Mid-Morning Market Update: Markets Open Higher; Sysco Tops Q4 Views

Following the market opening Tuesday, the Dow traded up 0.47% to 35,266.74 while the NASDAQ rose 0.04% to 14,866.20. The S&P also rose, gaining 0.28% to 4,444.54.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 35,950,250 cases with around 617,420 deaths. India confirmed a total of at least 31,998,150 cases and 428,680 deaths, while Brazil reported over 20,177,750 COVID-19 cases with 563,560 deaths. In total, there were at least 203,479,770 cases of COVID-19 worldwide with more than 4,306,390 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares rose 1.6% on Tuesday. Meanwhile, top gainers in the sector included Battalion Oil Corporation BATL, up 8% and Peabody Energy Corporation BTU up 7%.

In trading on Tuesday, real estate shares fell 0.4%.

Top Headline

Sysco Corporation SYY reported better-than-expected results for its fourth quarter on Tuesday.

Sysco reported quarterly earnings of $0.71 per share, exceeding market estimates of $0.60 per share. The company’s quarterly sales came in at $16.10 billion, versus analysts’ expectations of $14.23 billion.

Sysco raised its FY22 earnings guidance to $3.33 to $3.53 per share.


Equities Trading UP

Lightning eMotors, Inc. ZEV shares shot up 73% to $11.08 after the company reported a multi-year deal with Forest River for zero-emission bus technology, charging products and services. The deal is valued at up to $850 million.

Shares of Fulcrum Therapeutics, Inc. FULC got a boost, shooting 65% to $13.73 after the company announced positive interim results from the Phase 1 trial with FTX-6058 in healthy adult volunteers.

Allied Healthcare Products, Inc. AHPI shares were also up, gaining 49% to $15.22 after jumping around 23% on Monday.

Check out these big movers of the day

Equities Trading DOWN

Katapult Holdings, Inc. KPLT shares tumbled 48% to $5.08 after the company reported Q2 earnings results.

Shares of SmileDirectClub, Inc. SDC were down 25% to $5.03 after the company reported worse-than-expected Q2 results and issued FY21 sales guidance below estimates.

comScore, Inc. SCOR was down, falling 23% to $3.1150 after the company reported a wider-than-expected Q2 loss.


In commodity news, oil traded up 1.6% to $67.55, while gold traded up 0.3% to $1,731.50.

Silver traded up 0.3% Tuesday to $23.345 while copper rose 0.6% to $4.3160.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.3%, the Spanish Ibex Index fell 0.2% and the German DAX 30 gained 0.2%. Meanwhile, the London’s FTSE 100 fell 0.1%, French CAC 40 rose 0.1% and Italy’s FTSE MIB gained 0.2%.

The ZEW Indicator of Economic Sentiment for the Eurozone dropped 18.5 points to a reading of 48.7 in August, while German ZEW Indicator of Economic Sentiment fell by 22.9 points to 40.4 in August.


The NFIB small business optimism index fell 2.8 points to 99.7 in July from 102.5 in June.

US nonfarm productivity increased by an annualized 2.3% in the second quarter, while unit labor costs rose an annualized 1%.

The Johnson Redbook Retail Sales Index surged 16.2% year-over-year during the first week of August.

The Treasury is set to auction 52-week bills at 11:30 a.m. ET.

The Treasury will auction 3-year notes at 1:00 p.m. ET.

Chicago Fed President Charles Evans is set to speak at 2:30 p.m. ET.

Check out the full economic calendar here

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Posted In: EarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsMid-Morning Market Update