Mid-Morning Market Update: Markets Open Higher; Macy's Earnings Top Estimates

Following the market opening Wednesday, the Dow traded up 0.26 percent to 25,353.32 while the NASDAQ climbed 0.13 percent to 7,210.02. The S&P also rose, gaining 0.28 percent to 2,729.92.

Leading and Lagging Sectors

Wednesday morning, the energy shares climbed 1.4 percent. Meanwhile, top gainers in the sector included Denbury Resources Inc. DNR up 11 percent, and Ultra Petroleum Corp UPL up 8 percent.

In trading on Wednesday, utilities shares fell 0.5 percent.

Top Headline

Macy's Inc M reported better-than-expected earnings for its third quarter and raised its full-year outlook.

Macy's posted Q3 earnings of $0.27 per share on sales of $5.404 billion. However, analysts were expecting earnings of $0.14 per share on sales of $5.41 billion.

Macy's now expects FY18 earnings of $4.10 to $4.30 per share, versus prior forecast of $3.95 to $4.15 per share.

Equities Trading UP

Tahoe Resources Inc. TAHO shares shot up 44 percent to $3.17 after Pan American Silver Corp. PAAS announced the acquisition of Taho for $3.40 per share in cash.

Shares of Empire Resorts, Inc. NYNY got a boost, shooting up 33 percent to $11.33 after the company reported formation of strategic alliance with bet365 to offer sports betting and online gaming in state of New York at Resorts World Catskills.

Canada Goose Holdings Inc. GOOS shares were also up, gaining 18 percent to $69.28 after reporting better-than-expected quarterly results.

Equities Trading DOWN

Resonant Inc. RESN shares dropped 38 percent to $1.7868 after the company reported downbeat quarterly results.

Shares of Amyris, Inc. AMRS were down 29 percent to $4.1725 after the company reported a third-quarter loss of $0.63 per share on sales of $14.87 million.

Boxlight Corporation BOXL was down, falling around 26 percent to $2.240 after reporting a third-quarter sales miss.

Commodities

In commodity news, oil traded up 1.02 percent to $56.26 while gold traded down 0.06 percent to $1,200.70.

Silver traded down 0.23 percent Wednesday to $13.945, while copper rose 0.54 percent to $2.7015.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 climbed 0.1 percent, the Spanish Ibex Index rose 0.2 percent, while Italy’s FTSE MIB Index slipped 0.06 percent. Meanwhile the German DAX rose 0.42 percent, and the French CAC 40 rose 0.09 percent while U.K. shares rose 0.54 percent.

Economics

The Consumer Price Index rose 0.3 percent for October, versus economists’ expectations for a 0.3 percent increase.

Federal Reserve Chairman Jerome Powell will speak in Dallas, TX, at 5:00 p.m. ET.

Dallas Federal Reserve Bank President Robert Kaplan is set to speak Dallas, TX at 5:00 p.m. ET.