Skip to main content

Market Overview

Mid-Morning Market Update: Markets Open Lower; Procter & Gamble Tops Q4 Estimates


Following the market opening Tuesday, the Dow traded down 0.28% to 27146.26 while the NASDAQ fell 0.49% to 8252.83. The S&P also fell, dropping 0.40% to 3,008.75.

Leading and Lagging Sectors

Real estate shares climbed 0.7% on Tuesday. Meanwhile, top gainers in the sector included QTS Realty Trust Inc (NYSE: QTS), up 6%, and Alexandria Real Estate Equities Inc (NYSE: ARE), up 4%.

In trading on Tuesday, information technology shares fell 0.7%.

Top Headline

Procter & Gamble Co (NYSE: PG) reported better-than-expected Q4 results.

Procter & Gamble reported fourth-quarter earnings of $1.10 per share, which beat the analyst consensus estimate of $1.05. The company reported quarterly sales of $17.1 billion, which beat the analyst consensus estimate of $16.86 billion.

Equities Trading UP

LSB Industries, Inc. (NYSE: LXU) shares shot up 25% to $4.9650 after the company reported Q2 results.

Shares of RingCentral, Inc. (NYSE: RNG) got a boost, shooting up 15% to $144.65 after the company reported better-than-expected Q2 results and raised FY19 guidance.

U.S. Silica Holdings, Inc. (NYSE: SLCA) shares were also up, gaining 14% to $11.73 after reporting upbeat Q2 results.

Equities Trading DOWN

McDermott International, Inc. (NYSE: MDR) shares tumbled 38% to $6.21 after the company reported downbeat results for its second quarter and issued FY19 sales guidance below analyst estimates.

Shares of Granite Construction Incorporated (NYSE: GVA) were down 23% to $34.09 after reporting preliminary results for its second quarter. Granite reported preliminary Q2 EPS of $(2.10)-$(2.05) and sales of $785 million to $790 million.

SS&C Technologies Holdings, Inc. (NASDAQ: SSNC) was down, falling 20% to $47.51 after the company issued Q3 and FY19 sales guidance below analyst estimates. DA Davidson also downgraded the company's stock from Buy to Neutral.


In commodity news, oil traded up 0.8% to $57.32, while gold traded up 0.6% to $1,428.70.

Silver traded up 0.4% Tuesday to $16.505, while copper fell 1% to $2.69.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.1%, the Spanish Ibex Index fell 1.7%, while Italy’s FTSE MIB Index dropped 1.7%. Meanwhile, the German DAX slipped 1.9%, and the French CAC 40 fell 1.3% while UK shares fell 0.2%.


The Federal Open Market Committee will begin its two-day policy meeting today.

U.S. personal income rose 0.4% for June, while consumer spending increased 0.3% last month.

The S&P Corelogic Case-Shiller home price index increased 2.4% year-over-year in May, versus a 2.5% rise in the prior month.

The Conference Board consumer confidence index rose to 135.7 in July, versus previous reading of 124.3.

The pending home sales index rose 2.8% for June.


Related Articles (ARE + GVA)

View Comments and Join the Discussion!

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

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at