Mid-Morning Market Update: Markets Open Higher; Citigroup Profit Tops Expectations

Following the market opening Tuesday, the Dow traded up 1.02 percent to 26,066.25 while the NASDAQ climbed 0.89 percent to 7,325.93. The S&P also rose, gaining 0.68 percent to 2,805.11.

Leading and Lagging Sectors

Tuesday morning, the technology sector proved to be a source of strength for the market. Leading the sector was strength from Infosys Ltd ADR (NYSE: INFY) and Immersion Corporation (NASDAQ: IMMR).

In trading on Tuesday, basic materials shares fell 0.66 percent. Meanwhile, top losers in the sector included Sociedad Quimica y Minera de Chile (ADR) (NYSE: SQM), down 7 percent, and CF Industries Holdings, Inc. (NYSE: CF) down 5 percent.

Top Headline

Citigroup Inc (NYSE: C) reported better-than-expected earnings for its fourth quarter.

Citigroup said it earned $1.28 per share in the quarter on revenue of $17.26 billion which exceeded Wall Street's expectations for $1.19 per share and $17.22 billion.

Equities Trading UP

Blackhawk Network Holdings Inc (NASDAQ: HAWK) shares shot up 23 percent to $45.00 after the company agreed to be acquired by Silver Lake for $45.25 per share in cash.

Shares of Energizer Holdings Inc (NYSE: ENR) got a boost, shooting up 14 percent to $58.80. Spectrum Brands agreed to sell global battery and lighting business to Energizer Holdings for $2 billion in cash.

Izea Inc (NASDAQ: IZEA) shares were also up, gaining 12 percent to $6.55. The operator of online marketplaces that facilities transactions between brands and influential content creators announced a new initiative called IZEA Crypto. The company explained its new business is intended to make "cryptocurrency mining and blockchain easily accessible for the average computer user, and to explore new lines of business that can leverage IZEA's existing technology infrastructure and marketplace resources."

Equities Trading DOWN

Eiger Biopharmaceuticals Inc (NASDAQ: EIGR) shares dropped 48 percent to $8.38. Eiger BioPharmaceuticals disclosed that its Phase 2 LIBERTY study in pulmonary arterial hypertension did not meet primary endpoint.

Shares of Digital Power Corp (NYSE: DPW) were down 15 percent to $2.30 after the company disclosed that it has raised $5.8 million in Series A1 financing.

Ion Geophysical Corp (NYSE: IO) was down, falling around 17 percent to $17.80 after the company issued an update on the WesternGeco litigation.

Commodities

In commodity news, oil traded down 0.26 percent to $64.13 while gold traded down 0.02 percent to $1,334.60.

Silver traded down 0.27 percent Tuesday to $17.095, while copper fell 0.78 percent to $3.1935.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 gained 0.29 percent, the Spanish Ibex Index rose 0.84 percent, while Italy’s FTSE MIB Index rose 0.45 percent. Meanwhile the German DAX climbed 0.94 percent, and the French CAC 40 rose 0.25 percent while U.K. shares fell 0.08 percent.

Economics

The Empire State manufacturing index declined to 17.7 in January, compared to a revised reading of 19.6 in December.

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

The Treasury will auction 4-week bills at 1:00 p.m. ET.