Market Overview

Mid-Morning Market Update: Markets Open Higher; DSW Beats Q3 Expectations

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Following the market opening Tuesday, the Dow traded up 0.72 percent to 24,599.00 while the NASDAQ climbed 0.98 percent to 7,089.51. The S&P also rose, gaining 0.95 percent to 2,662.67.

Leading and Lagging Sectors

Tuesday morning, the materials shares climbed 2 percent. Meanwhile, top gainers in the sector included CVR Partners, LP (NYSE: UAN) up 5 percent, and AdvanSix Inc. (NASDAQ: ASIX) up 5 percent.

In trading on Tuesday, utilities shares rose by just 0.2 percent.

Top Headline

DSW Inc. (NYSE: DSW) reported better-than-expected results for its third quarter and raised its full-year outlook.

DSW reported quarterly earnings of $0.70 per share on revenue of $833 million. However, analysts were expecting earnings of $0.51 per share on sales of $794.36 million.

DSW now expects FY18 adjusted earnings of $1.70 to $1.85 per share on sales growth of 12 percent to 14 percent.

Equities Trading UP

Ascena Retail Group, Inc. (NASDAQ: ASNA) shares got a boost, shooting up 25 percent to $3.42 after the company reported stronger-than-expected results for its first quarter on Monday.

Shares of MYOS RENS Technology Inc. (NASDAQ: MYOS) shot up 52 percent to $1.63 after the company announced the launch of its 'Yolked' sports nutrition drink.

Summit Wireless Technologies, Inc. (NASDAQ: WISA) shares were also up, gaining 17 percent to $4.3834 after reporting a global collaboration with LG Electronics.

 

Equities Trading DOWN

Stitch Fix, Inc. (NASDAQ: SFIX) shares dropped 26 percent to $19.29 after reporting Q1 results.

Shares of SeaChange International, Inc. (NASDAQ: SEAC) were down 21 percent to $1.4050 after the company reported Q3 results and lowered its FY19 guidance.

Quanex Building Products Corporation (NYSE: NX) was down, falling around 14 percent to $12.07 after the company reported downbeat Q4 results.

Commodities

In commodity news, oil traded up 1.41 percent to $51.72 while gold traded up 0.24 percent to $1,252.40.

Silver traded up 1.2 percent Tuesday to $14.78, while copper rose 1.51 percent to $2.761.

 

Eurozone

European shares were higher today. The eurozone’s STOXX 600 rose 1.89 percent, the Spanish Ibex Index gained 1.61 percent, while Italy’s FTSE MIB Index jumped 1.36 percent. Meanwhile the German DAX climbed 1.88 percent, and the French CAC 40 jumped 1.93 percent while U.K. shares rose 1.9 percent.

Economics

The NFIB small business optimism index declined 2.6 points to a reading of 104.8 in November.

The Producer Price Index rose 0.1 percent for November, versus economists’ expectations for a 0.1 percent increase.

The Johnson Redbook Retail Sales Index dropped 0.5 percent during the first week of December versus November.

The Treasury is set to auction 3-year notes at 1:00 p.m. ET.

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

 

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