Following the market opening Monday, the Dow traded up 0.36 percent to 18,644.27 while the NASDAQ climbed 0.40 percent to
5,253.64. The S&P also rose, gaining 0.26 percent to 2,189.61.
Leading and Lagging Sectors
Monday morning, the basic materials sector proved to be a source of strength for the market. Leading the sector was strength
from Braskem SA (ADR) (NYSE: BAK) and James Hardie
Industries plc (ADR) (NYSE: JHX).
In trading on Monday, utilities shares slipped by 0.03 percent. Meanwhile, top losers in the sector included Companhia
Energetica Minas Gerais (ADR) (NYSE: CIG), down 2 percent,
and Consolidated Edison, Inc. (NYSE: ED), down 1
percent.
Top Headline
SYSCO Corporation (NYSE: SYY) reported
better-than-expected quarterly earnings.
Sysco reported Q4 adjusted earnings of $0.64 per share, on revenue of $13.65 billion. However, analysts were expecting earnings
of $0.61 per share on revenue of $13.68 billion.
Equities Trading UP
American Electric Technologies, Inc. (NASDAQ: AETI) shares shot up 59 percent to $4.21 following Q2 results. AETI reported
quarterly earnings of $0.06 per share on revenue of $12.3 million.
Shares of Providence & Worcester Railroad Company (NASDAQ: PWX) got a boost, shooting up 50 percent to $24.47 after Genesee & Wyoming
Inc (NYSE: GWR) reported the purchase of Providence and
Worcester Railroad for $25 per share.
Sorl Auto Parts, Inc. (NASDAQ: SORL) shares were
also up, gaining 38 percent to $2.55 as the company reported upbeat Q2 results.
Equities Trading DOWN
Aurinia Pharmaceuticals Inc (NASDAQ: AUPH) shares
dropped 54 percent to $1.87. Aurinia Pharma reported that its Phase IIB voclosporin study met its primary endpoint.
Shares of Performance Sports Group Ltd (NYSE: PSG)
were down 43 percent to $2.00. Performance Sports reported that it would not file its Annual Report on Form 10-K by the August 15,
2016 deadline.
Merus Labs International Inc (USA) (NASDAQ: MSLI)
was down, falling around 12 percent to $1.10. Merus Labs reported a Q3 net loss of $5.1 million, versus a year-ago loss of $1.8
million.
Commodities
In commodity news, oil traded up 1.06 percent to $45.66 while gold traded up 0.02 percent to $1,343.50.
Silver traded up 0.47 percent Monday to $19.80, while copper rose 0.14 percent to $2.15.
Eurozone
European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.02 percent, the Spanish Ibex Index rose 0.08
percent, while Italy’s FTSE MIB Index gained 0.17 percent. Meanwhile the German DAX gained 0.23 percent, and the French CAC 40
slipped 0.05 percent, while U.K. shares rose 0.41 percent.
Economics
The Empire State manufacturing index declined to -4.20 in August, versus a prior reading of 0.55. Economists were expecting a
reading of 2.50.
The National Association of Home Builders’ housing market index increased 2 points to 60 in August, versus a revised reading of
58 in July. However, economists projected a reading of 60 for the month.
The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.
The Treasury International Capital data for June will be released at 4:00 p.m. ET.
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