Following the market opening Tuesday, the Dow traded up 0.21 percent to 17,112.25 while the NASDAQ surged 0.07 percent to 4,560.35. The S&P also rose, gaining 0.15 percent to 2,000.81.
Leading and Lagging Sectors
Tuesday morning, the energy sector proved to be a source of strength for the market. Leading the sector was strength from Forbes Energy Services FES and Rex Energy REXX.
In trading on Tuesday, telecommunications services shares were relative laggards, down on the day by about 0.07 percent. Meanwhile, top decliners in the sector included Internet Initiative Japan IIJI, down 2.2 percent, and Telecom Italia S.p.A. TI, off 1.1 percent.
Top Headline
Best Buy Co BBY reported better-than-expected earnings for the second quarter. However, the company’s revenue missed analysts’ estimates.
The Richfield, Minnesota-based company posted quarterly adjusted earnings per share, excluding certain items, of $0.44 versus $0.32 in the year-ago period. However, analysts were expecting earnings of $0.31 per share.
Its total sales dropped to $8.9 billion versus $9.27 billion, versus analysts’ estimates of $8.99 billion.
Equities Trading UP
Kite Pharma KITE shares shot up 16.96 percent to $26.08 on positive non-Hodgkin's lymphoma trial results using KTE-C19.
Shares of DSW DSW got a boost, shooting up 10.08 percent to $31.23 after the company reported upbeat fiscal second-quarter results.
Tim Hortons THI shares were also up, gaining 9.29 percent to $81.66 after Burger King BKW agreed to buy Tim Hortons for around $11 billion.
Equities Trading DOWN
Shares of iKang Healthcare Group KANG were down 7.88 percent to $20.87 after the company reported downbeat quarterly earnings.
Trina Solar TSL shares tumbled 7.18 percent to $12.41 after the company reported downbeat sales for the second quarter.
Sanderson Farms SAFM was down, falling 5.32 percent to $90.06 after the company reported weaker-than-expected profit for its fiscal third quarter.
Commodities
In commodity news, oil traded up 0.66 percent to $93.97, while gold traded up 0.80 percent to $1,289.10.
Silver traded up 0.92 percent Tuesday to $19.61, while copper fell 0.37 percent to $3.23.
Eurozone
European shares were higher today. The eurozone’s STOXX 600 gained 0.37 percent, the Spanish Ibex Index climbed 0.73 percent, while Italy’s FTSE MIB Index surged 0.49 percent. Meanwhile, the German DAX rose 0.25 percent and the French CAC 40 surged 0.63 percent while UK shares gained 0.40 percent.
Economics
The ICSC-Goldman Store Sales Index gained 0.6% in the week ended Saturday versus the earlier week.
US durable goods orders rose 22.6% in July, versus economists’ expectations for a 12.6% gain.
The Johnson Redbook Retail Sales Index rose 0.5% in the first three weeks of August versus July.
The FHFA house price index for June rose 0.4% in June.
The S&P/Case-Shiller home price index gained 1% in June, versus a 1.2% gain in May.
The Conference Board's consumer confidence index rose to 92.40 in August, versus a prior reading of 90.90. However, economists were expecting a reading of 89.00.
The Richmond Fed manufacturing index gained to 12.00 in August, versus a prior reading of 7.00. However, economists were expecting a reading of 6.00.
The Treasury is set to auction 4-week bills and 2-year notes.
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