Mid-Day Market Update: Crude Oil Down Over 1%; Moleculin Biotech Shares Spike Higher

Midway through trading Tuesday, the Dow traded up 0.15 percent to 22,328.33 while the NASDAQ climbed 0.28 percent to 6,388.11. The S&P also fell, gaining 0.13 percent to 2,499.83.

Leading and Lagging Sectors

On Tuesday, the technology shares surged 0.42 percent. Meanwhile, top gainers in the sector included SYNNEX Corporation SNX, up 6 percent, and 21Vianet Group Inc VNET, up 7 percent.

In trading on Tuesday, utilities shares fell 0.18 percent. Meanwhile, top losers in the sector included SCANA Corporation SCG, down 2 percent, and American States Water Co AWR down 2 percent.

Top Headline

FactSet Research Systems Inc. FDS reported better-than-expected earnings for its fourth quarter.

FactSet posted quarterly adjusted earnings of $1.90 per share on revenue of $326.6 million. Analysts expected earnings of $1.89 per share on sales of $325.3 million.

FactSet expects Q1 adjusted earnings of $1.93 to $1.99 per share, on revenue of $327 million to $333 million.

Equities Trading UP

Izea Inc IZEA shares shot up 33 percent to $6.43 after jumping 51.56 percent on Monday. IZEA disclosed that it has been awarded several contracts.

Shares of Moleculin Biotech Inc MBRX got a boost, shooting up 14 percent to $2.75 after the company disclosed that it has received the FDA approval for its Annamycin IND.

Actua Corp ACTA shares were also up, gaining 24 percent to $15.20 after the company agreed to sell 3 businesses for $549 million.

Equities Trading DOWN

Axovant Sciences Ltd AXON shares dropped 73 percent to $6.64 after the company disclosed that Phase 3 MINDSET clinical trial did not meet its co-primary efficacy endpoints. Oppenheimer downgraded Axovant Sciences from Outperform to Perform.

Shares of Genocea Biosciences Inc GNCA were down 67 percent to $1.74 after the company announced a 40-percent workforce reduction Monday as it officially shifts focus to immuno-oncology and neoantigen cancer vaccines and explores strategic alternatives for its former lead candidate. Stifel Nicolaus downgraded Genocea Biosciences from Buy to Hold.

Kadmon Holdings Inc KDMN was down, falling around 20 percent to $3.03 as the company reported mixed shelf offering.

Commodities

In commodity news, oil traded down 1.05 percent to $51.67 while gold traded down 0.51 percent to $1,304.80.

Silver traded down 1.09 percent Tuesday to $16.96, while copper fell 0.82 percent to $2.9135.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.11 percent, the Spanish Ibex Index fell 0.25 percent, while Italy’s FTSE MIB Index rose 0.27 percent. Meanwhile the German DAX gained 0.09 percent, and the French CAC 40 slipped 0.02 percent while U.K. shares rose 0.06 percent.

Economics

The Johnson Redbook Retail Sales Index rose 4.1 percent year-over-year during the first four weeks of September.

The S&P Corelogic Case-Shiller home price index gained 5.8 percent year-over-year for July.

New-home sales declined 3.4 percent to an adjusted annual pace of 560,000 in September. Economists projected a rate of 588,000 for September.

The Conference Board consumer confidence index slipped to 119.80 in September, versus revised reading of 120.40. However, economists projected a reading of 120.60.

The Richmond Fed's manufacturing index gained to 19.00 for September, versus prior reading of 14.00. Economists were expecting a reading of 13.00.

Atlanta Federal Reserve Bank President Raphael Bostic will speak in Atlanta at 12:30 p.m. ET.

Federal Reserve Chair Janet Yellen is set to speak in Cleveland at 12:45 p.m. ET.

The Treasury will auction 2-year notes at 1:00 p.m. ET.