Consumer Sentiment Hits Year Low While Bank Profits Exceed

A reading on consumer sentiment from Thomson Reuters and the University of Michigan for the month of October came in at 75.2, the lowest level since January, slightly missing expectations of 76, also lower than a September reading of 77.5.

The Rasmussen Consumer Index, which measures consumer confidence daily, dropped another point on Friday to 89.7, now at its lowest index level this year. Consumer confidence is down 7 points from a week ago, 13 points from a month ago and 8 points from 3 months ago.

The Rasmussen Investor Index gained four points on Friday after falling for a week to reach 104.2, which mirrors banking optimism. However, investor confidence is still down 8 points from a week ago and 12 points from a month ago and 3 months ago.

Gallup measured economic confidence at -35 yesterday, and consumer spending was down $12 to $69.

Meanwhile, Wells Fargo reported third-quarter profits of 99 cents per share, beating estimates by two cents. The bank posted revenues of $20.5 billion, just shy of the $20.97 billion analysts expected. Shares were little changed in pre-market trading.

Banking giant JP Morgan Chase revealed third-quarter profits of $1.42 a share, excluding a litigation expense and a reserve release, compared to expectations of $1.17 a share. Revenues of $23.9 billion matched estimates. Shares of the biggest U.S. bank by assets climbed 1% in pre-market trading.

As of 10:00 a.m. ET, the Dow Jones Industrial Average rose 50.9 points, or 0.33%, to 15175, the S&P 500 gained 3.3 points, or 0.19%, to 1696 and the Nasdaq Composite advanced 6.5 points, or 0.17%, to 3767.

In commodities, U.S. crude oil futures slid $1.36, or 1.3%, to $101.65 a barrel. Wholesale New York Harbor gasoline dipped 0.38% to $2.688 a gallon. Gold dropped $10.20, or 0.79%, to $1,287 a troy ounce.