Midday Update: Wall Street Extends Gains as Earnings, Economic Data Exceeds Estimates

The major market averages were pushing higher on Tuesday, buoyed by mostly upbeat corporate earnings and bullish economic data, including a seventeen-year high in consumer confidence and six-year high in a regional manufacturing index. Fueled by a record high in shares of Apple ( AAPL ) and the chipmaker sector, the Nasdaq Composite set its third consecutive record high.

All three major averages are indicated to close the month of October higher with the S&P 500 and Dow Jones Industrial Average extending its winning streak to a seventh straight month.

Stocks were cautiously higher at the open with the momentum from European markets tempered by disappointing revenue and full-year guidance from Under Armour ( UAA ), along with a greater-than-expected decline in a key Chinese manufacturing indicator.

After falling briefly into the red, the Dow made a comeback on an unexpected jump in the Chicago purchasing manager's index to 66.2 in October, and consumer confidence index that shot up to 125.9 in October from 120.6 the month prior, beating 121.0 estimates.

Tuesday's other economic data was largely as-expected with the Case Shiller home price index up another 0.5%, and third quarter employment costs rising 0.7%.

In corporate news, shares of Mondelez ( MDLZ ) rallied on better-than-expected profit and sales, Intel ( INTC ) shares set a 17-year high after Apple ( AAPL ) is reportedly considering switching from Qualcomm ( QCOM ) chips to Intel for its mobile devices, and Archer Daniels Midland (ADM) shares fell to a 52-week low on below consensus Q3 results.

Europe's market averages were higher as an unexpected drop in the jobless rate and accelerated growth rate overshadowed a miss on inflation data. The UK's FTSE-100 squeezed out a small gain as positive quarterly results from oil giant BP (BP) helped offset the impact a Brexit-fueled rally in sterling had on UK multi-nationals.

Crude oil was up $0.07 to $54.22 per barrel. Natural gas was down $0.05 to $2.92 per 1 million BTU. Gold was down $7.60 to $1.271.00 an ounce, while silver was down $0.18 to $16.66 an ounce. Copper was down $0.007 to $3.10 per pound.

Among energy ETFs, the United States Oil Fund was up 0.09% to $10.88 with the United States Natural Gas Fund was down 2.37% to $5.99. Amongst precious-metal funds, the Market Vectors Gold Miners ETF was down 1.05% to 22.51 while SPDR Gold Shares were down 0.47% to $120.56. The iShares Silver Trust was down 1.13% to $15.73.

Here's where the markets stand at mid-day:


NYSE Composite Index was up 29.00 points (+0.24%) to 12,348.47

Dow Jones Industrial Index was up 32.43 points (+0.14%) to 23,381.17

S&P 500 was up 3.40 points (+0.13%) to 2,576.00

Nasdaq Composite Index was up 19.50 points (+0.29%) to 6,718.36


FTSE 100 was up 4.25 points (+0.06%) to 7,492.06

DAX was closed

CAC 40 was up 14.92 points (+0.27%) to 5,509.21

Nikkei 225 was down 0.06 points (0.00%) to 22,011.61

Hang Seng Index was down 90.65 points (-0.32%) to 28,245.54

Shanghai China Composite Index was up 4.17 points (+0.12%) to 3,394.50


NYSE Energy Sector Index was up 57.10 points (+0.53%) to 10,874.18

NYSE Financial Sector Index was down 9.18 points (-0.11%) to 7,925.70

NYSE Healthcare Sector Index was up 4.13 points (+0.03%) to 13,956.93


(+) SNE (+14.67%) Q2 earnings top expectation, raises FY guidance

(+) GERN (+7.28%) Imetelstat receives FDA fast track designation

(+) NVAX (+6.37%) Upgraded at Citigroup to buy from neutral

(+) PLUG (+3.30%) Secures deal with Asko and Toyota Material Handling for supply of hydrogen fuel cells


(-) UAA (-17.26%) Beats Q3 EPS estimates but misses on revenue, guides FY17 below street


(-) LL (-9.20%) Reported surprise loss, revenue misses expectations

(-) OHI (-7.56%) Reported soft Q3 results

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

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

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

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