NEW YORK (TheStreet) -- The major indices struggled to end the week on a positive note Friday in the wake of a souring consumer mood. Both the S&P 500 (SPY) and Dow (DIA) traded near flat by noon, after hitting all-time-highs earlier in the week. The Nasdaq (QQQ) edged lower.
StockTwits.com users predicted that a drop in consumer sentiment would make it unlikely that the market would rally to end the week.
A University of Michigan/Thomson Reuters survey indicated that consumer sentiment fell in April -- from a reading of 84.1 in April to 81.8 in May. Economists had anticipated a gain to 85. Survey respondents indicated that wage stagnation was the main reason for the slump. Earnings beats by major retailers including JCPenney (JCP), Dillard's (DDS) and Nordstrom (JWN) countered some of the negative sentiment.
The retail space is colorful. Nordstrom at all-time highs. JC Penny at 6mo high. $JWN $JCP Ivaylo Ivanov (@ivanhoff) May. 16 at 09:48 AM
@ivanhoff $DDS a beauty too ? TwentyOne (@TwentyOne) May. 16 at 09:55 AMSome investors said there was enough positive news out there to warrant a push higher by end-of-day.
$IWM $QQQ $SPY The way the markets are setting up, looks like they'll base during lunch and then the bulls will try to push higher last hour ? VR. (@ChalanTA) May. 16 at 11:55 AMBut most investors on StockTwits.com anticipated the weak ending with a whimper. Sentiment on the ETFs that track the S&P 500 and Dow were majority bearish. At the time of publication the author held no positions in any of the stocks mentioned. This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.
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