Midway through trading Wednesday, the Dow traded up 0.07 percent to 20,951.91 while the NASDAQ climbed 0.13 percent to 6,146.79.
The S&P also rose, gaining 0.03 percent to 2,399.23.
Leading and Lagging Sectors
Utilities sector was the top gainer in the US market on Wednesday. Top gainers in the sector included Cia Energetica de Minas
Gerais CEMIG-ADR (NYSE: CIG), Companhia Paranaense de
Energia (ADR) (NYSE: ELP), and NRG Energy Inc (NYSE:
NRG).
In trading on Wednesday, cyclical consumer goods & services shares fell 0.17 percent. Meanwhile, top losers in the sector
included Chico's FAS, Inc. (NYSE: CHS), down 12 percent,
and Tiffany & Co. (NYSE: TIF), down 7 percent.
Top Headline
Lowe's Companies, Inc. (NYSE: LOW) posted
weaker-than-expected results for its first quarter.
Lowe's reported earnings of $1.03 per share in the quarter on revenue of $16.86 billion. Analysts were expecting earnings of
$1.06 per share on revenue of $16.96 billion.
Lowe's lowered its FY17 earnings forecast to $4.30 per share, from $4.64 per share.
Equities Trading UP
Container Store Group Inc (NYSE: TCS) shares shot up
37 percent to $5.69 after the company posted upbeat results for its fourth quarter and issued a strong forecast for FY 2017.
Shares of Triumph Group Inc (NYSE: TGI) got a boost,
shooting up 32 percent to $32.10. Triumph Group reported Q4 earnings of $1.32 per share on sales of $919 million.
Inovio Pharmaceuticals Inc (NASDAQ: INO) shares
were also up, gaining 25 percent to $8.91 after the company disclosed that its HIV vaccine elicited nearly 100 percent immune
response rates in clinical study.
Equities Trading DOWN
Aegean Marine Petroleum Network Inc. (NYSE: ANW)
shares dropped 33 percent to $7.07 after the company posted downbeat quarterly profit. Stifel Nicolaus downgraded Aegean Marine
from Buy to Hold.
Shares of Ooma Inc (NASDAQ: OOMA) were down 28
percent to $8.40 after the company's first-quarter earnings report and forward looking guidance failed to impress investors
Bristow Group Inc (NYSE: BRS) was down, falling
around 31 percent to $10.11. Bristow Group reported Q4 adjusted loss of $1.15 per share on revenue of $323.651 million. The company
projects FY18 results to be impacted by continued offshore oil and gas industry downturn.
Commodities
In commodity news, oil traded up 0.12 percent to $51.53 while gold traded down 0.14 percent to $1,257.10.
Silver traded down 0.14 percent Wednesday to $17.115, while copper fell 0.35 percent to $2.587.
Eurozone
European shares were mixed today. The eurozone’s STOXX 600 rose 0.06 percent, the Spanish Ibex Index rose 0.08 percent, while
Italy’s FTSE MIB Index dropped 0.30 percent. Meanwhile the German DAX declined 0.15 percent, and the French CAC 40 slipped 0.13
percent while U.K. shares rose 0.43 percent.
Economics
The FHFA house price index rose 0.60 percent to 246.20 for March. Economists expected a 0.60 percent growth.
Existing home sales declined 2.3 percent to an annual rate of 5.57 million for April. Economists were expecting a 5.65 million
pace.
Domestic crude supplies declined 4.43 million barrels for the week ended May 19, the U.S. Energy Information Administration.
However, analysts projected a drop of 2.42 million barrels. Gasoline stockpiles slipped 787,000 barrels, while distillate
stockpiles declined 480,000 barrels last week.
The Treasury is set to auction 5-year notes at 1:00 p.m. ET.
The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.
Dallas Federal Reserve Bank President Robert Kaplan is set to speak in Toronto at 6:00 p.m. ET.
Minneapolis Federal Reserve Bank President Neel Kashkari will speak in Ashland, Wisconsin at 6:30 p.m. ET.
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