Following the market opening Wednesday, the Dow traded up 0.56 percent to 23,507.16 while the NASDAQ climbed 0.21 percent to
6,741.60. The S&P also rose, gaining 0.41 percent to 2,585.72.
Leading and Lagging Sectors
Wednesday morning, the basic materials shares climbed by 1.25 percent. Meanwhile, top gainers in the sector included United
States Steel Corporation (NYSE: X), up 15 percent, and
Olympic Steel, Inc. (NASDAQ: ZEUS), up 8 percent.
In trading on Wednesday, utilities shares fell 0.06 percent. Meanwhile, top losers in the sector included PPL Corp (NYSE:
PPL), down 1.5 percent, and Korea Electric Power Corporation
(ADR) (NYSE: KEP) down 1.5 percent.
Top Headline
Estee Lauder Companies Inc (NYSE: EL) reported upbeat
results for its third quarter and raised its FY guidance.
Estee Lauder reported Q3 earnings of $1.14 per share on revenue of $3.27 billion. However, analysts expected earnings of $0.97
per share on sales of $3.17 billion.
Estee Lauder now expects FY18 adjusted earnings of $4.04 to $4.12 per share, versus earlier forecast of $3.87 to $3.94 per
share.
Equities Trading UP
Skyline Medical Inc (NASDAQ: SKLN) shares shot up
20 percent to $2.25 after the company reported a strategic collaboration with Helomics for the development of next-gen of
personalized cancer diagnostics.
Shares of Emerge Energy Services LP (NYSE: EMES) got
a boost, shooting up 15 percent to $8.21 as the company posted strong Q3 results.
Plantronics Inc (NYSE: PLT) shares were also up,
gaining 16 percent to $52.60 after the company reported upbeat Q2 results.
Equities Trading DOWN
Envision Healthcare Corporation (NYSE: EVHC) shares
dropped 36 percent to $27.15 after the company reported third-quarter adjusted EPS that was down significantly year over year and
announced plans to review strategic alternatives.
Shares of 3D Systems Corporation (NYSE: DDD) were
down 27 percent to $9.03 as the company reported downbeat quarterly results.
Eleven Biotherapeutics Inc (NASDAQ: EBIO) was
down, falling around 24 percent to $0.710. ElevEleven Biotherapeutics priced its $8.0 million underwritten public offering.
Commodities
In commodity news, oil traded up 1.08 percent to $54.97 while gold traded up 0.36 percent to $1,275.10.
Silver traded up 1.15 percent Wednesday to $16.885, while copper rose 1.48 percent to $3.147.
Eurozone
European shares were higher today. The eurozone’s STOXX 600 gained 0.59 percent, the Spanish Ibex Index rose 0.12 percent, while
Italy’s FTSE MIB Index gained 1.08 percent. Meanwhile the German DAX climbed 1.75 percent, and the French CAC 40 gained 0.38
percent while U.K. shares rose 0.22 percent.
Economics
Data on motor vehicle sales for October will be released today.
Private-sector employers added 235,000 jobs in October, ADP reported Wednesday. However, economists were expecting a gain of
200,000 jobs.
The Markit manufacturing PMI rose to 54.60 for October, versus previous reading of 54.50. However, economists were projecting a
reading of 54.50.
The ISM manufacturing index dropped to 58.7 in October, versus prior reading of 60.8. However, economists expected a reading of
59.5.
U.S. construction spending rose 0.3 percent for September, versus economists’ expectations for a 0.1 percent decline.
The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is schedule for release at 10:30 a.m.
ET.
The Federal Open Market Committee will announce its policy decision at 2:00 p.m. ET.
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