Mid-Morning Market Update: Markets Open Lower; Goldman Sachs Earnings Top Expectations

Following the market opening Tuesday, the Dow traded down 0.21 percent to 25,010.69 while the NASDAQ declined 0.13 percent to 7,795.41. The S&P also fell, dropping 0.07 percent to 2,796.51.

Leading and Lagging Sectors

Tuesday morning, the telecommunication services shares climbed 0.43 percent. Meanwhile, top gainers in the sector included Telecom Argentina S.A. TEO up 2 percent, and Frontier Communications Corporation FTR up 3 percent.

In trading on Tuesday, energy shares fell 0.53 percent.

Top Headline

Goldman Sachs Group Inc GS reported better-than-expected earnings for its second quarter.

The bank posted quarterly profit of $5.98 per share, up from $3.95 per share, in the year-ago period. Analysts projected earnings of $4.66 per share.

Its total revenue climbed to $9.40 billion, beating analysts’ estimates of $8.74 billion.

Equities Trading UP

AMERI Holdings, Inc. AMRH shares shot up 79 percent to $2.11 after announcing a project with MedData to implement robotic process automation solution.

Shares of Cellectar Biosciences, Inc. CLRB got a boost, shooting up 37 percent to $10.265 after the company reported a 94 percent reduction in overall tumor volume in Waldenstrom macroglobulinemia patient in Phase 2 CLR 131 clinical study.

New Concept Energy, Inc. GBR shares were also up, gaining 26 percent to $4.0299 following announcement of extension from NYSE for the company to regain compliance.

Equities Trading DOWN

CCA Industries, Inc. CAW shares dropped 14 percent to $2.47. CCA Industries posted a Q2 loss of $0.04 per share on sales of $4.225 million.

Shares of Netflix, Inc. NFLX were down 9 percent to $363.97. Netflix reported upbeat earnings for its second quarter, while sales missed estimates. The company’s subscriber growth also fell short of estimates. Netflix issued weak third-quarter earnings and sales guidance.

MER Telemanagement Solutions Ltd. MTSL was down, falling around 18 percent to $2.316 after climbing 79.75 percent on Monday.

Commodities

In commodity news, oil traded up 0.03 percent to $68.08 while gold traded up 0.08 percent to $1,240.70.

Silver traded down 0.36 percent Tuesday to $15.755, while copper fell 0.22 to $2.7585.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 dropped 0.24 percent, the Spanish Ibex Index fell 0.61 percent, while Italy’s FTSE MIB Index fell 0.16 percent. Meanwhile the German DAX dropped 0.18 percent, and the French CAC 40 declined 0.37 percent while U.K. shares fell 0.02 percent.

Economics

The Johnson Redbook Retail Sales Index for the latest week is schedule for release at 8:55 a.m. ET.

U.S. industrial production rose 0.6 percent for June, versus economists’ expectations for a 0.5 percent gain.

The NAHB housing market index came in at 68.00 for July, versus economists’ estimates for a reading of 69.00.

The Treasury is set to auction 4-and 52-week bills at 11:30 a.m. ET.

The Treasury International Capital report for May will be released at 4:00 p.m. ET.