Mid-Morning Market Update: Markets Rise, Morgan Stanley Posts Upbeat Profit

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Following the market opening Thursday, the Dow traded up 0.47 percent to 15,543.23 while the NASDAQ surged 0.12 percent to 3,614.24. The S&P also rose, gaining 0.33 percent to 1,686.47.
Top Headline
Morgan Stanley
MS
reported a rise in its second-quarter profit. Morgan Stanley's quarterly profit surged to $980 million, or $0.41 per share, from $591 million, or $0.29 per share, in the year-ago quarter. Excluding one-time items, the bank earned $0.45 per share. Its total net revenue rose to $8.5 billion from $6.9 billion. However, analysts were estimating earnings of $0.43 per share on revenue of $7.89 billion. Morgan Stanley's equity sales and trading net revenue surged to $1.8 billion from $1.3 billion.
Equities Trading UP
SUPERVALU
SVU
shot up 14.48 percent to $7.75 after the company reported upbeat quarterly profit. Shares of Johnson Controls
JCI
got a boost, shooting up 5.88 percent to $39.53 on upbeat Q3 profit. Morgan Stanley
MS
was also up, gaining 3.81 percent to $27.55 after the company reported a higher profit in the second quarter.
Equities Trading DOWN
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Shares of eBay
EBAY
were down 7.07 percent to $53.33 after the company issued downbeat forecast. Taiwan Semiconductor Manufacturing Company
TSM
was down, falling 6.50 percent to $17.25 after the company issued weak Q3 revenue outlook. The Sherwin-Williams Company
SHW
shares tumbled 5.93 percent to $172.32 on weaker-than-expected Q2 results.
Commodities
In commodity news, oil traded up 0.40 percent to $106.91, while gold traded up 0.45 percent to $1,284.50. Silver traded down 0.10 percent Thursday to $19.40, while copper fell 0.29 percent to $3.12.
Eurozone
European shares were higher following the positive British retail sales data and bond auctions from France and Spain. British retail sales rose in line with estimate in June, gaining 0.2 percent in the month. However, the year-over-year figure was strong, showing 2.1 percent growth vs. an expected gain of 1.7 percent while May's year over year figure was revised higher to show 2.1 percent growth vs. the previous estimate of 1.9 percent. The Spanish Ibex Index rose 0.94 percent and the Italian FTSE MIB Index gained 1.26 percent. Meanwhile, the German DAX rose 0.42 percent and the French CAC 40 jumped 0.69 percent while U.K. shares surged 0.88 percent.
Economics
US jobless claims fell 24,000 to 334,000 in the week that ended July 13. Economists were expecting initial claims to decline to 341,000. The Philadelphia Fed manufacturing index rose to 19.80 in July, versus a prior reading of 12.50. However, economists were expecting a reading of 8.00. US leading economic index came in unchanged in June, versus a growth of 0.2% in May. However, economists were projecting the leading economic index to rise 0.3%.
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Posted In: EarningsNewsGuidanceEurozoneCommoditiesForexGlobalEcon #sEconomicsHotIntraday UpdateMarketsMoversTech
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