Mid-Morning Market Update: Markets Gain; Citigroup Earnings Top Estimates

Following the market opening Friday, the Dow traded up 0.18 percent to 21,571.42 while the NASDAQ climbed 0.20 percent to 6,287.06. The S&P also rose, gaining 0.34 percent to 2,451.63.

Leading and Lagging Sectors

Non-cyclical consumer goods & services shares rose by 0.91 percent in the US market on Friday.

In trading on Friday, financial shares fell 0.22 percent. Meanwhile, top losers in the sector included Greene County Bancorp GCBC, down 3 percent, and Donegal Group Inc. DGICA, down 3 percent.

Top Headline

Citigroup Inc C posted stronger-than-expected earnings for its second quarter.

Citigroup posted quarterly earnings of $1.28 per share on revenue of $17.9 billion. However, analysts were expecting earnings of $1.21 per share on sales of $17.4 billion.

Equities Trading UP

Celadon Group, Inc. CGI shares shot up 20 percent to $2.83. Celadon Group announced the retirement of its CEO Paul Will and the company’s board named Paul C. Svindland as replacement. Celadon also named lead independent director Michael Miller as Chairman of the Board.

Shares of Eiger Biopharmaceuticals Inc EIGR got a boost, shooting up 22 percent to $9.10. BTIG Research initiated coverage on Eiger BioPharmaceuticals with a Buy rating and a $32.00 price target.

CLEARSIGN COMBUSTION CORP CLIR shares were also up, gaining 7 percent to $3.85 after the company disclosed that it has received an order from super major oil company to qualify the Duplex technology.

Equities Trading DOWN

Cyberark Software Ltd CYBR shares dropped 16 percent to $42.74 after the company lowered its guidance for the second quarter. CyberArk announced after Thursday's market close that its second-quarter revenue will fall short of expectations. JP Morgan downgraded CyberArk from Overweight to Neutral, while Deutsche Bank downgraded the stock from Buy to Hold.

Shares of Reed's, Inc. REED were down 21 percent to $1.85 as the company reported Warrant Exercise Agreements resulting in a $1.6 million financing.

A10 Networks Inc ATEN was down, falling around 18 percent to $6.74 after the company reported disappointing preliminary results for its second quarter. KeyBanc downgradedA10 Networks from Overweight to Sector Weight.

Commodities

In commodity news, oil traded up 1.17 percent to $46.62 while gold traded up 0.88 percent to $1,228.00.

Silver traded up 1.40 percent Friday to $15.91, while copper rose 0.41 percent to $2.6725.

Eurozone

European shares were mixed today. The eurozone’s STOXX 600 climbed 0.09 percent, the Spanish Ibex Index fell 0.08 percent, while Italy’s FTSE MIB Index declined 0.14 percent. Meanwhile the German DAX gained 0.11 percent, and the French CAC 40 gained 0.15 percent while U.K. shares fell 0.11 percent.

Economics

The Consumer Price Index was unchanged for June, versus economists’ expectations for a 0.1 percent gain.

U.S. retail sales dropped 0.2 percent for June, versus economists’ expectations for a 0.2 percent growth.

U.S. industrial production increased 0.4 percent for June.

U.S. business inventories gained 0.3 percent for May, versus economists’ expectations for a 0.3 percent gain

The University of Michigan's consumer sentiment index dropped to 93.10 in July, versus prior reading of 95.10. Economists expected a reading of 95.00.

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