Mid-Morning Market Update: Markets Open Lower; Macy's Misses Q2 Estimates

Following the market opening Wednesday, the Dow traded down 1.71% to 25,830.32 while the NASDAQ fell 1.99% to 7,857.00. The S&P also fell, dropping 1.69% to 2,876.80.

Leading and Lagging Sectors

Utilities shares slipped by just 0.1% on Wednesday. Meanwhile, top gainers in the sector included Global Water Resources, Inc. GWRS, up 3%, and Pampa Energía S.A. PAM, up 4%.

In trading on Wednesday, energy shares tumbled 3%.

Top Headline

Macy's Inc M reported weaker-than-expected earnings for its second quarter and lowered its FY19 earnings outlook.

Macy's reported second-quarter earnings of $0.28 per share, which missed the analyst consensus estimate of $0.46 per share. The company reported quarterly sales of $5.546 billion, which missed the analyst consensus estimate of $5.55 billion.

Macy's lowered its FY19 adjusted EPS guidance from $3.05-$3.25 to $2.85-$3.05.

Equities Trading UP

Purple Innovation, Inc. PRPL shares shot up 36% to $8.88 after the company reported better-than-expected Q2 EPS and sales results.

Shares of Akari Therapeutics, Plc AKTX got a boost, shooting up 31% to $2.38 after receiving FDA Fast Track designation for nomacopan for pediatric hematopoietic stem cell transplant-related thrombotic microangiopathy.

Presidio, Inc. PSDO shares were also up, gaining 21% to $16.02 after the company announced an agreement to be acquired by BC Partners for $16 per share in cash.

Equities Trading DOWN

Myriad Genetics, Inc. MYGN shares tumbled 39% to $27.08 after the company reported worse-than-expected Q4 EPS and sales results. The company also issued Q1 and FY20 guidance below analyst estimates.

Shares of CorePoint Lodging Inc. CPLG were down 28% to $7.89 after the company reported Q2 resulst.

Reed's, Inc. REED was down, falling 21% to $2.36 after the company reported worse-than-expected Q2 EPS and sales results. The company also issued FY19 sales guidance below analyst estimates.

Commodities

In commodity news, oil traded down 2.5% to $55.67, while gold traded up 0.8% to $1,526.40.

Silver traded up 1% Wednesday to $17.16, while copper fell 1.3% to $2.5965.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.3%, the Spanish Ibex Index fell 1.6%, while Italy’s FTSE MIB Index dipped 2%. Meanwhile, the German DAX dropped 1.7%, and the French CAC 40 fell 1.6% while UK shares fell 1.3%.

Economics

The import price index increased 0.2% for July, while export prices rose 0.2% last month.

The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.