Mid-Afternoon Market Update: Markets on the Rise as Jabil Falls
Toward the end of trading Thursday, the Dow traded up 0.15 percent to 15,296.89 while the NASDAQ surged 0.47 percent to 3,778.29. The S&P also rose, gaining 0.08 percent to 1,693.40.
Hertz Global Holdings (NYSE: HTZ) lowered its full-year earnings forecast. Hertz now expects adjusted earnings of $1.68 to $1.78 per share, versus its earlier forecast of $1.78 to $1.88 per share.
Equities Trading UP
HB Fuller Co (NYSE: FUL) shot up 6.51 percent to $43.05 after the company reported Q3 results.
Shares of Bed Bath & Beyond (NASDAQ: BBBY) got a boost, shooting up 4.28 percent to $77.40 after the company reported upbeat fiscal second-quarter earnings.
Premier (NASDAQ: PINC) was also up, gaining 13.00 percent to $30.50 after the company posted a successful IPO this morning.
Equities Trading DOWN
Shares of Hertz Global Holdings (NYSE: HTZ) were down 16.37 percent to $21.57 after the company lowered its full-year outlook.
Avis Budget Group (NASDAQ: CAR) was down as well, dropping 8.89 percent to $27.43 after its peer company, Hertz, guided lower after the close yesterday.
In commodity news, oil traded up 0.29 percent to $102.96, while gold traded down 0.99 percent to $1,320.00. Silver traded down 0.62 percent Thursday to $21.75, while copper rose 0.99 percent to $3.30.
European shares were mixed today. The Spanish Ibex Index surged 0.32 percent, while Italy's FTSE MIB Index fell 1.20 percent. Meanwhile, the German DAX dropped 0.02 percent and the French CAC 40 fell 0.21 percent while U.K. shares climbed 0.21 percent.
US jobless claims declined 5,000 to 305,000 in the week ended September 21. However, economists were estimating claims to rise to 327,000. The US economy expanded at an annualized rate of 2.5% in the second quarter.
The Bloomberg Consumer Confidence Index rose to -28.10 for the week ended September 22, versus a prior reading of -29.40.
The pending home sales index declined 1.6% in August from July, versus economists' expectations for a 1% fall.
Natural gas supplies surged 87 billion cubic feet for the week ended September 20, the US Energy Information Administration reported. However, analysts were expecting a rise of 74 billion cubic feet to 78 billion cubic feet.
The Kansas City Fed manufacturing index declined to 2.00 in September, versus a prior reading of 8.00. However, economists were expecting a reading of 8.00.
The Treasury is set to auction 7-year notes. Data on money supply will be released at 4:30 p.m. ET.
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