX fell slightly.
In economic news Tuesday, the NFIB small business optimism index came in at 88.0, slightly above the projected 87.2 and beating the prior figure of 87.5.
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