Stocks opened higher amid continued optimism surrounding the trade talks between China and the U.S. The market gave up its early gains, but the averages were able to regain upside momentum in the second hour of trading and remain in the green as investors await the release of the minutes from the Fed's last rate setting meeting.
ECONOMIC EVENTS: In the U.S., the FOMC minutes are scheduled for release at 2:00 pm ET.
COMPANY NEWS: Skyworks Solutions (SWKS) reduced its December quarter guidance due to "unit weakness across their largest smartphone customer," though the stock is up nearly 4% at midday as the downward revision may have been expected, and not as bad as feared, following the recent pre-announcements from Apple (AAPL) and Samsung (SSNLF).
In another sign of how challenged the smartphone market is currently, The Nikkei reported that Apple is cutting its current iPhone production plan by about 10% for the next three months, citing sources with knowledge of the request. Apple last month asked its suppliers to produce fewer of its new iPhones than planned for the January-March quarter, which marks the second time in two months that the company has lowered its planned production, according to The Nikkei.
Amazon (AMZN) CEO Jeff Bezos said via Twitter that he and his wife of 25 years, MacKenzie Bezos, plan to divorce. Amazon said afterward in a statement to Bloomberg that Bezos "remains focused on and engaged in all aspects of the company."
Constellation Brands (STZ) shares are 10% lower following the company's Q3 earnings beat and FY19 guidance lowering. Constellation, which said it is "disappointed" with its wine and spirits business, said it now expects net sales and operating income to decline low-single digits for fiscal 2019 in that unit.
MAJOR MOVERS: Among the noteworthy gainers was Chesapeake (CHK), which rose 14.5% after announcing preliminary Q4 production and its intention to lower its rig count.
Also higher was NeoGenomics (NEO), which gained 12% after it was named to join the S&P 600.
Among the notable losers was Hudson (HUD), which fell 13% after announcing that CEO Joseph DiMonzio will leave the company to pursue other interests.
Also lower was Smart Global (SGH), which dropped 27% after reporting quarterly results and worse than expected guidance.
INDEXES: Near midday,
the Dow was up 130.26, or 0.55%, to 23,917.71, the Nasdaq was up 57.50, or 0.83%, to 6,954.50, and the S&P 500 was up 12.83, or 0.50%, to 2,587.24.