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

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. RLMD, up 100%, and Reata Pharmaceuticals, Inc. RETA, up 53%.

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

Top Headline

JPMorgan Chase & Co. 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. WWR shares shot up 160% to $7.71 after receiving first shipment of graphite concentrate.

Shares of Relmada Therapeutics, Inc. 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. 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. SES shares tumbled 38% to $12.13.

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

Yuma Energy, Inc. 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.

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Posted In: EarningsNewsEurozoneCommoditiesGlobalIntraday UpdateMarketsMid-Morning Market Update
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