Following the market opening Tuesday, the Dow traded up 0.28 percent to 21,951.46 while the NASDAQ climbed 0.17 percent to 6,358.69. The S&P also rose, gaining 0.15 percent to 2,473.99.
Leading and Lagging Sectors;
Tuesday morning, the telecommunications services sector proved to be a source of strength for the market. Leading the sector was strength from Sprint Corp S 9.84% and Telekomunikasi Indones (Prsr)Tbk PT-ADR TLK 2%.
In trading on Tuesday, cyclical consumer goods & services shares were relative laggards, down on the day by about 0.15 percent. Meanwhile, top losers in the sector included Libbey Inc. LBY 12.67%, down 11 percent, and Nautilus, Inc. NLS 8.38%, down 9 percent.
Pfizer Inc. PFE 1.06% reported better-than-expected earnings for its second quarter and raised its FY 2017 earnings guidance. However, the company’s quarterly sales missed analysts’ estimates.
Pfizer posted Q2 earnings of $0.67 per share on sales of $12.9 billion. However, analysts were expecting earnings of $0.66 per share on sales of $13.1 billion.
Pfizer raised its FY 2017 earnings guidance to $2.54 to $2.60 per share, versus earlier forecast of $2.50 to $2.60 per share.
Equities Trading UP;
Shares of Lumber Liquidators Holdings Inc LL 31.55% got a boost, shooting up 29 percent to $31.89 as the company posted stronger-than-expected Q2 results.
Cognex Corporation CGNX 12.14% shares were also up, gaining 12 percent to $106.88 as the company reported better-than-expected earnings for its second quarter.
Equities Trading DOWN;
Sequans Communications SA ADR SQNS 14.4% shares dropped 17 percent to $3.05 following Q2 results. Sequans Communications reported a Q2 loss of $6 million on revenue of $13.2 million.
Shares of Libbey Inc. LBY 12.67% were down 11 percent to $8.05. Libbey reported a Q2 loss of $832,000, after posting a profit in the year-ago period.
Pitney Bowes Inc. PBI 15.31% was down, falling around 15 percent to $13.34 as the company posted downbeat Q2 earnings.
In commodity news, oil traded down 0.80 percent to $49.77 while gold traded down 0.18 percent to $1,271.10.
Silver traded down 0.84 percent Tuesday to $16.645, while copper fell 0.42 percent to $2.8795.
European shares were higher today. The eurozone’s STOXX 600 gained 0.34 percent, the Spanish Ibex Index rose 0.46 percent, while Italy’s FTSE MIB Index climbed 0.13 percent. Meanwhile the German DAX climbed 0.52 percent, and the French CAC 40 gained 0.48 percent while U.K. shares rose 0.70 percent.
U.S. consumer spending rose 0.1 percent for June, versus economists’ expectations for a 0.1 percent gain. Personal income growth was unchanged in June.
The Johnson Redbook Retail Sales Index dropped 1.2 percent in July.
The Markit manufacturing PMI rose to 53.30 for July, versus prior reading of 53.20. However, economists were expecting a reading of 53.20.
The ISM manufacturing index dropped to 56.30 in July, versus previous reading of 57.80. Economists expected a reading of 56.50.
U.S. construction spending declined 1.30 percent for June, versus economists’ expectations for a 0.40 percent growth.
The Treasury is set to auction 4-week bills at 11:30 a.m. ET.