Mid-Morning Market Update: Markets Open Higher; Dollar General Tops Q1 Expectations

Following the market opening Thursday, the Dow traded up 0.24 percent to 25186.65 while the NASDAQ rose 0.48 percent to 7,583.65. The S&P also rose, gaining 0.41 percent to 2,794.50.

Leading and Lagging Sectors

Consumer discretionary shares climbed 0.7 percent on Thursday. Meanwhile, top gainers in the sector included BRP Inc DOOO, up 16 percent, and Designer Brands Inc DBI, up 10 percent.

In trading on Thursday, energy shares fell by 0.2 percent.

Top Headline

Dollar General Corp. DG reported better-than-expected results for its first quarter.

Dollar General reported quarterly earnings of $1.48 per share, which beat the analyst consensus estimate of $1.39. The company reported quarterly sales of $6.623 billion, which beat the analyst consensus estimate of $6.56 billion.

Equities Trading UP

Titan Machinery Inc. TITN shares shot up 18 percent to $17.76 after the company reported better-than-expected Q1 EPS and sales results.

Shares of Ageagle Aerial Systems Inc UAVS got a boost, shooting up 52 percent to $0.45 after the company announced the introduction of its 'HempOverView' platform, which combines web-based data collection with aerial imaging technology to assist state administrators and growers with hemp cultivation.

Organovo Holdings Inc ONVO shares were also up, gaining 119 percent to $0.87 after the company announced a collaboration with MCRI and Leiden University Medical Center to develop stem cell-based bioprinted tissue treatments for kidney disease.

Equities Trading DOWN

J.Jill, Inc. JILL shares tumbled 48 percent to $1.87 following mixed Q1 results and reduced FY19 GAAP EPS guidance.

Shares of B.O.S Better Online Solutions Ltd. BOSC were down 16 percent to $2.5251 after the company reported Q1 EPS and sales results down from last year.

Zafgen, Inc. ZFGN was down, falling 18 percent to $1.95 after the company announced it received FDA Type A meeting minutes related to the previously announced clinical Hold on its ZGN-1061.

Commodities

In commodity news, oil traded up 0.1 percent to $58.85, while gold traded down 0.3 percent to $1,282.40.

Silver traded down 0.1 percent Thursday to $14.405, while copper fell 0.9 percent to $2.6395.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.3 percent, the Spanish Ibex Index rose 0.8 percent, while Italy’s FTSE MIB Index fell 0.1 percent. Meanwhile, the German DAX climbed 0.3 percent, and the French CAC 40 gained 0.3 percent while UK shares rose 0.4 percent.

Economics

Gross domestic product rose at an annual pace of 3.1 percent in the first quarter, versus an initial 3.2 percent estimate. Economists were projecting a 3.1 percent growth rate.

Initial jobless claims increased 3,000 to 215,000 in the latest week. However, economists were expecting a reading of 216,000.

U.S. trade deficit in goods increased 0.3 percent to $72.1 billion in April.

U.S. advanced wholesale inventories increased 0.7 percent in April, while retail inventories climbed 0.5 percent in April.

The pending home sales index slipped 1.5 percent for April, versus economists’ expectations for a 0.9 percent rise.

The Energy Information Administration’s weekly report on natural gas stocks in underground storage will be released at 10:30 a.m. ET.

The Energy Information Administration’s weekly report on petroleum inventories is schedule for release at 11:00 a.m. ET.

The Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.

Federal Reserve Board of Governors Vice Chairman Richard Clarida is set to speak in New York at 12:00 p.m. ET.

Data on money supply for the recent week will be released at 4:30 p.m. ET.