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Midday Update: Wall Street Sets New Records on Job Growth and Earnings

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Powered by gains in the energy and financial sectors as well as better-than-expected labor market data, the Dow Jones Industrial Average and S&P 500 set new record highs on Tuesday, making today the eleventh straight day higher for the blue chip index, its longest run since February.

Wall Street rotated to the upside after the open, erasing pre-market losses, as investors brushed aside soft Chinese and German trade data, focusing instead on bullish Q2 corporate results, and a record high in U.S. job openings. According to a monthly survey, the number of jobs available rose to 6.163 million in June from an upward revised 5.702 million, comfortably beating expectations for a slight decline to 5.60 million.

In earnings news, the retail sector was bolstered by upbeat results from CVS ( CVS ), Michael Kors ( KORS ) and Ralph Lauren ( RL ), all of which beat Wall Street expectations. Conversely, Dean Foods ( DF ) and Sea World ( SEAS ) both missed expectations and fell to their lowest levels on record.

In Europe, shares were pushed higher on gains in U.S. markets and weakness in the European common currency and UK pound. Germany's DAX outperformed despite a larger-than-expected decline in German import and exports, indicating some retraction in the economy.

Crude oil was up $0.06 to $49.45 per barrel. Natural gas was up $0.02 to $2.82 per 1 million BTU. Gold was down $4.60 to $1,260.00 an ounce, while silver was up $0.10 to $16.35 an ounce. Copper was up $0.03 to $2.93 per pound.

Among energy ETFs, the United States Oil Fund was up 0.10% to $10.11 with the United States Natural Gas Fund was up 0.56% to $6.33. Amongst precious-metal funds, the Market Vectors Gold Miners ETF was down 0.29% to 22.14 while SPDR Gold Shares were down 0.23% to $119.24. The iShares Silver Trust was up 1.07% to $15.49.

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

US MARKETS

NYSE Composite Index was up 25.76 points (+0.21%) to 12,013.53

Dow Jones Industrial Index was up 52.78 points (+0.24%) to 22,171.35

S&P 500 was up 9.37 points (+0.38%) to 2,490.27

Nasdaq Composite Index was up 38.21 points (+0.62%) to 6,423.23

GLOBAL SENTIMENT

FTSE 100 was up 10.79 points (+0.14%) to 7,542.73

DAX was up 34.88 points (+0.28%) to 12,292.05

CAC 40 was up 11.00 points (+0.21%) to 5,218.89

Nikkei 225 was down 59.88 points (-0.30%) to 19,996.01

Hang Seng Index was up 164.55 points (+0.59%) to 27,854.91

Shanghai China Composite Index was up 2.42 points (+0.07%) to 3,281.87

NYSE SECTOR INDICES

NYSE Energy Sector Index was up 27.47 points (+0.27%) to 10,349.96

NYSE Financial Sector Index was up 33.01 points (+0.43%) to 7,723.91

NYSE Healthcare Sector Index was up 16.75 points (+0.12%) to 13,567.72

UPSIDE MOVERS

(+) FGEN (+48.80%) Reported top-line results from phase 2 pamrevlumab trial, posted wider-than-expected Q2 loss

(+) ESPR (+24.45%) Bempedoic acid and ezetimibe combination phase 2 study met primary endpoing

(+) KORS (+22.40%) Reported better-than-expected Q1 results, issued upbeat guidance

(+) CLRB (+11.58%) Positive results from CLR 131 study

DOWNSIDE MOVERS

(-) DEPO (-27.84%) Missed Q2 estimates, lowered FY17 revenue guidance

(-) PAA (-15.87%) Reported weaker-than-expected Q2 EPS

(-) SEAS (-5.72%) Swings to a loss in Q2, misses revenue estimates, lowers EBITDA guidance range

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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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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