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Mid-Morning Market Update: Markets Open Higher; PepsiCo Beats Q2 Expectations


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Following the market opening Tuesday, the Dow traded up 0.51 percent to 24,903.90 while the NASDAQ climbed 0.05 percent to 7,760.31. The S&P also rose, gaining 0.26 percent to 2,791.36.

Leading and Lagging Sectors

Tuesday morning, the energy shares climbed 1.27 percent. Meanwhile, top gainers in the sector included VAALCO Energy, Inc. (NYSE: EGY ) up 10 percent, and W&T Offshore, Inc. (NYSE: WTI ) up 8 percent.

In trading on Tuesday, financial shares fell 0.12 percent.

Top Headline

PepsiCo, Inc. (NASDAQ: PEP ) reported better-than-expected results for its second quarter.

PepsiCo posted Q2 earnings of $1.61 per share on revenue of $16.09 billion. However, analysts expected earnings of $1.52 per share on sales of $16.05 billion.

Equities Trading UP

OncoCyte Corp (NYSE: OCX ) shares shot up 36 percent to $4.15 following 'encouraging' results from study of DetermaVu blood test.

Shares of MediciNova, Inc. (NASDAQ: MNOV ) got a boost, shooting up 23 percent to $10.28 after the company reported clinical data from subgroup analyses of completed clinical trial of MN-166 (ibudilast) in ALS.

Bridgeline Digital, Inc. (NASDAQ: BLIN ) shares were also up, gaining 138 percent to $3.1173 after the company reported a digital platform contract with a full-service bank.

Equities Trading DOWN

IsoRay, Inc. (NYSE: ISR ) shares dropped 39 percent to $0.65 after surging 159.09 percent on Monday. IsoRay disclosed a $8.25 million registered direct offering.

Shares of Staffing 360 Solutions, Inc. (NASDAQ: STAF ) were down 27 percent to $4.01. Staffing 360 Solutions shares surged 301.46 percent Monday after the company reported an acquisition of recruitment firm Clement May Limited.

Spero Therapeutics, Inc. (NASDAQ: SPRO ) was down, falling around 20 percent to $13.9686 after the company disclosed a 4.5 million share common stock offering.

Commodities

In commodity news, oil traded up 0.37 percent to $74.12 while gold traded down 0.67 percent to $1,251.10.

Silver traded down 0.68 percent Tuesday to $16.03, while copper fell 0.74 to $2.829.

Eurozone

European shares were mostly higher today. The eurozone's STOXX 600 gained 0.42 percent, the Spanish Ibex Index fell 0.24 percent, while Italy's FTSE MIB Index rose 0.45 percent. Meanwhile the German DAX gained 0.44 percent, and the French CAC 40 climbed 0.54 percent while U.K. shares rose 0.08 percent.

Economics

The NFIB small business optimism index declined 0.6 points to a reading of 107.2 for June.

U.S. job openings declined to 6.64 million for May, compared to 6.84 million, the Labor Department reported.

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

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

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

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This article appears in: Investing , Commodities
Referenced Symbols: ISR , MNOV , SPRO , EGY , PEP



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