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Mid-Afternoon Market Update: Dow Rises Over 150 Points; IPG Photonics Shares Fall On Earnings Miss


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Toward the end of trading Tuesday, the Dow traded up 0.65 percent to 25,470.55 while the NASDAQ climbed 0.76 percent to 7,687.81. The S&P also rose, gaining 0.67 percent to 2,821.26.

Leading and Lagging Sectors

Tuesday afternoon, the industrial shares climbed 2.14 percent. Meanwhile, top gainers in the sector included Trex Company, Inc. (NYSE: TREX ) up 19 percent, and Simpson Manufacturing Co., Inc. (NYSE: SSD ) up 20 percent.

In trading on Tuesday, telecommunication services shares fell 0.47 percent.

Top Headline

Procter & Gamble Co (NYSE: PG ) reported better-than-expected earnings for its fiscal fourth quarter, while sales missed estimates

The company said it earned $0.94 per share in the quarter on revenue of $16.50 billion versus expectations of $0.90 per share and $16.54 billion.

Procter & Gamble expects FY19 earnings of around $4.45 per share.

Equities Trading UP

Libbey Inc. (NYSE: LBY ) shares shot up 28 percent to $9.11 after reporting upbeat Q2 earnings.

Shares of Medpace Holdings, Inc. (NASDAQ: MEDP ) got a boost, shooting up 32 percent to $61.924 after the company reported upbeat Q2 earnings.

Atlanticus Holdings Corporation (NASDAQ: ATLC ) shares were also up, gaining 54 percent to $2.93 following Q2 results. Atlanticus posted Q2 earnings of $0.41 per share, versus a year-ago loss of $0.63 per share.

Equities Trading DOWN

SSLJ.com Limited (NASDAQ: SSLJ ) shares dropped 36 percent to $1.39 after the company reported appointment of new CEO and CFO.

Shares of IPG Photonics Corporation (NASDAQ: IPGP ) were down 27 percent to $164.78 as the company posted weaker-than-expected Q2 results.

Pioneer Energy Services Corp. (NYSE: PES ) was down, falling around 25 percent to $3.725 after the company posted downbeat Q2 results.

Commodities

In commodity news, oil traded down 1.43 percent to $69.13 while gold traded up 0.13 percent to $1,233.10.

Silver traded up 0.18 percent Tuesday to $15.565, while copper rose 1.45 to $2.8325.

Eurozone

European shares closed higher today. The eurozone's STOXX 600 gained 0.18 percent, the Spanish Ibex Index rose 0.17 percent, while Italy's FTSE MIB Index climbed 1.25 percent. Meanwhile the German DAX gained 0.06 percent, and the French CAC 40 rose 0.37 percent while U.K. shares rose 0.62 percent.

Economics

The Federal Open Market Committee begins its two-day policy meeting today.

U.S. personal income rose 0.4 percent for June, while consumer spending gained 0.4 percent for June.

The employment cost index rose 0.6 percent for the second quarter.

The S&P CoreLogic Case-Shiller home price index increased 6.5 percent year-over-year for May, versus a revised 6.7 percent gain in April.

The Chicago PMI increased 1.4 points to a reading of 65.5 for July.

The Conference Board's consumer confidence index gained to a reading of 127.40 for July, versus prior reading of 126.40. Economists projected a reading of 126.50.

© 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.



This article appears in: Investing , Commodities
Referenced Symbols: IPGP , PG , SSD , LBY , TREX



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