Markets Open Higher; McDonald's Profit Misses Estimates
Following the market opening Tuesday, the Dow traded up 0.47 percent to 17,132.16 while the NASDAQ surged 0.83 percent to 4,461.44. The S&P also rose, gaining 0.57 percent to 1,984.78.
Leading and Lagging Sectors
In trading on Tuesday, non-cyclical consumer goods & services were relative laggards, down on the day by about 0.05 percent. Top decliners in the sector included The Fresh Market (NASDAQ: TFM), down 3.1 percent, and The Coca-Cola Company (NYSE: KO), off 3 percent.
McDonald's posted a quarterly profit of $1.39 billion, or $1.40 per share, versus a year-ago profit of $1.4 billion, or $1.38 per share.
Its revenue gained 1% to $7.18 billion. However, analysts were projecting earnings of $1.44 per share on revenue of $7.29 billion.
Equities Trading UP
Healthstream (NASDAQ: HSTM) shares shot up 16.99 percent to $26.03 after the company reported better-than-expected Q2 results.
Shares of Chipotle Mexican Grill (NYSE: CMG) got a boost, shooting up 11.79 percent to $659.47 after the company reported stronger-than-expected Q2 results.
CIT Group (NYSE: CIT) shares were also up, gaining 10.17 percent to $48.42 after the company announced the results of its second quarter, but also announced the acquisition of OneWest Bank for $3.4 billion.
Equities Trading DOWN
Shares of New Oriental Education & Technology Group (NYSE: EDU) were down 13.99 percent to $20.82 after the company issued a downbeat Q1 revenue forecast.
Del Frisco's Restaurant Group (NASDAQ: DFRG) shares tumbled 14.19 percent to $21.65 after the company reported downbeat Q2 results and lowered its FY14 earnings forecast.
Harley-Davidson (NYSE: HOG) was down, falling 5.25 percent to $63.56 after the company cut its motorcycle shipments forecast for the full year. However, the company reported upbeat quarterly earnings.
In commodity news, oil traded down 0.30 percent to $104.28, while gold traded down 0.17 percent to $1,313.30.
Silver traded down 0.03 percent Tuesday to $21.01, while copper rose 0.64 percent to $3.22.
European shares were higher today. The eurozone’s STOXX 600 jumped 1.17 percent, the Spanish Ibex Index climbed 1.38 percent, while Italy’s FTSE MIB Index rose 1.69 percent. Meanwhile, the German DAX gained 1 percent and the French CAC 40 climbed 1.28 percent while UK shares rose 0.85 percent.
The ICSC–Goldman Sachs store sales index declined 0.4% in the week ended Saturday versus the earlier week.
The consumer price index rose 0.3% in June, versus a 0.4% growth in May.
US house prices increased 0.4% in May, according to the Federal Housing Finance Agency. House prices rose 5.5% y/y in May.
Sales of existing homes rose 2.6% to an annual rate of 5.04 million in June. However, economists were projecting a rate of 5 million in June.
The Johnson Redbook same-store sales index dropped 0.3% in the first two weeks of July versus June.
The Richmond Fed manufacturing index rose to 7.00 in July, versus a prior reading of 3.00. However, economists were expecting a reading of 5.00.
The Treasury is set to auction 4-and 52-week bills.
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