Mid-Morning Market Update: Markets Open Lower; G-III Apparel Posts Narrower-Than-Expected Q1 Loss

Following the market opening Tuesday, the Dow traded down 0.18 percent to 21,146.31 while the NASDAQ slipped 0.06 percent to 6,291.68. The S&P also fell, dropping 0.17 percent to 2,432.01.

Leading and Lagging Sectors

Non-cyclical consumer goods & services sector was the top gainer in the US market on Tuesday.

In trading on Tuesday, financial shares fell 0.33 percent. Meanwhile, top losers in the sector included Norwood Financial Corporation NWFL, down 4 percent, and Credit Suisse Group AG (ADR) CS, down 4 percent.

Top Headline

G-III Apparel Group, Ltd. GIII reported a smaller-than-expected loss for its first quarter and raised its FY18 outlook.

G-III Apparel posted quarterly adjusted loss of $0.18 per share on revenue of $529 million. However, analysts were expecting a loss of $0.40 per share on revenue of $498.10 million.

G-III now expects FY18 adjusted earnings of $1.04 to $1.14 per share, versus earlier outlook of $0.80 to $0.90 per share. It raised its sales forecast from $2.73 billion to $2.76 billion.

Equities Trading UP

NII Holdings, Inc. NIHD shares shot up 52 percent to $0.990 after the company reported a partnership with AINMT for investing in Nextel Brazil's growth strategy.

Shares of G-III Apparel Group, Ltd. GIII got a boost, shooting up 23 percent to $24.55 after the company reported a smaller-than-expected loss for its first quarter and raised its FY18 outlook.

Thor Industries, Inc. THO shares were also up, gaining 11 percent to $104.86 after the company reported stronger-than-expected earnings for its third quarter.

Equities Trading DOWN

HD Supply Holdings Inc HDS shares dropped 18 percent to $33.83 after the company posted downbeat quarterly earnings and agreed to sell its waterworks unit for $2.5 billion.

Shares of Francesca's Holdings Corp FRAN were down 12 percent to $10.64 after the company posted downbeat quarterly results and lowered its FY18 earnings outlook.

Conn's Inc CONN was down, falling around 12 percent to $16.60. Conn's reported a narrower-than-expected loss for its first quarter, but sales missed estimates.

Commodities

In commodity news, oil traded down 0.49 percent to $47.17 while gold traded up 0.90 percent to $1,294.20.

Silver traded up 0.42 percent Tuesday to $17.655, while copper fell 1.37 percent to $2.5225.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 fell 0.66 percent, the Spanish Ibex Index fell 0.32 percent, while Italy’s FTSE MIB Index fell 0.21 percent. Meanwhile the German DAX climbed 0.90 percent, and the French CAC 40 declined 0.69 percent while U.K. shares fell 0.06 percent.

Economics

The Johnson Redbook Retail Sales Index rose 0.7 percent during the first week of June versus May.

U.S. job openings increased to 6.04 million in April, according to the Labor Department's JOLTS report.

The Treasury is set to auction 4-week bills at 11:30 a.m. ET.