Mid-Afternoon Market Update: Crude Oil Up Over 2%; CNX Resources Shares Climb After Q2 Results

Toward the end of trading Tuesday, the Dow traded down 0.01% to 27,217.57 while the NASDAQ rose 0.01% to 8,293.82. The S&P also fell, dropping 0.15% to 3,016.44.

Leading and Lagging Sectors

Energy shares climbed 1% on Tuesday. Meanwhile, top gainers in the sector included CNX Resources Corporation CNX, up 28%, and Nabors Industries Ltd. NBR, up 26%.

In trading on Tuesday, utilities shares fell 0.9%.

Top Headline

Procter & Gamble Co PG reported better-than-expected Q4 results.

Procter & Gamble reported fourth-quarter earnings of $1.10 per share, which beat the analyst consensus estimate of $1.05. The company reported quarterly sales of $17.1 billion, which beat the analyst consensus estimate of $16.86 billion.

Equities Trading UP

LSB Industries, Inc. LXU shares shot up 26% to $5.01 after the company reported Q2 results.

Shares of CNX Resources Corporation CNX got a boost, shooting up 27% to $7.88 after reporting Q2 results.

Iradimed Corp IRMD shares were also up, gaining 33% to $24.00 after the company posted upbeat Q2 results and raised FY19 EPS guidance.

Equities Trading DOWN

McDermott International, Inc. MDR shares tumbled 36% to $6.47 after the company reported downbeat results for its second quarter and issued FY19 sales guidance below analyst estimates.

Shares of Granite Construction Incorporated GVA were down 19% to $36.01 after reporting preliminary results for its second quarter. Granite reported preliminary Q2 EPS of $(2.10)-$(2.05) and sales of $785 million to $790 million.

Gartner, Inc. IT was down, falling 19% to $138.21 after the company issued FY19 guidance below analyst estimates.

Commodities

In commodity news, oil traded up 2.1% to $58.06, while gold traded up 0.8% to $1,431.60.

Silver traded up 0.9% Tuesday to $16.585, while copper fell 1.5% to $2.676.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 1.47%, the Spanish Ibex Index fell 2.48%, while Italy’s FTSE MIB Index dropped 1.99%. Meanwhile, the German DAX slipped 2.18%, and the French CAC 40 fell 1.61% while UK shares fell 0.52%.

Economics

The Federal Open Market Committee will begin its two-day policy meeting today.

U.S. personal income rose 0.4% for June, while consumer spending increased 0.3% last month.

The S&P Corelogic Case-Shiller home price index increased 2.4% year-over-year in May, versus a 2.5% rise in the prior month.

The Conference Board consumer confidence index rose to 135.7 in July, versus previous reading of 124.3.

The pending home sales index rose 2.8% for June.