Mid-Morning Market Update: Markets Edge Lower; Goldman Sachs Tops Q2 Views

Following the market opening Tuesday, the Dow traded down 0.03% to 27,349.86 while the NASDAQ fell 0.1% to 8,250.21. The S&P also fell, dropping 0.09% to 3,011.67.

Leading and Lagging Sectors

Industrial shares rose 0.6% on Tuesday. Meanwhile, top gainers in the sector included Spartan Motors, Inc. (NASDAQ: SPAR), up 14%, and ATIF Holdings Limited (NASDAQ: ATIF), up 6%.

In trading on Tuesday, utilities shares fell 0.5%.

Top Headline

Goldman Sachs Group Inc (NYSE: GS) reported better-than-expected results for its second quarter.

Goldman Sachs reported second-quarter earnings at $5.81, beating analysts estimate of $5 per share. The bank reported sales $9.46 billion, which beat $9.13 billion estimate.

Equities Trading UP

Immuron Limited (NASDAQ: IMRN) shares shot up 105% to $6.00 after the company reported FY19 North American revenues up 52% from last year.

Shares of Cancer Genetics, Inc. (NASDAQ: CGIX) got a boost, shooting up 40% to $0.2375 after reporting Interpace Diagnostics will purchase the company's Biopharma services unit.

Taronis Technologies, Inc. (NASDAQ: TRNX) shares were also up, gaining 37% to $0.4790 after the company announced it will spin off its Taronis Fuels subsidiary.

Equities Trading DOWN

Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP) shares tumbled 39% to $0.5842. Tonix Pharmaceuticals priced 9 million share common stock offering at $0.60 per share.

Shares of Turquoise Hill Resources Ltd. (NYSE: TRQ) were down 45% to $0.5886 after the company reported its Q2 gold and copper production results have decreased from the previous quarter.

China Lending Corporation (NASDAQ: CLDC) was down, falling 16% to $0.87 after the company received a notice of delisting from Nasdaq. The company requested a hearing before the Nasdaq Hearing Panel.

Commodities

In commodity news, oil traded up 0.1% to $59.61, while gold traded up 0.2% to $1,416.30.

Silver traded up 0.8% Tuesday to $15.48, while copper rose 0.1% to $2.7135.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.3%, the Spanish Ibex Index rose 0.5%, while Italy’s FTSE MIB Index climbed 0.3%. Meanwhile, the German DAX gained 0.3%, and the French CAC 40 rose 0.5% while UK shares rose 0.4%.

Economics

U.S. retail sales rose 0.4% for June, versus economists’ expectations for a 0.1% gain.

U.S. import prices fell 0.9% in June.

The Johnson Redbook Retail Sales Index rose 0.1% during the first week of July versus June.

U.S. industrial production was flat for June, versus economists’ expectations for a 0.2% rise.

U.S. business inventories rose 0.3% for May.

The housing market index increased 1 point to a reading of 65 for July.

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

Dallas Federal Reserve Bank President Robert Kaplan will speak in Washington, DC at 12:20 p.m. ET.

Federal Reserve Chairman Jerome Powell is set to speak in Paris, France at 1:00 p.m. ET.

Chicago Federal Reserve Bank President Charles Evans will speak in Chicago, IL at 3:30 p.m. ET.

The Treasury International Capital report for May is schedule for release at 4:00 p.m. ET.