Market Overview

Markets Rise; Citigroup Profit Beats Street View

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Markets Rise; Citigroup Profit Beats Street View

Following the market opening Tuesday, the Dow traded up 0.27 percent to 16,365.44 while the NASDAQ surged 0.46 percent to 4,232.83. The S&P also rose, gaining 0.45 percent to 1,883.14.

Leading and Lagging Sectors

In trading on Tuesday, basic materials shares were relative leaders, up on the day by about 0.79 percent. Top gainers in the sector included IAMGOLD (NYSE: IAG), Cliffs Natural Resources (NYSE: CLF), and Silver Standard Resources (NASDAQ: SSRI).

Healthcare shares dropped by 0.75 percent on Tuesday. Top losers in the sector included Exactech (NASDAQ: EXAC), down 17 percent, and NewLink Genetics (NASDAQ: NLNK), off 5.6 percent.

Top Headline

Citigroup (NYSE: C) reported upbeat earnings for the third quarter.

The New York-based company reported quarterly net income of $3.44 billion, or $1.07 per share, up from $3.23 billion, or $1 per share, in the year-ago period. Excluding accounting adjustments, the bank earned $1.15 per share.

Its revenue gained 9.5% to $19.6 billion, while adjusted revenue surged to $19.98 billion. However, analysts were estimating earnings of $1.14 per share on revenue of $18.99 billion. Citi also announced its intention to exit consumer businesses in 11 markets.

Equities Trading UP

Skyworks Solutions (NASDAQ: SWKS) shares shot up 5.47 percent to $47.80 after the company lifted its Q4 revenue and earnings guidance.

Shares of JB Hunt Transport Services (NASDAQ: JBHT) got a boost, shooting up 5.29 percent to $75.07 after the company reported stronger-than-expected third-quarter earnings.

Domino's Pizza (NYSE: DPZ) shares were also up, gaining 5.18 percent to $79.64 after the company posted better-than-expected third-quarter results.

Equities Trading DOWN

Shares of Wells Fargo & Company (NYSE: WFC) were down 1.45 percent to $49.47 after the company reported in-line earnings for the third quarter.

Advanced Micro Devices (NYSE: AMD) shares tumbled 3.28 percent to $2.65 ahead of the company’s quarterly earnings results on Thursday.

Armstrong World Industries (NYSE: AWI) was down, falling 4.82 percent to $46.38 after the company cut its Q3 forecast citing price pressures in Europe and a market shift in North America.

Commodities

In commodity news, oil traded down 0.93 percent to $84.94, while gold traded up 0.46 percent to $1,235.60.

Silver traded up 0.92 percent Tuesday to $17.51, while copper rose 0.84 percent to $3.07.

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 dropped 0.33 percent, the Spanish Ibex Index fell 0.06 percent, while Italy’s FTSE MIB Index declined 0.50 percent. Meanwhile, the German DAX fell 0.10 percent and the French CAC 40 fell 0.25 percent while UK shares rose 0.08 percent.

Economics

The NFIB Small Business Optimism Index declined 0.8 points to 95.3 in September.

The ICSC-Goldman Store Sales Index declined 0.7% in the week ended Saturday versus the earlier week.

The Johnson Redbook Retail Sales Index rose 3.8% y/y in the first week of October.

The Treasury is set to auction 3-and 6-month bills.

 

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