Market Overview

Mid-Morning Market Update: Markets Open Higher; JPMorgan Earnings Top Estimates

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Following the market opening Tuesday, the Dow traded up 0.81% to 27004.76 while the NASDAQ rose 0.83% to 8115.36. The S&P also rose, gaining 0.82% to 2,990.46.

Leading and Lagging Sectors

Health Care shares climbed 1.6% on Tuesday. Meanwhile, top gainers in the sector included Relmada Therapeutics, Inc. (NASDAQ: RLMD), up 100%, and Reata Pharmaceuticals, Inc. (NASDAQ: RETA), up 53%.

In trading on Tuesday, real estate shares fell 0.02%.

Top Headline

JPMorgan Chase & Co. (NYSE: JPM) reported upbeat earnings for its third quarter.

JPMorgan reported Q3 earnings of $2.68 per share, beating estimates of $2.45 per share. The company reported sales of $29.3 billion, versus expectations of $28.49 billion.

Equities Trading UP

Westwater Resources, Inc. (NASDAQ: WWR) shares shot up 160% to $7.71 after receiving first shipment of graphite concentrate.

Shares of Relmada Therapeutics, Inc. (NASDAQ: RLMD) surged 100% to $22.27 following a positive clinical readout from the company. New York-based Relmada released top-line data from a Phase 2 study that evaluated its REL-1017-202, chemically dextromethadone, in 25mg once a day and 50mg daily doses as an adjunctive treatment in patients with treatment-resistant depression, or TRD.

Reata Pharmaceuticals, Inc. (NASDAQ: RETA) was up, rising 53% to $154.37 after the company announced the results from the moxie registrational trial of omaveloxolone in patient's with friedreich's ataxia met the primary endpoint.

Equities Trading DOWN

Synthesis Energy Systems, Inc. (NASDAQ: SES) shares tumbled 38% to $12.13.

Shares of NF Energy Saving Corporation (NASDAQ: BIMI) were down 25% to $6.77 after surging 516.44% on Monday.

Yuma Energy, Inc. (NYSE: YUMA) was down, falling 20% to $3.6504.

Commodities

In commodity news, oil traded down 1.2% to $52.94, while gold traded up 0.1% to $1,498.40.

Silver traded down 0.3% Tuesday to $17.665, while copper fell 0.7% to $2.617.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.4%, the Spanish Ibex Index rose 0.6%, while Italy’s FTSE MIB Index climbed 0.5%. Meanwhile, the German DAX gained 0.5%, and the French CAC 40 rose 0.6% while UK shares fell 0.2%

Economics

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

Kansas City Federal Reserve Bank President Esther George is set to speak in Chicago, Illinois at 12:45 p.m. ET.

San Francisco Federal Reserve Bank President Mary Daly will speak in Los Angeles, California at 3:30 p.m. ET.

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

 

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