US Stock Indexes Finished Mixed On Heavy Volume
$IBB, $DE, $NKE, #FINL, $MU
DJIA +0.7% YTD, NAS 100 +6.8% YTD, S&P 500 +2.0% YTD, Russell 2000 +5.9% YTD
DJIA +56.66 at 17947.02, NAS 100 -31.68 at 5080.51, S&P 500-0.70 at 2101.61
Volume: trade was heavy Friday, about 2-B/shares changed hands on the NYSE
The US stock market indexes ended the week mixed, the S&P 500 ended flat, locking in a 0.4% decliner on the week to end ahead of the NAS 100 (-0.7% WTD).
Germany’s Handelsblatt reported that creditors have offered Greece EUR15.50-B in bailout funds over the next 5 months if Greek representatives can agree to the requested reforms. The offer was turned down by the Greek delegation.
European markets appeared unconcerned with the lack of progress as France’s CAC, Germany’s DAX, and Italy’s MIB spiked between 4.0% and 4.8% on the week. Greece’s Athens General Composite rose 13.8% on the week, returning into the middle of this year’s trading range.
US Treasuries retreated Friday with the 10-yr yield up 8 bpts to 2.48%, selling in the long bond ran the 30-yr yield higher by 10 bpts to 3.25%, representing the highest mark since September.
6 of the 10 stock sectors posted gains.
The high-beta chipmaker industry group suffered from losses after Micron (NASDAQ:MU) 19.66, -4.36, or -18.2% on reported disappointing results and issued uninspiring guidance.
The PHLX Semiconductor Index lost 2.4% with all 30 components ending in the red.
The NAS contended with losses among biotechnology names.
The iShares Nasdaq Biotechnology ETF (NYSEArca:IBB) 372.70, -3.13 lost 0.8%, the healthcare stock sector (-0.1%) spent the day near its flat line.
The financials (+0.3%), consumer discretionary (+0.4%), and industrials (+0.2%) kept the S&P 500 index flat to little changed on the day.
The discretionary stock sector was underpinned by apparel retailers after Finish Line (NASDAQ:FINL) 28.25, +1.25, and DJIA component Nike (NYSE:NKE) 109.71, +4.49 reported better than expected results. The 2 names gained 4.6% and 4.3%, respectively.
The industrial stock sector rallied behind Deere (NYSE:DE) 96.44, +3.04, or + 3.3%, breaking out to a 4-yr high, there was no relevant news.
As for transport stocks, the Dow Jones Transportation Average (+0.1%) marked a slim gain on the day, after notching an 8-month low during morning action.
Economic data
The Michigan Sentiment Index (MSI) for June was revised up to 96.1 from a preliminary reading of 94.6, consensus expected no change. The June reading was up from 90.7 in May, representing the highest mark for the index since hitting 98.1 in January.
Monday, at 10:00a EDT release of the Pending Home Sales report for May.
Have a terrific weekend.
HeffX-LTN
Paul Ebeling
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