Market Overview

Mid-Afternoon Market Update: Dow Up 250 Points; Thor Industries Shares Fall On Downbeat Earnings

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Toward the end of trading Thursday, the Dow traded up 0.95 percent to 26,657.75 while the NASDAQ climbed 1.01 percent to 8,030.68. The S&P also rose, gaining 0.78 percent to 2,930.62.

Leading and Lagging Sectors

Thursday afternoon, the materials shares rose 1.2 percent. Meanwhile, top gainers in the sector included Loma Negra Compania Indl Argentina SA (NYSE: LOMA) up 17 percent, and Mechel PAO (NYSE: MTL) up 13 percent.

In trading on Thursday, industrials shares fell 0.07 percent.

Top Headline

Darden Restaurants, Inc. (NYSE: DRI) reported better-than-expected earnings for its first quarter and raised its FY19 guidance.

Darden posted quarterly earnings of $1.34 per share on sales of $2.06 billion. However, analysts were expecting earnings of $1.24 per share on sales of $2.03 billion.

 

Equities Trading UP

Ossen Innovation Co., Ltd. (NASDAQ: OSN) shares shot up 23 percent to $2.42. Ossen Innovation posted 1H earnings of $0.24 per share on sales of $70 million.

Shares of Altimmune, Inc. (NASDAQ: ALT) got a boost, shooting up 49 percent to $24.52 after surging 285.48 percent on Wednesday.

New Age Beverages Corporation (NASDAQ: NBEV) shares were also up, gaining 54 percent to $6.72 after surging 54.96 percent on Wednesday.

Equities Trading DOWN

Stitch Fix, Inc. (NASDAQ: SFIX) shares dropped 11 percent to $42.16. Piper Jaffray downgraded Stitch Fix from Overweight to Neutral.

Shares of Tilray, Inc. (NASDAQ: TLRY) were down 21 percent to $170.17 after climbing 38.12 percent on Wednesday.

Thor Industries, Inc. (NYSE: THO) was down, falling around 14 percent to $90.64 after the company reported weaker-than-expected profit for its fourth quarter.

Commodities

In commodity news, oil traded down 0.34 percent to $70.88 while gold traded up 0.18 percent to $1,210.50.

Silver traded up 0.14 percent Thursday to $14.30, while copper rose 0.53 to $2.744.

Eurozone

European shares closed higher today. The eurozone’s STOXX 600 rose 0.7 percent, the Spanish Ibex Index rose 1.03 percent, while Italy’s FTSE MIB Index rose 0.51 percent. Meanwhile the German DAX climbed 0.88 percent, and the French CAC 40 rose 1.07 percent while U.K. shares rose 0.49 percent.

Economics

Initial jobless claims declined 3,000 to 201,000 in the latest week. However, economists were expecting a 210,000 reading.

The Philly Fed manufacturing index climbed to 22.9 in September, compared to 11.9 in August. Economists projected a reading of 17.

Existing-home sales were flat in August, versus economists’ expectations for a 0.3 percent increase.

The index of leading economic indicators rose 0.4 percent for August.

Domestic supplies of natural gas gained 86 billion cubic feet for the week ended September 14, the U.S. Energy Information Administration reported. Analysts expected a gain of 84 billion cubic feet.

Data on money supply for the recent week will be released at 4:30 p.m. ET.

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

 

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