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.
$BAC Consumer Sentiment just killed any chance of a buy the market dip today....
? Seth Smith (@AllenWindsor52) May. 16 at 09:56 AM
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.
Some investors said there was enough positive news out there to warrant a push higher by end-of-day.
But 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.