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 - Get Report), Dillard's (DDS - Get Report) and Nordstrom (JWN - Get Report) 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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