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Midday Market Update

Stocks On Track for Another Record


U.S. Market    
Stocks were on track to hit record highs again today.

Job openings fell to 5.5 million in May from 5.85 million in the previous month according to the Labor Department. The data come after May’s disappointing payroll numbers but doesn’t yet capture the apparent rebounding in hiring seen in June. 

Oil futures rose this morning after a report from OPEC showed that supply would tighter over the next year

At midday the Dow was up 0.7% while the S&P 500 and Nasdaq were each 0.8% higher. 

Stocks on the Move
Shares of  Alcoa (AA) shares rallied 4.6% this morning after the company's second-quarter earnings release. However, we remain  disappointed with the company's value-add profits. For the Engineered Products and Solutions segment, we remain skeptical management will hit the midpoint of its full-year 2016 EBITDA guidance of $1.3 billion on sales of $6 billion, a 21.5% margin. To achieve this, segment EBITDA would have to increase nearly 40% in the fourth quarter based on our estimates.

Foreign Markets
European stocks were mostly higher today. The FTSE 100 was little changed while the
Paris CAC rose 1.6% and Germany’s DAX added 1.3%.

Asian markets were higher again today. The Nikkei 225 jumped 2.5%, the Shanghai Composite rose 1.8% whole the Hang Seng was 1.7% higher. 

Jeremy Glaser does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.