Mid-Morning Market Update: Markets Open Higher; Bank of America Profit Beats Expectations

Following the market opening Friday, the Dow traded up 0.21 percent to 22,887.79 while the NASDAQ climbed 0.25 percent to 6,608.27. The S&P also rose, gaining 0.17 percent to 2,555.32.

Leading and Lagging Sectors

Friday morning, the basic materials shares surged 1.47 percent. Meanwhile, top gainers in the sector included Cleveland-Cliffs Inc CLF, up 11 percent, and ArcelorMittal SA (ADR) MT, up 7 percent.

In trading on Friday, healthcare shares fell 0.40 percent. Meanwhile, top losers in the sector included Antares Pharma Inc ATRS, down 40 percent, and Infinity Pharmaceuticals Inc. INFI down 13 percent.

Top Headline

Bank of America Corp BAC posted stronger-than-expected earnings for its third quarter.

Bank of America posted quarterly adjusted earnings of $0.48 per share on revenue of $22.08 billion. However, analysts expected earnings of $0.45 per share on revenue of $22.07 billion.

Equities Trading UP

Remark Holdings, Inc. MARK shares shot up 22 percent to $3.58 after the company disclosed that Sina Weibo is launching its first augmented-reality-enabled mobile application, named SuiShouPai.

Shares of Inotek Pharmaceuticals Corp ITEK got a boost, shooting up 18 percent to $3.47 after the company reported filing of preliminary proxy statement for a deal with Rocket Pharma.

Leading Brands, Inc (USA) LBIX shares were also up, gaining 96 percent to $2.65 on no formal news from company. The stock rallied 215 percent over Tuesday and Wednesday of this week amid trader speculation stock could be sympathy play on move higher in Helios & Matheson. However, Leading Brands shares sold off 27 percent on Thursday.

Equities Trading DOWN

Antares Pharma Inc ATRS shares dropped 41 percent to $2.21 after the company disclosed the receipt of an FDA letter that notified the company of deficiencies in its XYOSTED NDA filing.

Shares of Tandem Diabetes Care Inc TNDM were down 37 percent to $2.96 after the company reported a proposed offering of common stock and series A and B warrants.

Rexahn Pharmaceuticals, Inc. RNN was down, falling around 25 percent to $2.13 as the company disclosed a $8 million registered direct offering.

Commodities

In commodity news, oil traded up 2 percent to $51.61 while gold traded down 0.12 percent to $1,294.90.

Silver traded down 0.15 percent Friday to $17.24, while copper rose 0.14 percent to $3.1245.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.44 percent, the Spanish Ibex Index rose 0.11 percent, while Italy’s FTSE MIB Index gained 0.47 percent. Meanwhile the German DAX rose 0.39 percent, and the French CAC 40 gained 0.15 percent while U.K. shares fell 0.15 percent.

Economics

The Consumer Price Index gained 0.5 percent for September, versus economists’ expectations for a 0.6 percent rise

U.S. retail sales rose 1.6 percent for September, compared to economists’ expectations for a 1.7 percent growth

U.S. business inventories increased 0.7 percent for August, versus economists’ estimates for 0.7 percent gain.

The University of Michigan's consumer sentiment index climbed to 101.10 in October, from prior reading of 95.10. Economists expected a reading of 95.10.

Chicago Federal Reserve Bank President Charles Evans will speak in Green Bay, Wisconsin at 10:25 a.m. ET.

Dallas Federal Reserve Bank President Robert Kaplan is set to speak in Boston at 11:30 a.m. ET.

The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.

Federal Reserve Governor Jerome Powell will speak in Boston at 1:00 p.m. ET.

The U.S. Treasury budget report for September is schedule for release at 2:00 p.m. ET.