U.S. stock indices, with a late day rally, reversed losses and ended Friday in positive territory. Seven of the ten major sectors ended in the positive with Information Technology and Utilities leading the gains. Materials and Healthcare topped declines.
Internationally, the widespread concern about Iraq and Ukraine and subdued economic data left European shares facing their first week of losses since early April. Ongoing violence in Iraq continues to be a concern for investors, as prolonged tension in the region could cause a continued uncertainty in crude oil prices and might weigh on consumer spending. Crude and Natural gas are down. Gold is fractionally higher.
U.S. consumer sentiment rose in June as consumers remained optimistic the sluggish first quarter was due to difficult winter conditions, a survey released on Friday showed. The Thomson Reuters/University of Michigan's final June reading on the overall index on consumer sentiment came in at 82.5, up from 81.9 the month before.
Market Indices/Statistics:
· Dow was up 5.71 pts. / +0.03% to 16,851.84; 20 of the 30 Dow stocks closed higher
· S&P closed up 3.74 pts. / +0.19% to 1,960.96; 7 of the 10 S&P 500 sectors closed higher
· Nasdaq closed up 18.88 pts. / +0.43% to 4,397.93
· Information Technology was the strongest sector (+0.59%) Materials were the weakest (-0.38%)
· The VIX is down 0.43 to 11.20
· Gold is up 0.5 at 1317.6
· Oil is down 0.10 to 105.74
· Nat Gas is down 0.009 to 4.411
· Yen vs. Dollar is down 0.28 to 101.45
· Euro vs. Dollar is up 0.0037 to 1.3648
· The U.S. Dollar Index (DXY) is down 0.18 at 80.03
Top Headlines:
Encana Corp. (NYSE: ECA), Canada’s largest natural gas producer, agreed to sell its Bighorn assets in Alberta to Apollo Global Management LLC (NYSE: APO) for about $1.8 billion as the company continues its shift into oil production. Encana has been selling gas fields and buying oil fields to boost profit by producing the more valuable fuel. According to Bloomberg, the Company has sold or agreed to sell $4.1 billion of assets this year. Earlier this month, Encana paid $3.1 billion for Freeport-McMoran Copper & Gold Inc.’s (NYSE: FCX) assets in the Eagle Ford Basin in Texas, doubling its crude output.
Nike Inc.(NYSE: NKE) reported fourth-quarter earnings that beat expectations on strong sales in North America and Europe, while DuPont (NYSE: DD) cut its full-year operating profit outlook, citing weakness in its agriculture and performance chemicals divisions. Nike shares rose 1.07% to $77.68 while Du Pont lost 3.34% to $65.44.
In other company news, Relational Investors LLC disclosed an 8.52 percent stake in Manitowoc Co Inc. (NYSE: MTW) and said it would separate it into two companies, pressing Manitowoc to hire advisers to oversee a spinoff of its food business. Shares of Manitowoc jumped 10.84% to $32.93.
The week ahead: Jun 30th– July 3rd (Markets are closed on July 4th)
The economic calendar will remain in focus for the week with pending home sales for May due out Monday. Weekly jobless claims and unemployment rate both due out on Thursday at 8:30am. The corporate calendar is fairly quiet, but not without some notable earnings reports from the likes of Acuity Brands and Constellation Brands.
Coming Monday
U.S. Economic Reports:
Chicago PMI (Jun) at 9:45am ET – consensus 62.0, prior 65.5
Pending Home Sales (May) at 10:00am ET – prior .04%
Earnings Monday:
Park Electrochemical Corp. (PKE); Investors Real Estate Trust (IRET); Castle Brands Inc. (ROX)
Here at the NYSE- Opening and Closing Bells
Opening Bell:
On Monday, June 30th, the New York City Rescue Mission will ring the NYSE Opening Bell to help raise awareness for New York City homeless.
Closing Bell:
On Monday, June 30th, executives and guests of Arizona-based Republic Services, Inc. (NYSE: RSG) will visit the New York Stock Exchange. To mark the occasion Senior Vice President of Finance, Edward Lang III, will ring the Closing Bell.
Please remember to check in with us every morning for the NYSE Morning Update! NYSE Morning Update
Thanks and have a great evening!
