After a week of ups and downs, markets were mixed on Friday.
Oil prices rose after OPEC reached an agreement to boost production. Energy stocks gained.
Bank stocks were generally higher following the results of the Fed's first round of CCAR or its "stress test."
Jim Cramer: The Bulls Are Driving in the Wrong Direction
"This market better be careful what it wishes for. Or they better reset the algorithms. Because right now, it looks like the buyers want oil to be higher and in three weeks that's exactly the opposite of what they are going to want," writes TheStreet's Jim Cramer.
"When we look at the three most worrisome components going into earnings, we have: slowing revenue from the end of the synchronized global expansion that we were still living off of after the first quarter; the stronger dollar, which is a very different story from last quarter; and rising raw costs from tariffs and oil," Cramer says.
Bank Stress Tests Show Some Surprising Results
Real Money columnist Stephen Guilfoyle points out that: "Most of the major banks were expected to pass round one of the Fed's stress tests with flying colors. In all, the nation's larger banks did go 35 for 35 last night. These banks in aggregate hold a rough 80% of all assets held at all U.S. banks. In general, under a scenario that was more severe than what the Fed put the banks through last year, the U.S. central bank believes that these institutions are healthy enough to not only withstand a deep global recession, a 10% unemployment rate, and a sharply steepening yield curve, but that these banks would keep lending. Huzzah. No trouble at all, right?"
How to Play Intel After the CEO Resignation
"On Thursday, Intel Corp. (INTC) - Get Report announced the immediate resignation of its CEO, Brian Krzanich, due to what the company described in a statement as a 'past consensual relationship with an Intel employee.' Shares of Intel, which closed at a 17-year high on June 1, responded by falling to a one-month low. Now that the stock is well off of its highs, is it time to step in and buy Intel? Or does this stock have further downside ahead?" asks Real Money Pro columnist Ed Ponsi.
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