Benzinga | Aug 4, 2020 10:13AM EDT

Mid-Morning Market Update: Markets Edge Higher; Emerson Electric Earnings Beat Expectations

Following the market opening Tuesday, the Dow traded up 0.07% to 26682.59 while the NASDAQ rose 0.29% to 10934.40. The S&P also rose, gaining 0.12% to 3298.69.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 4,718,240 cases with around 155,470 deaths. Brazil confirmed a total of over 2,750,310 COVID-19 cases with 94,660 deaths, while India reported a total of at least 1,855,740 confirmed cases and 38,930 deaths. In total, there were at least 18,315,280 cases of COVID-19 worldwide with over 694,710 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares gained 0.9% on Tuesday. Meanwhile, top gainers in the sector included New Fortress Energy LLC (NASDAQ:NFE), up 9%, and Kosmos Energy Ltd. (NYSE:KOS), up 7%.

In trading on Tuesday, health care shares tumbled by 0.6%.

Top Headline

Emerson Electric Co. (NYSE:TSN) reported stronger-than-expected earnings for its third quarter.

The company reported quarterly earnings of $0.80 per share, exceeding analysts' estimates of $0.60 per share. The company reported quarterly sales of $3.90 billion, beating analysts' estimates of $3.85 billion.

Emerson Electric projects FY20 sales growth of (10%)-(9%). The company said it expects FY20 earnings of $3.20 to $3.35 per share, versus analysts' estimates of $3.03 per share.

Equities Trading UP

SilverSun Technologies, Inc. (NASDAQ:SSNT) shares shot up 194% to $8.08 after the company announced it will acquire Prairie Technology Solutions Group.

Shares of Zhongchao Inc. (NASDAQ:ZCMD) got a boost, shooting 68% to $3.9650 after the company disclosed the renewal of its contract with J&J.

Universal Security Instruments, Inc. (NYSE:UUU) shares were also up, gaining 48% to $3.5602 after gaining 19% on Monday.

Equities Trading DOWN

DBV Technologies S.A. (NASDAQ:DBVT) shares tumbled 40% to $2.44 after the company said the FDA has issued a Complete Response Letter regarding its BLA for investigational Viaskin Peanut, a non-invasive, once-daily epicutaneous patch to treat peanut allergies in children ages 4-11. In the letter, the FDA identified concerns regarding the impact of patch-site adhesion on efficacy and indicated the need for patch modifications and subsequently a new human factor study, the company said.

Shares of Huttig Building Products, Inc. (NASDAQ:HBP) were down 32% to $1.60 after the company reported downbeat Q2 sales.

Grindrod Shipping Holdings Ltd. (NASDAQ:GRIN) was down, falling 28% to $3.90 after jumping around 70% on Monday.

Commodities

In commodity news, oil traded down 1.7% to $40.30, while gold traded up 0.1% to $1,987.10.

Silver traded down 0.4% Tuesday to $24.315, while copper fell 0.7% to $2.893.

Euro zone

European shares were mostly lower today. The eurozone's STOXX 600 fell 0.4%, the Spanish Ibex Index rose 0.1%, while Italy's FTSE MIB Index climbed 0.51%. Meanwhile, the German DAX 30 declined 0.6%, French CAC 40 fell 0.2% and UK shares fell 0.1%.

Economics

U.S. factory orders increased 6.2% in June, after a revised 7.7% surge in the prior month.