Mid-Afternoon Market Update: Oil Falls, US Indexes Rise In Afternoon Session

Midway through trading Tuesday, the Dow traded up 0.25 percent to 16,822.17 while the NASDAQ surged 0.57 percent to 4,345.56. The S&P also rose, gaining 0.29 percent to 1,943.41

Leading and Lagging Sectors

In trading on Tuesday, industrials shares were relative leaders, up on the day by about 0.26 percent. Top gainers in the sector included Perceptron PRCP, up 10.9 percent, China Ming Yang Wind Power Group MY, up 4.8 percent.

Energy services shares dropped around 0.63 percent in the US market on Tuesday. Top decliners in the sector included Ecopetrol SA EC, down 4 percent, and Petróleo Brasileiro Petrobras SA PBR, off 2.28 percent.

Top Headline

FactSet Research Systems FDS reported a rise in its fiscal third-quarter revenue.

FactSet’s quarterly profit fell to $51.5 million, or $1.21 per share, versus a year-ago profit of $53.4 million, or $1.20 per share. Its adjusted earnings gained 11% to $1.25 per share, from $1.13 per share. Its operating income climbed to $73.0 million from $71.6 million.

Its revenue climbed 8% to $231.8 million. However, analysts were expecting earnings of $1.25 per share on revenue of $230.7 million.

Equities Trading UP

Amira Nature Foods ANFI shares shot up 12.76 percent to $14.67 after the company reported better-than-expected fourth-quarter earnings.

Shares of Global Eagle Entertainment ENT got a boost, shooting up 10.38 percent to $12.12 after the company and Boeing BA announced a satellite connectivity partnership.

GW Pharmaceuticals plc GWPH shares were also up, gaining 15.83 percent to $89.60 following the release of positive report on Epidiolex.

Equities Trading DOWN

Shares of Korn/Ferry International KFY were 3.67 percent to $29.36. Korn/Ferry reported its Q4 earnings of $0.32 per share on revenue of $251.70 million.

West Corp WSTC shares tumbled 3.66 percent to $26.65 after the company announced an offering of $1 billion senior notes. Analysts at Morgan Stanley downgraded West Corp from Overweight to Equal-Weight.

Acorda Therapeutics ACOR was down, falling 7.14 percent to $32.76 after the company announced a public offering of $300 million principal amount of convertible senior notes due 2021.

Commodities

In commodity news, oil reversed gains, trading down 0.54 percent to $106.32, while gold traded down 0.35 percent to $1,270.80.

Silver traded flat Tuesday at $19.71, while copper rose 0.39 percent to $3.06.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 climbed 0.23 percent, the Spanish IBEX Index gained 0.46 percent, while Italy’s FTSE MIB Index rose 0.09 percent. Meanwhile, the German DAX gained 0.37 percent and the French CAC 40 rose 0.58 percent while UK shares gained 0.15 percent.

Economics

The Federal Open Market Committee will begin its two-day meeting today.

The ICSC-Goldman Store Sales Index gained 0.4% in the week ended Saturday versus the earlier week.

The consumer price index rose 0.4% in May, while the core CPI climbed 0.3%. However, economists were projecting both the overall and core index to rise 0.2% in May.

Construction on new homes declined 6.5% to an annual rate of 1 million units in May, while permits for new construction dropped 6.4% to an annual pace of 991,000. However, economists were estimating starts to fall to a rate of 1.03 million.

The Johnson Redbook Retail Sales Index declined 1.6% in the first two weeks of June versus May.