Mid-Morning Market Update: Markets Mostly Higher; Signet Jewelers Earnings Top Estimates

Following the market opening Wednesday, the Dow traded up 0.37 percent to 24,891.80 while the NASDAQ declined 0.05 percent to 7,633.78. The S&P also rose, gaining 0.08 percent to 2,751.01.

Leading and Lagging Sectors

Wednesday morning, the financial shares surged 0.85 percent. Meanwhile, top gainers in the sector included Senmiao Technology Limited AIHS up 7 percent, and American National Bankshares Inc. AMNB up 5 percent.

In trading on Wednesday, utilities shares fell 1.03 percent.

Top Headline

Signet Jewelers Ltd. SIG reported better-than-expected results for its first quarter.

Signet posted adjusted earnings of $0.10 per share on revenue of $1.5 billion. However, analysts were expecting a loss of $0.05 per share on revenue of $1.4 billion. The company reiterated its FY19 adjusted earnings outlook.

Equities Trading UP

Vascular Biogenics Ltd. VBLT shares shot up 26 percent to $2.70 after announcing the company will present data on Novel MOSPD2 program in oncology and inflammation at BIO convention.

Shares of Axovant Sciences Ltd. AXON got a boost, shooting up 138 percent to $4.1689 in reaction to a new licensing agreement. The clinical-stage biopharmaceutical company that focuses on neurologic conditions said it entered into an exclusive worldwide licensing agreement with Oxford BioMedica. As part of the agreement, Axovant will develop and commercialize Oxford's OXB-102 gene therapy for the treatment of Parkinson's utilizing the LentiVector platform.

Cellectar Biosciences, Inc. CLRB shares were also up, gaining 18 percent to $1.0841 after the FDA granted Rare Pediatric Disease Designation to the company’s CLR 131 for rhabdomyosarcoma.

Equities Trading DOWN

Ambarella, Inc. AMBA shares dropped 13 percent to $42.84. Ambarella reported better-than-expected results for its first quarter, but issued weak sales forecast for the current quarter.

Shares of YY Inc. YY were down 8 percent to $111.10 after reporting Q1 results following Q1 results.

First Solar, Inc. FSLR was down, falling around 8 percent to $53.64. JMP Securities downgraded First Solar from Market Outperform to Market Underperform and lowered the price target from $87 to $46.

Commodities

In commodity news, oil traded down 0.46 percent to $65.22 while gold traded down 0.21 percent to $1,299.50.

Silver traded up 0.22 percent Wednesday to $16.58, while copper rose 1.22 to $3.2375.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.01 percent, the Spanish Ibex Index rose 0.93 percent, while Italy’s FTSE MIB Index fell 0.48 percent. Meanwhile the German DAX climbed 0.33 percent, and the French CAC 40 fell 0.03 percent while U.K. shares rose 0.38 percent.

Economics

U.S. nonfarm productivity rose 0.40 percent for the first quarter, versus economists’ expectations for 0.70 percent gain.

U.S. trade deficit declined 2.1 percent to $46.2 billion in April. Exports increased 0.3 percent to $211.2 billion, while imports dropped 0.2 percent to $257.4 billion.

The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.