This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Stocks End Week Lower on Rate Hike Chatter, Sparse Macro News

Stocks in this article: ^DJI ^GSPC ^IXIC MTW UTX DD GPRO NKE

NEW YORK ( TheStreet) -- Markets closed the week lower, though benchmark U.S. indices gained over Friday's session. Stocks spent much of the day mixed with few market-moving catalysts giving investors little reason to jump in. Wall Street was watching, though, with particular interest given to St. Louis Federal Reserve President James Bullard's comments a day earlier.

U.S. markets closed in the red Thursday after Bullard told reporters in New York that the central bank should deliver its first federal funds rate hike at the end of the first quarter of 2015. Bullard has been among those pressing Fed Chair Janet Yellen and the central bank to move up the timeline for raising rates.

On Friday, the Dow Jones Industrial Average closed flat at 16,851.84, though 0.56% lower for the week. The S&P 500 inched 0.19% higher to 1,960.96, down just 0.1% since Monday. The Nasdaq climbed 0.43% to 4,397.93.

"You have very little market-moving news but on top of that, you've got the beginning of a holiday season and the Russell reconstitution . . . that's probably causing some intra-company volatility," Drew Wilson, investment analyst at Fenimore Asset Management, told TheStreet. "It's a lot of miscellaneous stuff but nothing extreme or important to really move the markets."

European markets were relatively buoyant this morning, despite falls in Asia overnight. Economic indicators showed the U.K.'s strong recovery continued -- although analysts were slightly disappointed that the Office for National Statistics did not revise its annual growth prediction of 1.7% upwards, as forecast. Asia stocks took a hit on signs of slowing industrial profit growth out of China.

It was a sparse day for domestic economic news, save for the results of the Reuters/University of Michigan consumer sentiment index for June which edged higher to 82.5 from 81.9 in May. Polled economists on average expected a reading of 82.

Economic reports in store for next week include The ISM manufacturing composite index on Tuesday, factory orders on Wednesday and the June government jobs report, moved forward to Thursday due to the July 4 holiday weekend. Next Wednesday, Yellen is expected to speak on monetary policy to the IMF central banking conference in Washington.

United Technologies (UTX) made headlines Friday after its subsidiary, Sikorsky Aircraft, was awarded a $1.28 billion contract to develop helicopters for the U.S. Air Force. Shares added 0.72% to $116.58.

The world's largest sporting goods brand Nike (NKE) topped estimates in its earnings report after the close Thursday for the quarter ended May 31. Shares rose 1.1%.

Chemical maker DuPont (DD) slipped 3.3% to $65.44 after lowering its outlook for the second quarter and full year, blaming poor performance in its agriculture unit.

Manitowoc (MTW) jumped 10.8% to $32.93 after Relational Investors disclosed an 8.52% stake late Thursday and announced its intention to separate the heavy-machinery maker into two companies.

In its second day of trading, GoPro  (GPRO) surged 14.6% to $35.92. Late Wednesday, the action-camera maker sold 17.8 million shares at $24 each in its IPO.

--By Keris Alison Lahiff and Andrea Tse in New York

Here's Why Rates Will Rise Sooner Than Investors Anticipate

June 27 Premarket Briefing: 10 Things You Should Know

European Stocks Rising on Positive Economic Indicators

Markets Dip as Fed Official Puts Interest Rate Hike on the Radar

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,360.30 +291.43 1.71%
S&P 500 2,003.79 +31.05 1.57%
NASDAQ 4,622.6380 +74.8040 1.64%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs