Mid-Day Market Update: Crude Oil Down Over 1%; IZEA Shares Spike Higher
|Midway through trading Thursday, the Dow traded up 0.75 percent to 24,885.57 while the NASDAQ climbed 0.88 percent to 7,784.24. The S&P also rose, gaining 0.62 percent to 2,791.17.
Leading and Lagging Sectors
On Thursday, the information technology shares climbed 1.34 percent. Meanwhile, top gainers in the sector included CA, Inc. CA 18.02% up 18 percent, and Moxian Inc MOXC 8.12% up 10 percent.
In trading on Thursday, utilities shares fell 0.28 percent.
Top Headline
Delta Air Lines, Inc. DAL 1.1% reported upbeat earnings for its second quarter on Thursday.
Delta posted Q2 profit of $1.77 per share on revenue of $11.78 billion. However, analysts expected earnings of $1.72 per share on revenue of $11.61 billion. The company raised its quarterly dividend from $0.305 per share to $0.35 per share.
Delta expects Q3 earnings of $1.65 to $1.85 per share and FY18 earnings of $5.35 to $5.70 per share.
Equities Trading UP
Zogenix, Inc. ZGNX 18.47% shares shot up 18 percent to $54.475 after the company disclosed top-line results from second Pivotal Phase 3 trial of ZX008 in dravet syndrome. The company reported that the trial met primary endpoint.
Shares of China TechFaith Wireless Communication Technology Limited CNTF 68.31% got a boost, shooting up 69 percent to $3.10 after the company agreed to sell its wholly-owned subsidiary.
IZEA, Inc. IZEA 81.44% shares were also up, gaining 76 percent to $1.65 after the company reported a deal to buy TapInfluence for $7.08 million in cash and stock.
Equities Trading DOWN
SELLAS Life Sciences Group, Inc. SLS 26.72% shares dropped 27 percent to $1.69 after the company reported pricing of its upsized $24.2 million public offering.
Shares of Broadcom Inc. AVGO 14.53% were down 15 percent to $207.20 after the company announced plans to buy CA at $44.50 per share in cash.
Cato Corporation CATO 13.99% was down, falling around 16 percent to $20.92. Cato’s same-store sales came in flat for the five weeks ended July 7, 2018 versus the five weeks ended July 8, 2017.
Commodities
In commodity news, oil traded down 1.41 percent to $69.39 while gold traded up 0.23 percent to $1,247.30.
Silver traded up 1 percent Thursday to $15.975, while copper rose 1.17 to $2.7755.
Eurozone
European shares were higher today. The eurozone’s STOXX 600 climbed 0.65 percent, the Spanish Ibex Index rose 0.26 percent, while Italy’s FTSE MIB Index rose 0.32 percent. Meanwhile the German DAX gained 0.38 percent, and the French CAC 40 climbed 0.77 percent while U.K. shares rose 0.80 percent.
Economics
The Consumer Price Index rose 0.1 percent for June, versus economists’ expectations for a 0.2 percent increase.
U.S. initial jobless claims dropped 18,000 to 214,000 in the latest week. However, economists projected a 226,000 reading.
Domestic supplies of natural gas climbed 51 billion cubic feet for the week ended July 6, the U.S. Energy Information Administration reported. However, analysts expected a gain of 55 billion cubic feet.
The Treasury is set to auction 30-year bonds at 1:00 p.m. ET.
The U.S. Treasury budget report for June will be released at 2:00 p.m. ET.
Data on money supply for the recent week will be released at 4:30 p.m. ET.
Minneapolis Federal Reserve Bank President Neel Kashkari will speak at 8:00 p.m. ET.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.