- Oil Next Week: What Traders Will Be Watching
- Hedge Fund Billionaire Paulson Reports New Citi Stake
- Cramer: 5 Earnings Reports to Watch Next Week
- Court Rejects 'Clawbacks' for Alleged Stanford Victims
- Tax Credit Sparking First-Time Home Sales: Realtors
- Investors Cut Back US Stocks for Bigger Growth Abroad
- Cities With the Most Home Price Reductions
- White House Plans to Freeze Spending to Cut Deficit
- This Year's Biggest Thanksgiving Leftover: Cash
- Oil Next Week: What Traders Will Be Watching
- Dollar is Not Plunging—So 'Calm Down': Market Strategist
- Strategists Say Markets Have More Upside — But How Much?
- Hirschhorn: Risk-Averse Traders
- Roginsky: A Funny Thing Happened on the Way to Financial Reform
- This Year's Biggest Thanksgiving Leftover: Cash
- TV Series Inks Unique Deal For Fight
- First Time Buyers Rescue Housing: Realtors
- Dollar General Trades Higher After Its IPO
- Fed Reform? Not So Fast.
MOST SHARED
- Driving Health Care Innovation
- Downturn is Prime Time for Airport Infrastructure Projects
- Seeking Innovation in Health Care
- Cramer: 5 Earnings Reports to Watch Next Week
- Hedge Fund Billionaire Paulson Reports New Citi Stake
- Next Week’s Top IPO
- Has Twitter's Finest Hours (Seconds) Come and Gone?
- Microsoft's Bill Gates Praises Apple's Steve Jobs For 'Saving the Company'
- Gold Rises, Nears Record High as Dollar Drops
- Web Extra: Where Will The Next Bull Come From?
Text Size 
Stocks opened lower Friday as crude oil dropped below $71 a barrel and banks dragged after Bank of America lowered its outlook for the sector.
Export prices rose 0.6 percent in May, while import prices jumped 1.4 percent, mostly due to a surge in gasoline prices.
Still to come: the Reuters/University of Michigan Surveys of Consumer sentiment is due for release at 9:55 am New York time. Economists in a Reuters survey expect a reading of 69.5 compared with 68.7 in the final May report.
Crude oil fell more than $1 a barrel, trading below $71 a barrel, after topping $73 in the prior session.
Banks were a drag after Bank of America/Merrill Lynch slashed its second-quarter earnings estimates Goldman Sachs [GS
Loading...
()
], Morgan Stanley [MS
Loading...
()
] and JPMorgan Chase [JPM
Loading...
()
].
In other news out of the sector, big financials like JPMorgan, Morgan Stanley and American Express [AXP
Loading...
()
] will start repaying government bailout funds next Wednesday, the Wall Street Journal reported, citing people familiar with the matter.
And BlackRock [BLK
Loading...
()
] became the world's biggest asset manager after Barclays confirmed Friday it would sell its BGI investment arm to the company for $13.5 billion.
AIG [AIG
Loading...
()
] late Thursday said it promised to use any funds won at its high-profile trial, with a company controlled by former CEO Maurice Greenberg, to repay U.S. taxpayers.
Pharmaceutical stocks could get a boost Friday after the World Health Organization declared the first flu pandemic in 41 years but stressed that swine flu (the H1N1 virus) has shown no signs of turning more lethal.
Media stocks could move higher as the U.S. television industry switches to digital TV.
In bonds, after a successful 30-year U.S. bond auction on Thursday, Federal Reserve officials are unlikely to considerably increase purchases of U.S. Treasurys and mortgage-backed securities when they meet in late June, the Wall Street Journal reported on its Web site.
Group of Eight (G8) finance ministers will meet in Italy over the weekend.
Better-than-expected Chinese factory output in May and an upwards revision for Japan's industrial output in April gave Asian stocks a boost, while European stocks drifted on Friday.
National Economic Council Director Larry Summers speaks at 11:15 am at the Council on Foreign Relation's annual conference for national members. In Washington, auto industry executives head to the Hill for a House Energy hearing on dealership closures and industry restructuring.
Print
Email
- Warren Buffett and Bill Gates spoke to Columbia students, and Buffett made the students a startling offer.
- For the chief of cable company Comcast, growth has been about making deals – generally very large deals.
- Some companies may start using insurance to shift carbon risk from their balance sheets to maybe... yours?
- The president and founder of Genesis Today wants to improve America’s health, and thinks Wal-Mart can help.
- Switzerland's privacy watchdog is taking legal action to force Google to make changes to its Street View service.
- A wealthy, distracted Texas driver crashed his million-dollar Bugatti Veyron sports car into a salt marsh, say police.
Data is a real-time snapshot *Data is delayed at least 15 minutes