The decline in the U.S. stock market on Friday was broad, but modest as tensions between the U.S. and China, as well as an upcoming press conference hosted by President Trump, dampened an otherwise strong week. The Dow and S&P 500 are on track to finish the week up 3.2% and 2%, respectively.
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10:49 am: NYSE decliners lead advancers 2-1
About two stocks traded lower for ever advancer on the New York Stock Exchange on Friday as investors looked ahead to a key news conference from President Donald Trump. Overall, 1,864 NYSE-listed stocks were down while about 900 advanced, FactSet data shows. —Imbert
10:25 am: Twitter flags Trump tweet for ‘glorifying violence’
Twitter flagged a tweet from President Donald Trump for violating the company’s guidelines about “glorifying violence.” The move comes after the social media giant fact-checked Trump earlier this week for a tweet about mail-in ballots and voter fraud. Trump then targeted social media companies with an executive order aimed at cracking down on “censorship” by social media companies. Twitter shares fell 2.6%. — Imbert
10 am: Consumer sentiment rises to 72.3 in May, but fails to meet forecasts
The University of Michigan said Friday that its consumer sentiment index rose to 72.3 in May from 71.8 in April. Though the print suggests that Americans felt slightly more optimistic this month than they did in April, the figure failed to meet what economists polled by Dow Jones had expected, a reading of 74. Americans remain historically conservative with their personal income given the ongoing Covid-19 concerns and government rules to contain its spread, but some may be feeling a bit more hopeful given that some states have begun to ease business-closure restrictions over the last few weeks. — Franck
9:57 am: Here are Friday’s biggest analyst calls of the day: Lululemon, Bloomin’ Brands, Slack & more
- Raymond James raised its price target on Lululemon to a Street high $335 from $250.
- Jefferies upgraded Bloomin’ Brands to buy from hold.
- Stephens raised its price target on Slack to $37 from $32.
- Baird initiated Waste Management as outperform.
- Credit Suisse initiated S&P Global and Moody’s as outperform.
- Argus downgraded VF Corp to hold from buy.
- Cowen downgraded Halliburton to market perform from outperform.
Pro Subscribers read more here: https://www.cnbc.com/2020/05/29/fridays-biggest-calls-lululemon-bloomin-brands-slack-more.html — Bloom
9:50 am: Energy and financials lag, tech and health care outperform amid U.S.-China angst
Stocks with outsized exposure to global markets underperformed the major indexes 20 minutes into Friday’s regular trading as tensions between the U.S. and China kept investors huddled in safer bets like tech and health care. Boeing and Caterpillar, which both derive a significant portion of their revenues overseas, had the most downward pressure on the Dow with declines of 2.1% and 1.6%, respectively. Microsoft and…
Go to the news source: Stocks dip, Trump China press conference looms, Dow up 2% on week