This Day On The Street
Continue to site
ADVERTISEMENT
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 End Week Lower on Rate Hike Chatter, Sparse Macro News

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 - Get Report) 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 - Get Report) 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

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
MTW $19.60 -0.25%
NKE $108.02 0.33%
AAPL $125.42 0.72%
FB $85.76 -0.04%
GOOG $520.51 -0.19%

Markets

DOW 17,619.51 +23.16 0.13%
S&P 500 2,063.12 +5.48 0.27%
NASDAQ 4,986.8670 +28.3990 0.57%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs