Market Overview

Mid-Morning Market Update: Markets Open Higher; Home Depot Tops Q2 Estimates

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Following the market opening Tuesday, the Dow traded up 0.25 percent to 25,250.42 while the NASDAQ climbed 0.19 percent to 7,834.41. The S&P also rose, gaining 0.33 percent to 2,831.18.

Leading and Lagging Sectors

Tuesday morning, the energy shares rose 0.73 percent. Meanwhile, top gainers in the sector included TransGlobe Energy Corporation (NASDAQ: TGA) up 10 percent, and PHI, Inc. (NASDAQ: PHII) up 10 percent.

In trading on Tuesday, information technology shares fell 0.01 percent.

Top Headline

Home Depot Inc (NYSE: HD) reported better-than-expected results for its second quarter and raised its forecast for the year.

Earnings came in at $3.05 per share, beating estimates of $2.84 per share. Sales came in at $30.463 billion, beating estimates of $30.01 billion.

Equities Trading UP

HyreCar Inc. (NASDAQ: HYRE) shares shot up 34 percent to $3.71 after the company reported Q2 results and issued strong 2018 sales guidance.

Shares of Servotronics, Inc. (NYSE: SVT) got a boost, shooting up 18 percent to $11.30 following Q2 results. Servotronics posted Q2 earnings of $0.30 per share on sales of $11.95 million.

Truett-Hurst, Inc. (NASDAQ: THST) shares were also up, gaining 76 percent to $2.4599 after the company reported the sale of its wholesale wine business to Precept Brands for $18 million in cash.

 

Equities Trading DOWN

Switch, Inc. (NASDAQ: SWCH) shares dropped 27 percent to $10.15 after the company reported weaker-than-expected earnings for its second quarter and lowered its 2018 guidance. The company also announced a $150 million buyback plan.

Shares of Veritone, Inc. (NASDAQ: VERI) were down 22 percent to $12.38 after the company missed Q2 EPS and sales estimates.

Alta Mesa Resources, Inc. (NASDAQ: AMR) was down, falling around 18 percent to $4.99 after the company announced downbeat Q2 results.

Commodities

In commodity news, oil traded up 1.29 percent to $68.07 while gold traded up 0.32 percent to $1,202.70.

Silver traded up 0.42 percent Tuesday to $15.045, while copper fell 0.44 to $2.719.

Eurozone

European shares were mixed today. The eurozone’s STOXX 600 gained 0.03 percent, the Spanish Ibex Index fell 0.05 percent, while Italy’s FTSE MIB Index declined 0.19 percent. Meanwhile the German DAX rose 0.06 percent, and the French CAC 40 rose 0.05 percent while U.K. shares fell 0.22 percent.

Economics

The NFIB small business optimism index increased 0.7 points to a reading of 107.9 in July.

U.S. import prices were unchanged for July, while export prices fell 0.5 percent in July.

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

 

Posted-In: Mid-Morning Market UpdateNews Eurozone Commodities Global Intraday Update Markets

 

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