Market Overview

Mid-Morning Market Update: Markets Open Higher; General Motors Earnings Top Expectations

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Following the market opening Thursday, the Dow traded up 0.33% to 26953.56 while the NASDAQ rose 0.88% to 8246.97. The S&P also rose, gaining 0.45% to 2993.92.

Leading and Lagging Sectors

Information technology shares climbed 0.9% on Thursday. Meanwhile, top gainers in the sector included SunPower Corporation (NASDAQ: SPWR), up 32%, and Five9, Inc. (NASDAQ: FIVN), up 18%.

In trading on Thursday, energy shares fell 1.1%.

Top Headline

General Motors Company (NYSE: GM) reported better-than-expected earnings for its second quarter.

General Motors reported second-quarter earnings of $1.64 per share, which beat the analyst consensus estimate of $1.43. The company reported quarterly sales of $36.1 billion, which missed the analyst consensus estimate of $36.11 billion. General Motors sees fiscal year 2019 EPS at $5.91-$6.75 versus the $6.62 estimate.

Equities Trading UP

SunPower Corporation (NASDAQ: SPWR) shares shot up 32% to $15.47 after the company reported better-than-expected Q2 sales results.

Shares of IZEA Worldwide, Inc. (NASDAQ: IZEA) got a boost, shooting up 40% to $0.5670 after the company announced that it has secured a seven-figure contract with a new customer, a manufacturer who ranks among the top 500 public companies globally.

Myriad Genetics, Inc. (NASDAQ: MYGN) shares were also up, gaining 36% to $39.58 following news UnitedHealthcare issued a positive coverage decision for GeneSight.

Equities Trading DOWN

Pluralsight, Inc. (NASDAQ: PS) shares tumbled 39% to $18.66 after the company issued weak third-quarter guidance.

Shares of Conformis, Inc. (NASDAQ: CFMS) were down 37% to $1.75 after the company reported Q2 results and updated 2019 product revenue expectations.

Whiting Petroleum Corporation (NYSE: WLL) was down, falling 34% to $11.63 after the company reported a surprise loss for the second quarter and announced plans to cut 33% of its workforce.

Commodities

In commodity news, oil traded down 1.4% to $57.78, while gold traded down 1.5% to $1,416.20.

Silver traded down 2.8% Thursday to $15.94, while copper fell 0.3% to $2.6575.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.3%, the Spanish Ibex Index rose 0.3%, while Italy’s FTSE MIB Index gained 0.1%. Meanwhile, the German DAX gained 0.2%, and the French CAC 40 rose 0.5% while UK shares fell 0.3%.

Economics

Initial jobless claims increased 8,000 to 215,000 in the latest week. However, economists projected a reading of 214,000.

The IHS Markit manufacturing PMI slipped to 50.4 in July, versus previous reading of 50.6.

The ISM manufacturing index dropped to 51.2 in July, versus prior reading of 51.7. However, economists were expecting a reading of 52.

U.S. construction spending fell 1.3% for June.

The Energy Information Administration’s weekly report on natural gas stocks in underground storage is schedule for release at 10:30 a.m. ET.

The Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.

Data on money supply for the recent week will be released at 4:30 p.m. ET.

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

 

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