Mid-Morning Market Update: Markets Mostly Flat; Walmart Earnings Beat Expectations

Following the market opening Thursday, the Dow traded up 0.02% to 27,788.94 while the NASDAQ fell 0.06% to 8,476.81. The S&P also rose, gaining 0.05% to 3,095.73.

Leading and Lagging Sectors

Consumer discretionary shares climbed 0.4% on Thursday. Meanwhile, top gainers in the sector included Dillard's, Inc. DDS, up 18%, and International Game Technology PLC IGT, up 17%.

In trading on Thursday, information technology shares fell 0.4%.

Top Headline

Walmart Inc WMT reported upbeat Q3 earnings and raised FY20 earnings guidance.

Walmart reported quarterly earnings of $1.16 per share, beating analysts’ estimates of $1.09 per share. Its sales came in at $128 billion, versus expectations of $128.63 billion. Its total same-store sales increased 2.8% during the quarter. Walmart raised its fiscal year 2020 EPS guidance and said it now expects a slight increase over its fiscal year 2019 EPS.
.

Equities Trading UP

Sienna Biopharmaceuticals Inc SNNA shares shot up 110% to $0.34 after the company announced that Nasdaq granted the company's request for continued listing on the Nasdaq Stock Market.

Shares of Exicure Inc XCUR got a boost, shooting up 21% to $2.97. Exicure and Allergan reported a deal to discover and develop spherical nucleic acid-based treatments for hair loss disorders.

Dillard's, Inc. DDS shares were also up, gaining 18% to $79.81 after the company reported Q3 EPS and sales results up from last year.

Equities Trading DOWN

Contura Energy Inc CTRA shares tumbled 31% to $12.62 after the company reported downbeat Q3 results.

Shares of LiqTech International Inc LIQT were down 28% to $5.13 after the company announced Q3 results.

Ribbon Communications Inc RBBN was down, falling 18% to $3.33 after the company announced plans to acquire ECI Telecom Group for $324 million and announced CEO departure.

Commodities


In commodity news, oil traded up 0.9% to $57.63, while gold traded up 0.4% to $1,469.60.

Silver traded up 0.7% Thursday to $17.03, while copper rose 0.4% to $2.649.

Euro zone


European shares were mixed today. The eurozone’s STOXX 600 fell 0.1%, the Spanish Ibex Index fell 0.1%, while Italy’s FTSE MIB Index gained 0.1%. Meanwhile, the German DAX dropped 0.3%, and the French CAC 40 rose 0.1% while UK shares fell 0.4%.

Economics

Initial jobless claims increased 14,000 to 225,000 in the latest week. However, economists were expecting new claims reach 215,000 last week.

The Producer Price Index rose 0.4% for October, versus economists’ expectations for a 0.2% increase.

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 Energy Information Administration weekly report on petroleum inventories will be released at 11:00 a.m. ET.

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

San Francisco Federal Reserve Bank President Mary Daly is set to speak in San Francisco, California at 11:45 a.m. ET.

New York Federal Reserve Bank President John Williams will speak in San Francisco, CA at 12:00 p.m. ET.

St. Louis Federal Reserve Bank President James Bullard is set to speak in Lousville, Kentucky at 12:20 p.m. ET.

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

Dallas Federal Reserve Bank President Robert Kaplan will speak in Stephenville, Texas at 5:00 p.m. ET.

Posted In: Mid-Morning Market UpdateEarningsNewsEurozoneCommoditiesGlobalIntraday UpdateMarkets

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.