Here Are 3 Hot Things to Know About Stocks Right Now

  • The Dow Jones Industrial Average I:DJI  rose Friday but gave up most gains as bank stocks faltered.
  • JPMorgan Chase & Co. (JPM) - Get Report   ended lower, while Citigroup Inc. (C) - Get Report gained after the Federal Reserve didn't object to the banks' capital-distribution proposals.
  • Nike Inc. (NKE) - Get Report  jumped 11.4% after its earnings and sales topped analysts' forecasts.  

Wall Street Overview 

Stocks rose on Friday, June 29, but gave up much of their gains in late trading as bank stocks fell back. Financials had risen earlier after most of the 35 lenders supervised by the Federal Reserve passed the second phase of stress tests that will allow them to increase dividends and share buybacks.

The Dow Jones Industrial Average I:DJI   ended up 55 points or 0.23% at 24,271, the S&P 500 I:GSPC  gained 0.08%, and the Nasdaq I:IXIC  was up 0.09%. 

For the month, the Dow ended down 1.48%, the S&P 500 down 0.59% and the Nasdaq down 0.58%.

Halfway through the calendar year, the Dow is off 1.8%, The S&P is up 1.67% and the Nasdaq up 8.79%.

Shares of Germany's Deutsche Bank AG (DB) - Get Report rose 2% on Friday even after receiving a fresh rebuke from the Federal Reserve over "critical deficiencies" in its financial planning, while Goldman Sachs Group Inc. (GS) - Get Report and Morgan Stanley (MS) - Get Report faced new restrictions in their planned dividends and stock buybacks.

The Fed said Thursday, June 28, it had identified "widespread and critical deficiencies" in the capital-planning practices of DB USA, Deutsche Bank's U.S. subsidiary. As a result, DB USA won't be able to pay out regular dividends to the German parent company at least until next year, a senior Federal Reserve official told reporters.

Goldman Sachs and Morgan Stanley, meanwhile, failed an annual "stress test" that required them to maintain adequate financial strength even following a severe recession and market downturn, according to the Fed. The two firms were barred from increasing their planned distributions to shareholders beyond the prior year's levels.

The Fed didn't object to more than 30 other capital-distribution proposals by big banks, including those of JPMorgan Chase & Co. (JPM) - Get Report , Bank of America Corp. (BAC) - Get Report , Citigroup Inc. (C) - Get Report and Wells Fargo & Co. (WFC) - Get Report .

Goldman Sachs, JPMorgan and Citigroup are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells GS, JPM or C? Learn more now.

Nike Inc.

(NKE) - Get Report

 rose 11.4% on Friday after the sneaker and sports apparel company posted fiscal fourth-quarter earnings and sales that topped analysts' forecasts.

Nike said a renewed focus on direct-to-consumer sales, fostered by a revamped online strategy and a partnership with Inc. (AMZN) - Get Report , helped boost North American sales more than 2.7% in the three months ended in May. That helped lift overall sales by 12.8% to $9.79 billion and translated into a bottom line of $1.14 billion, or 69 cents a share, which topped analysts' forecasts by 5 cents.

The Eugene, Ore.-based company said it now sees fiscal 2019 revenue growth in the "high single digit range" and forecast margin expansion of at least 50 basis points.

Amazon is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells the stock? Learn more now.

Constellation Brands Inc. (STZ) - Get Report fell 5% after posting fiscal first-quarter adjusted earnings of $2.20 a share, below analysts' forecasts of $2.44. The wine and beer company said it expects fiscal 2019 earnings of $9.40 to $9.73 a share; analysts expect $9.73.

Constellation Brands is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells the stock? Learn more now.

KB Home (KBH) - Get Report  rose 7.2% after the homebuilder posted second-quarter earnings and sales that beat Wall Street forecasts. KB Home also delivered 2,717 units in the quarter, higher than forecasts of 2,588.

Novartis AG (NVS) - Get Report said Friday it would spin off its eyecare unit, Alcon, after putting it up for review in 2017. American depositary receipts of Novartis rose 3.5%.

TheStreet's Interview Spotlight

Republic Services (RSG) - Get Report CEO Donald Slager tells TheStreet's Executive Editor Brian Sozzi he is isn't looking to merge with larger rival Waste Management (WM) - Get Report . Watch more below. 

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