Mid-Morning Market Update: Markets Rise; Ford Beats Q2 Estimates

Following the market opening Tuesday, the Dow traded up 0.32 percent to 17,496.14 while the NASDAQ climbed 0.10 percent to 5,044.99. The S&P also rose, gaining 0.36 percent to 2,075.12.

Leading and Lagging Sectors
Tuesday morning, basic materials shares surged by 1.04 percent. Meanwhile, top gainers in the sector included AK Steel Holding Corporation AKS, up 6 percent, and Cliffs Natural Resources Inc CLF, up 5 percent.
In trading on Tuesday, technology shares fell by 0.26 percent. Meanwhile, top losers in the sector included Baidu Inc (ADR) BIDU, down 14 percent, and Amkor Technology, Inc. AMKR, off 13 percent.

Top Headline
Ford Motor Company F reported stronger-than-expected results for its second quarter.
The Dearborn, Michigan-based company posted a quarterly net profit of $1.89 billion, or $0.47 per share, compared to $1.3 billion, in the year-ago period.
Its revenue declined slightly to $37.3 billion in the quarter. However, analysts were expecting earnings of $0.37 per share on revenue of $35.34 billion.
Equities Trading UP
IPG Photonics Corporation IPGP shares shot up 10 percent to $87.86 after the company reported better-than-expected Q2 results.

Progenics Pharmaceuticals, Inc. PGNX shares were also up, gaining 9 percent to $9.97 after the company reported Breakthrough Therapy designation for Azedra in pheochromocytoma and paraganglioma.

Shares of Sirius XM Holdings Inc. SIRI got a boost, shooting up 2 percent to $3.92 after the company reported in-line Q2 earnings and lifted its 2015 forecast.

Equities Trading DOWN
Baidu Inc (ADR) BIDU shares tumbled 14 percent to $170.78 after the company reported Q2 results and issued a weak sales forecast for the third quarter.
Shares of CommVault Systems, Inc. CVLT were down 12 percent to $34.76 on weaker-than-expected FQ1 results.
Radware Ltd. RDWR was down, falling 12 percent to $17.62 after the company reported downbeat Q2 results.
Commodities
In commodity news, oil traded up 0.06 percent to $47.42, while gold traded down 0.15 percent to $1,095.20.
Silver traded down 0.07 percent Tuesday to $14.60, while copper rose 0.87 percent to $2.37.

Euro zone
European shares were higher today. The eurozone’s STOXX 600 jumped 1.18 percent, the Spanish Ibex Index rose 1.09 percent, while Italy’s FTSE MIB Index surged 1.91 percent. Meanwhile, the German DAX climbed 1.46 percent, and the French CAC 40 gained 1.25 percent while UK shares rose 0.80 percent.

Economics
The Federal Open Market Committee will begin its 2-day meeting today.
The S&P/Case-Shiller home price index gained 1.1 percent in May.
The Johnson Redbook Retail Sales Index rose 0.1 percent in the first three weeks of July versus June.
The Markit services PMI rose to 55.20 in July, versus a prior reading of 54.80. However, economists were expecting a reading of 55.00.
The Conference Board’s Consumer Confidence Index tumbled to a reading of 90.90 in July, versus economists’ estimates of 100.20.
The Richmond Fed composite index surged to 13.00 in July, versus a previous reading of 7.00.