Market Overview

Mid-Morning Market Update: Markets Edge Higher; Apple Tops Q2 Expectations

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Following the market opening Wednesday, the Dow traded up 0.13 percent to 26628.01 while the NASDAQ climbed 0.29 percent to 8118.49. The S&P also rose, gaining 0.03 percent to 2,946.81.

Leading and Lagging Sectors

Wednesday morning, the information technology shares rose 0.8 percent. Meanwhile, top gainers in the sector included Nanometrics Incorporated (NASDAQ: NANO) up 26 percent, and Rogers Corporation (NYSE: ROG) up 21 percent.

In trading on Wednesday, materials shares fell 0.6 percent.

Top Headline

Apple Inc. (NASDAQ: AAPL) reported better-than-expected earnings for its second quarter.

Earnings came in at $2.46 per share, beating estimates by 10 cents. Sales came in at $58 billion, beating estimates by $560 million.

The company issued strong third-quarter sales guidance of $52.5 billion-$54.5 billion; Estimates called for $51.9 billion.

 

Equities Trading UP

Enphase Energy, Inc. (NASDAQ: ENPH) shares got a boost, shooting up 29 percent to $12.98 after the company reported better-than-expected Q1 EPS and sales results.

Shares of Nanometrics Incorporated (NASDAQ: NANO) shot up 25 percent to $37.20 after the company reported better-than-expected Q1 sales. DA Davidson upgraded the stock from Neutral to Buy and raised its price target from $32 to $40.

Nu Skin Enterprises, Inc. (NYSE: NUS) shares were also up, gaining 23 percent to $62.56 after the company reported better-than-expected Q1 EPS and sales results and issued FY19 guidance above the consensus estimates.

Equities Trading DOWN

Pitney Bowes Inc. (NYSE: PBI) shares dropped 19 percent to $5.76 after the company reported weaker-than-expected Q1 earnings.

Shares of CM Seven Star Acquisition Corporation (NASDAQ: CMSS) were down 34 percent to $3.30 after the company reported the consummation of business combination with Renren Inc.'s Kaixin Auto Group.

Haverty Furniture Companies, Inc. (NYSE: HVT) was down, falling around 16 percent to $20.00 after the company reported downbeat Q1 results.

Commodities

In commodity news, oil traded down 0.8 percent to $63.37 while gold traded down 0.3 percent to $1,282.30.

Silver traded down 0.9 percent Wednesday to $14.845, while copper fell 1.7 percent to $2.856.

 

Eurozone

Majority of the European markets are closed for a public holiday.
 

Economics

Private-sector employers added 275,000 jobs in April, ADP reported Wednesday. However, economists were expecting a gain of 181,000 jobs.

The ISM manufacturing composite index fell to 52.8 for April, versus a reading of 55.3 in March. However, economists projected a reading of 54.7.

U.S. construction spending fell 0.9 percent for March, versus economists’ expectations for a 0.4 percent drop.

The Federal Open Market Committee will announce its policy decision at 2:00 p.m. ET.

The Fed Chair Jerome Powell will hold a press conference at 2:30 p.m. ET.

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

 

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