Mid-Morning Market Update: Markets Mostly Higher; Nike Profit Tops Views

Following the market opening Friday, the Dow traded up 0.39 percent to 21,370.72 while the NASDAQ declined 0.12 percent to 6,136.77. The S&P also rose, gaining 0.17 percent to 2,423.88.

Leading and Lagging Sectors

Non-cyclical consumer goods & services shares rose by 0.70 percent in the US market on Friday.

In trading on Friday, financial shares fell by 0.1 percent. Meanwhile, top losers in the sector included Greene County Bancorp GCBC, down 6 percent, and First Capital, Inc. FCAP, down 3 percent.

Top Headline

Nike Inc NKE reported stronger-than-expected earnings for its fourth quarter on Thursday.

Nike posted adjusted earnings of $0.60 per share on revenue of $8.7 billion. However, analysts were expecting earnings of $0.50 per share on revenue of $8.63 billion. Inventories rose 4 percent as of May 31, 2017.

Equities Trading UP

West Marine, Inc. WMAR shares shot up 33 percent to $12.82 after the company agreed be acquired by Monomoy Capital Partners for $12.97 per share.

Shares of Parkway Inc PKY got a boost, shooting up 12 percent to $22.89. Canada Pension Plan Investment Board announced plans to buy Parkway for $23.05 per share.

Nike Inc NKE shares were also up, gaining 8 percent to $57.65 after the company reported stronger-than-expected earnings for its fourth quarter.

Equities Trading DOWN

Cara Therapeutics Inc CARA shares dropped 30 percent to $17.84 after the company released concerning top-line results from a phase 2B trial of its oral CR845 therapy for the treatment of pain associated with osteoarthritis of the hip or knee. Janney Capital downgraded Cara Therapeutics from Buy to Neutral.

Shares of MoSys Inc. MOSY were down 21 percent to $1.82. MoSys priced 1.325 million shares at $1.70 per share.

American Outdoor Brands Corp AOBC was down, falling around 10 percent to $21.58. American Outdoor Brands reported better-than-expected results for its fourth quarter, but issued a weak outlook for fiscal 2018.

Commodities

In commodity news, oil traded up 0.65 percent to $45.22 while gold traded down 0.18 percent to $1,243.60.

Silver traded down 0.23 percent Friday to $16.615, while copper rose 0.22 percent to $2.7015.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 gained 0.33 percent, the Spanish Ibex Index rose 0.20 percent, while Italy’s FTSE MIB Index surged 0.18 percent. Meanwhile the German DAX gained 0.01 percent, and the French CAC 40 climbed 0.48 percent while U.K. shares rose 0.11 percent.

Economics

U.S. consumer spending rose 0.1 percent for May, versus economists’ expectations for a 0.1 percent growth. Personal income increased 0.40 percent for May, versus estimates of 0.30 percent gain.

The Chicago PMI rose to 65.70 in June, versus a June reading of 59.40. However, economists were expecting a reading of 58.00.

The University of Michigan's consumer sentiment index increased to 95.10 in June, versus previous reading of 94.50. Economists projected a reading of 94.50.

The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.