Skip to main content

A selloff in Apple (AAPL) - Get Apple Inc. Report  and ever-present concerns over next week's "Brexit" vote kept Wall Street in the red Friday.

The S&P 500 and Dow Jones Industrial Average both fell 0.33%.

Apple pressured the Nasdaq after the tech giant was ordered to stop sales of its iPhone 6 and 6 Plus smartphones in Beijing, citing patent infringement. Apple says the order has been put on hold while it appeals and continues to sell all phones. Shares remained down 2.28%.

Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL? Learn more now.

The Nasdaq closed down 0.92%. The tech sector was the worst performer Friday with major tech companies such as Amazon (AMZN) - Get, Inc. Report , Microsoft (MSFT) - Get Microsoft Corporation Report  and Alibaba (BABA) - Get Alibaba Group Holding Ltd. Report all lower. The Technology Select Sector SPDR ETF (XLK) - Get Technology Select Sector SPDR Fund Report fell 0.67%.

Investors remained cautious ahead of next week's referendum to determine whether Great Britain will remain in the European Union. U.K. citizens will head to the polls on June 23. An exit would have far-reaching economic and political consequences. 

The Federal Reserve's rate hike plans remained in the spotlight Friday after St. Louis Fed President James Bullard said a slower, more stable economy warrants fewer rate hikes. Bullard noted that low economic growth and a Fed funds rate of just 63 basis points are likely to remain through to 2018. He expects growth of just 2%, weak inflation and a low unemployment rate to continue.

TheStreet Recommends

Crude failed to boost equities despite clinching nearly 4% gains over the session. Oil was undeterred by data out earlier that showed the number of active oil rigs rise for their third straight week. 

West Texas Intermediate crude was up 3.8% at $47.98 a barrel on Friday afternoon.

In earnings news, Oracle (ORCL) - Get Oracle Corporation Report rose 2.7% after posting a mixed fourth quarter. The enterprise-software developer earned an adjusted 81 cents a share, a penny short of estimates, while revenue of $10.59 billion topped estimates of $10.46 billion. Cloud-software sales spiked 51%. Excluding currency exchange, earnings would have matched expectations.

Lumber Liquidators (LL) - Get Lumber Liquidators Holdings, Inc. Report roared 20% higher after U.S. regulators ended their investigation into its flooring products containing formaldehyde. The U.S. Consumer Product Safety Commission did not issue a recall, but ordered a number of safety measures, many of which the company has already implemented.

Revlon (REV) - Get Revlon, Inc. Class A Report reached an agreement to acquire fellow cosmetics maker Elizabeth Arden (RDEN) for about $870 million. Under the terms of the deal, Revlon will pay $14 per Elizabeth Arden share, a premium of roughly 50% over Elizabeth Arden's close on Thursday. The companies expect cost synergies of $140 million.

Viacom (VIA.B) shares were in flux after news broke late Thursday that Sumner Redstone's National Amusements had ousted five directors, including CEO Phillipe Dauman from the 11-person board, and the company issued weak guidance.

Redstone's privately held company is a controlling shareholder of the media conglomerate. Redstone has been in the spotlight recently as lawyers argued over whether he is mentally competent to run media companies Viacom and CBS.

Viacom said early Friday it expects fiscal third-quarter adjusted earnings of $1 to $1.05 a share; analysts forecast $1.38 a share. Viacom said a weak third quarter was tied to the "disappointing" performance of the latest Teenage Mutant Ninja Turtles movie.