Market Overview

Mid-Morning Market Update: Markets Open Higher; John Wiley Reports Strong Q4 Results

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Following the market opening Tuesday, the Dow traded up 0.19 percent to 21,275.22 while the NASDAQ climbed 0.51 percent to 6,206.87. The S&P also rose, gaining 0.22 percent to 2,434.78.

Leading and Lagging Sectors

Technology sector was the top gainer in the US market on Tuesday. Top gainers in the sector included LG Display Co Ltd. (ADR) (NYSE: LPL), Veeco Instruments Inc. (NASDAQ: VECO), and Imax Corp (USA) (NYSE: IMAX).

In trading on Tuesday, utilities shares rose by just 0.03 percent. Meanwhile, top losers in the sector included Genie Energy Ltd (NYSE: GNE), down 2 percent, and Delta Natural Gas Company, Inc. (NASDAQ: DGAS), down 1.5 percent.

Top Headline

John Wiley & Sons Inc (NYSE: JW.A) reported upbeat results for its fourth quarter on Tuesday.

John Wiley & Sons reported Q4 adjusted earnings of $0.82 per share on revenue of $452.2 million. However, analysts were expecting earnings of $0.54 per share on sales of $425 million.

Equities Trading UP

Cleantech Solutions International Inc (NASDAQ: CLNT) shares shot up 35 percent to $5.68 after announcing an agreement with ECrent Capital Holdings on Monday.

Shares of Neurometrix Inc (NASDAQ: NURO) got a boost, shooting up 14 percent to $3.72 after the company reported the issuance of patent for Quell wearable pain relief technology.

Veeco Instruments Inc. (NASDAQ: VECO) shares were also up, gaining 6 percent to $31.65. JP Morgan upgraded Veeco Instruments from Neutral to Overweight.

Equities Trading DOWN

Science Applications International Corp (NYSE: SAIC) shares dropped 9 percent to $74.21 after the company reported better-than-expected earnings for its first quarter.

Shares of CEL-SCI Corporation (NYSE: CVM) were down 17 percent to $0.0809 after the company reported a 1-for-25 reverse split.

pSivida Corp. (NASDAQ: PSDV) was down, falling around 11 percent to $1.86. pSivida disclosed that its Phase 3 trial for Durasert met primary endpoint.

Commodities

In commodity news, oil traded down 0.41 percent to $45.89 while gold traded down 0.47 percent to $1,262.90.

Silver traded down 1.06 percent Tuesday to $16.765, while copper fell 1.15 percent to $2.5855.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 gained 0.55 percent, the Spanish Ibex Index rose 0.52 percent, while Italy’s FTSE MIB Index jumped 0.72 percent. Meanwhile the German DAX climbed 0.55 percent, and the French CAC 40 surged 0.38 percent while U.K. shares rose 0.10 percent.

Economics

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

The NFIB small business optimism index was unchanged at 104.5 in May versus the previous month. Economists expected a reading of 104 for the month.

The Producer Price Index was unchanged for May, versus a 0.5 percent gain in April. Economists were expecting a 0.10 percent growth for May.

The Treasury is set to auction 4-week bills at 11:30 a.m. ET.

The Treasury will also auction 30-year bonds at 1:00 p.m. ET.

New York Federal Reserve President Willian Dudley is set to speak in Washington D.C. at 1:45 p.m. ET.

Posted-In: Earnings News Eurozone Commodities Global Intraday Update Markets Movers

 

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