Toward the end of trading Wednesday, the Dow traded up 0.66 percent to 25699.35 while the NASDAQ climbed 1.28 percent to 7,833.83. The S&P also rose, gaining 0.77 percent to 2,856.32.
Leading and Lagging Sectors
Wednesday afternoon, the communication services shares rose by 2.1 percent. Meanwhile, top gainers in the sector included Discovery, Inc. (NASDAQ: DISCB) up 25 percent, and Gogo Inc. (NASDAQ: GOGO) up 11 percent.
In trading on Wednesday, financial shares fell 0.1 percent.
Macy's Inc (NYSE: M) reported better-than-expected earnings in its first-quarter results.
Macy's said it earned 44 cents per share in the first quarter on revenue of $5.504 billion versus expectations of 33 cents per share and $5.52 billion. Comparable sales grew 0.6 percent on an owned basis and were higher by 0.7 percent on an owned plus licensed basis.
The company entered into a new $1.5 billion, five-year Credit Agreement that replaces a prior $1.5 billion facility which was set to expire in 2021. Macy's reaffirmed its prior 2019 annual guidance, including comparable sales of flat to +1 percent, EPS of $3.05-$3.25, $100 million of asset sale gains and annual tax rate of 23 percent.
Equities Trading UP
PDS Biotechnology Corporation (NASDAQ: PDSB) shares got a boost, shooting up 31 percent to $8.06 after the company reported Q1 EPS increased 712.5 percent from last year..
Shares of YogaWorks, Inc. (NASDAQ: YOGA) shot up 26 percent to $0.9610 after the company reported better-than-expected Q1 sales.
Global Eagle Entertainment Inc. (NASDAQ: ENT) shares were also up, gaining 55 percent to $1.22 after the company reported better-than-expected Q1 sales results and reported Q1 EPS in-line with analyst estimates.
Equities Trading DOWN
ImmunoGen, Inc. (NASDAQ: IMGN) shares dropped 36 percent to $2.0041 after it announced the outcome of a Type C meeting held with the FDA last week regarding its ovarian cancer drug candidate. The FDA has recommended conducting a new Phase 3 trial to evaluate the safety and efficacy of mirvetuximab soravtansine in patients with high folate receptor alpha-positive, platinum-resistant ovarian cancer,ImmunoGen said Wednesday.
Shares of electroCore, Inc. (NASDAQ: ECOR) were down 25 percent to $3.99 after reporting Q1 results.
Sunworks, Inc. (NASDAQ: SUNW) was down, falling around 26 percent to $0.9351 after the company reported worse-than-expected Q1 EPS and sales results.
In commodity news, oil traded up 0.5 percent to $62.08 while gold traded up 0.1 percent to $1,297.40.
Silver traded down 0.1 percent Wednesday to $14.805, while copper rose 0.8 percent to $2.7465.
European shares closed mostly higher today. The eurozone’s STOXX 600 climbed 0.46 percent, the Spanish Ibex Index rose 0.54 percent, while Italy’s FTSE MIB Index fell 0.14 percent. Meanwhile the German DAX climbed 0.90 percent, and the French CAC 40 rose 0.62 percent while U.K. shares rose 0.76 percent.
U.S. retail sales fell 0.2 percent for April, versus economists’ expectations for a 0.2 percent increase.
The Empire State manufacturing index rose to 17.8 for May, versus April reading of 10.1. However, economists were expecting a reading of 8.2 in May.
Data on industrial production for April will be released at 9:15 a.m. ET.
U.S. business inventories were unchanged for March.
The NAHB housing market index rose to 66 for May, versus previous reading of 63. However, economists projected a reading of 64.
U.S. crude supplies gained 5.4 million barrels for the week ended May 10, the Energy Information Administration reported. Analysts projected a decline of 1.4 million barrels. Gasoline inventories fell 1.1 million barrels last week, while distillate stockpiles rose 100,000 barrels last week.
The Treasury International Capital report for March is schedule for release at 4:00 p.m. ET.
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Get insight into trading platforms. Compare the best online stock brokerages.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.