Friday Market Wrap: Major Averages Close Week Mixed

The U.S. stock market closed out another quiet Summer trading week with losses for the Dow and S&P and a small gain for the Nasdaq. All three major averages were higher in early trade, but a mid-day sell-off sent stocks into the red, with only the tech-heavy Nasdaq managing to regain positive territory by the close.

All major sectors were negative on the day with the exception of healthcare and technology, which posted modest gains. The biggest loser on the session was utilities which fell more than 1.60 percent. Market gyrations were seen in stocks, currencies, commodities, and bonds around mid-day as traders responded to a speech made by Fed Chair Janet Yellen. In her comments, she said that the case for a rate hike has increased in recent months.

Stock gainers included Autodesk, Inc. ADSK, which jumped more than 8 percent on a strong earnings report, and Globalstar, Inc. GSAT, which added almost 10 percent after positive analysts comments. Poor performers on the session included Brocade Communications Systems, Inc. BRCD which lost 12 percent in the wake of a disappointing earnings report, and GameStop Corp. (NYSE: GME), which lost 11 percent after earnings.

Major Averages

The Dow Jones Industrial Average fell 53 points, or 0.29 percent, to 18,395.

The S&P 500 fell around 3 points, or 0.16 percent, to 2,169.

The Nasdaq climbed 7 points, or 0.13 percent, to end the week at 5,219.

GDP - Second Estimate

The second estimate for Q2 GDP came in at 2.3 percent growth, slightly above the 2.2 percent consensus and the prior quarter's reading which was also positive 2.2 percent.

Michigan Consumer Sentiment - Final

The final University of Michigan Consumer Sentiment Index for August came in at 89.8, which compared to consensus estimates of 90.6 and a previous reading of 90.4.

Commodities

The commodity complex was slightly lower on Friday with the Bloomberg Commodity Index losing 0.08 percent.

NYMEX crude oil futures fell 0.02 percent to $47.32 while Brent contracts added 0.06 percent to $49.70. Natural gas futures climbed 0.35 percent on the session and finished the week at $2.86.

Precious metals were mixed on Friday. COMEX gold futures were basically unchanged at $1,324.50. The SPDR Gold Trust ETF GLD lost 0.14 percent to $126.05. Silver futures climbed 0.74 percent to $18.63 on the session. The iShares Silver Trust ETF SLV traded up 0.51 percent to $17.72.

In the grains complex, corn and wheat were both significantly lower on the day. Corn futures closed out the week with loss of 2.11 percent to $3.2500 per bushel while wheat futures shed 3.83 percent to $4.0750.

Bonds

Treasury prices were lower on Friday. At the close of equities, the iShares Barclays 20+ Year Treasury Bond ETF TLT had lost 0.58 percent to $138.36.

Treasury yields were as follows on Friday afternoon: The yield on the 2-Year Note was 0.84 percent. The 5-Year Note was yielding 1.23 percent. The 10-Year Note was last yielding 1.63 percent while the 30-Year Bond yield was 2.29 percent.

Currencies

The U.S. Dollar was strongly higher on Friday. The PowerShares DB US Dollar Index Bullish ETF UUP, which tracks the performance of the greenback versus a basket of foreign currencies, added 0.73 percent to $24.68. The closely watched EUR/USD pair fell 0.78 percent to 1.1197 euros.

Volatility and Volume

The CBOE Volatility Index (VIX) was slightly higher on the day, but continues to sit near 52-week low levels as market volatility and economic worries remain muted. The VIX added 0.15 percent to close the week at 13.65.

Volume was heavier than normal for the first time in recent memory as the markets reacted to comments made by Fed Chair Janet Yellen on U.S. interest rate policy. Around 115 million shares of the SPDR S&P 500 ETF SPY traded hands versus a 3-month daily average of 88.5 million shares. Trading in the PowerShares QQQ Trust QQQ, which tracks the Nasdaq 100, was also above average with around 23 million shares trading hands compared to a 3-month daily average of under 22 million.

Posted In: NewsSector ETFsBondsBroad U.S. Equity ETFsSpecialty ETFsFuturesCommoditiesCurrency ETFsPoliticsForexTreasuriesGlobalEcon #sAfter-Hours CenterMarketsETFsGeneral
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