Stocks alternated between gains and losses during a volatile trading session that saw the Dow whipsaw from a gain of 371 points to a loss of 320 points.
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Stocks jumped around up until the close on Friday, and the Dow registered a loss of 208 points, or 0.8%. The S&P 500 dipped 0.6% while the Nasdaq stretched higher to gain less than 0.1%. —Pound
The Dow and S&P 500 trimmed their losses in the final hour of trading, while the Nasdaq has now gained 0.1% for the day. The Dow is roughly 80 points, or 0.3%, below the flatline, while the S&P 500 is even closer to turning positive. —Pound
The coronavirus pandemic has "exposed a range of troubling inequalities, most of them of long standing," Fed Chairman Jerome Powell said Friday. Powell spoke on the Juneteenth holiday that celebrates the end of slavery in the U.S. As he has several times in the past, the central bank chief noted that the recession that began in February has been particularly difficult on those at the lower end of the economic spectrum. "A particular cruelty of the pandemic has been its disproportionate effects on many areas that were already suffering," he said. Powell spoke at the "Building a Resilient Workforce" forum presented by the Cleveland Fed. –Cox
All three major indexes were trading in negative territory as the final hour of trading for the week began. The Dow was down 155 points, or about 0.6%, while the S&P 500 and Nasdaq were down 0.3% and 0.1%, respectively. Small caps were down as well, with the Russell 2000 falling 0.6%. Stocks were still pointing to gains for the week. —Pound
As the country's economy begins to reopen, Arizona and Florida are among the states that have seen a record rise in Covid-19 cases. The Arizona Department of Health Services reported 3,246 new positive cases on Friday, which topped Thursday's single-day high of 2,519. Florida health officials added 3,822 new cases Friday morning, exceeding the state's previous single-day high of 3,207 cases, also reported on Thursday. –Kim, Feuer, Higgins-Dunn
The Cruise Lines International Association announced Friday that its members would voluntarily suspend voyages from U.S. ports until mid-September. The trade group includes Royal Caribbean, Carnival Corp. and Norwegian Cruise Line. Shares of those three companies extended their sell-offs on the news and are all now down more than 6%. Norwegian announced earlier this week that it was suspending most of its U.S. based cruises in September. —Pound
Bank stress tests are being changed this year to reflect potential recovery scenarios from the coronavirus-induced recession. Federal Reserve Vice Chairman Randal Quarles said Friday that the tests will pose three economic scenarios and examine how banks would fare under each. They entail a V-shaped sharp rebound, a slower U-shaped recovery and a "double-bottom" W-shaped trajectory in which a spike in Covid-19 cases would bring about another economic downturn. Financial shares added to losses following the announcement, with the KBE S&P Bank ETF off more than 2% in afternoon trading. —Cox
Traders should expect even more volatility throughout Friday's session as the S&P 500's first rebalancing of 2020 draws closer. The rebalancing normally happens once every quarter, but the market swoon earlier in the year forced S&P Dow Jones Indices to postpone the first-quarter rerating. Index rebalancing has often been associated with higher market volatility as index and exchange-traded funds tracking the S&P 500 have to adjust. Volatility could also be heightened Friday by quadruple witching — which refers to the expiration of single-stock futures, stock-index options, stock futures and single-stock options. —Imbert
Stocks that would benefit most from a quick reopening of the economy fell into negative territory following news that Apple was closing some of its retail stores in coronavirus hot spots. Brick-and-mortar retailers Gap and Kohl's both fell more than 2% below Thursday's close, while Macy's was down more than 4%. Airline stocks moved lower as well. The S&P 500 was down 0.5%, while the Dow dropped 173 points, or 0.7%. —Pound
Shares of Apple turned negative after the consumer tech giant said it will close some of its retail locations in Florida and Arizona, which have seen a sharp increase in coronavirus cases in recent weeks. —Pound
About nine stocks traded higher at the New York Stock Exchange for every five decliners as Wall Street wrapped up another solid week of gains. FactSet data shows that 1,716 NYSE-listed stocks advanced while 1,041 declined. —Imbert
New York University professor Aswath Damodaran said on "Squawk Alley" that the impact of day traders on free brokerage platforms like Robinhood cannot explain the recent moves higher for the stock market."I think it's vastly overstated. Collectively, the amount of money these Robinhood investors are investing cannot make the market change. I think it's an easy excuse for the so-called pros," Damodaran said. —Pound
Around midday, the Dow Jones Industrial Average traded more than 100 points higher, or 0.4%. The S&P 500 and Nasdaq were up 0.4% and 0.6%, respectively. All three of the major averages were on pace for their fourth weekly advances in five weeks. However, volatility could pick up throughout the session as traders brace for a major index rebalancing scheduled for after the close. —Imbert
The plant-based burger industry is heating up, but Jefferies believes that Beyond Meat will continue to be a winner in the space. "Beyond Meat remains the clear leader with ~78% [market] share within the refrigerated plant-based burger category," the firm wrote in a note clients Friday. Jefferies has a buy rating on the stock.
The alternative meat company announced earlier this week the roll-out of its Cookout Classic 10-pack limited edition burger to be sold in the frozen aisle at Walmart and Target. The stock has gained more than 12% this week, and shares have more than doubled this year. - Bloom
"If the Fed is backstopping everything, then it's very difficult for a stock to get crushed. Should Carnival really be alive after what happened in Yokohama? Well, I don't know," Cramer said, referencing a cruise ship that was quarantined in waters off of Japan early in the coronavirus pandemic. — Pound
A number of stocks rose to new all-time highs during Friday's trading session. – Hayes
Bloomberg News reported American Airlines is in talks to sell $2 billion in junk-rated debt as the airline navigates the challenging post-coronavirus environment. The airline — which is down more than 40% year to date — is talking to investors about a 5-year structured note that would yield 11%, the report said, citing people familiar with the matter. American Airlines shares rose more than 1% on Friday. —Imbert
As it begins to reopen its cornerstone casino business, Nevada remains the state with the highest unemployment rate. The state's jobless level held at 25.3% in May, down from 30.1% in April but still leading the nation, the Bureau of Labor Statistics reported Friday. Other states at the top included Hawaii, at 22.6%, and Michigan, with 21.2%. The lowest rate came from Nebraska at 5.2%. Biggest job gains came from Texas (237,000), Pennsylvania (198,300) and Florida (182,900), even though the state set a new record with a 14.5% unemployment rate. Nonfarm payrolls expanded by 2.5 million for the month and the unemployment rate was 13.3%, though Labor Department officials said it would have been about 3 points higher if employed workers absent from their jobs had been counted as unemployed. – Cox
Shares of Ford rose 3.5% in early trading after the company announced that it would return to its "normal operating pattern in the U.S." next week. The return to pre-pandemic shift schedules is two weeks ahead of schedule. The company is continuing to ramp-up operations in Mexico. — Pound, Wayland
Stocks rallied out of the gate on Friday as the major averages looked to end the week on a high note. The Dow rose 325 points for a gain of 1.25%. The S&P 500 was up 1.17%, while the Nasdaq Composite advanced 1%. Tech stocks have led markets higher this week, and the major averages are on track to post their fourth week of gains in five. - Stevens
Apple has a new biggest fan on Wall Street who thinks its stock is worth 15% more than where it closed Thursday afternoon. Jefferies analyst Kyle McNealy sees the iPhone maker's equity rallying from around $351 a share to $405 a share over the next 12 months. McNealy's optimism stems from his expectations for Apple's 5G phone rollout this fall. The Jefferies target is the most optimistic of the major banks on Wall Street, eclipsing others like Citigroup, which earlier this week raised its target on Apple to $400.
Oil moved higher on Friday, boosted by pledges from OPEC+ nations to stick to the group's record supply cut, which is equivalent to about 10% of pre-coronavirus worldwide demand. "It's clear, there is enthusiasm in the market that oil supply is still under control," said Paola Rodriguez Masiu, senior oil market analyst at Rystad Energy. "The compliance level has already been higher than most of the market participants expected and it seems that a better level is achievable," she added. West Texas Intermediate, the U.S. oil benchmark, gained $1.25, or 3.22%, to trade at $40.09 per barrel. The contract is on track for its seventh week of gains in the last eight weeks. International benchmark Brent crude traded 2.5% higher at $42.55 per barrel. – Stevens
Shares of Spotify ticked nearly 3% higher in premarket trading on Friday after Rosenblatt Securities assigned the streaming company's stock a $275 per share price target, the highest on Wall Street. The firm's prior target was $190 per share. Rosenblatt said Spotify's "big name" exclusive podcasts like "The Ringer," "The Joe Rogan Experience," and Kim Kardashian West's "The Innocence Project" are emerging as a new monetizing channel for existing media company content libraries, which likely widens the slate of quality podcasts. "We not only see attractive monetization potential from these exclusives, we envision future leverage to premium subscription pricing and label negotiations," Rosenblatt internet and media analyst Mark Zgutowicz said in a note to clients on Friday. Rosenblatt has a buy rating on Spotify. Rosenblatt's price target implies a nearly 20% jump from Spotify's current price of $232.50. – Fitzgerald
Goldman Sachs raised its target on gold in a note titled "gold rally to continue on debasement fears and weaker dollar." The firm upped its 3-month target on the precious metal to $1,800 per ounce from $1,600, its 6-month target to $1,900 from $1,650 and its 12-month target to $2,000 from $1,800. "Gold investment demand tends to grow into the early stage of the economic recovery, driven by continued debasement concerns and lower real rates," the firm's strategists led by Mikhail Sprogis wrote in a note to clients Friday. Gold gained 0.7% on Friday to trade at $1,743 per ounce. - Stevens
China plans to increase purchases of U.S. agriculture products to comply with the phase one trade deal the two countries reached in January, Bloomberg News reported, citing two people familiar with the matter. The Chinese government is set to meet the trade agreement with increased buying of soybeans, corn and ethanol after the coronavirus pandemic disrupted the planned purchases, Bloomberg News said. The market cheered the news as tensions between the two nations had risen recently due to the handling of the virus. President Donald Trump had also threatened to walk away from the trade deal, saying Thursday that "a complete decoupling from China" remained an option. –Li
Shares of companies whose success hinges on the reopening of the economy — airlines, cruiselines and retailers — ticked higher on Friday before the opening bell. Shares of Delta Air Lines rose 1.8% and American Airlines jumped 2.5% in premarket trading. United Airlines and Southwest rose 2.3% and 1.3%, respectively. Cruise operators also rose with Carnival up 1.8% in premarket trading. Norwegian Cruise Line and Royal Caribbean rose 3% and 2.3%, respectively. Retailers also got a boost on Friday. Macy's rose 2.3% and Nordstrom jumped 2.6%. Gap was up 1.5% in the premarket and Kohl's ticked 2.5% higher. – Fitzgerald
Penn National Gaming said in a press release Friday that 30 of its 41 gaming and racing properties have resumed normal operations, representing more than 70% of the company's regional gaming portfolio. The racetrack and casino operator said the latest openings will occur Friday at its four Ohio properties and in Pennsylvania at the Hollywood Casino at Penn National Race Course. Shares gained 3.4% in premarket trading. — Franck
U.S. stock index futures pointed to gains across the board at the opening bell on Friday. The Dow Jones Industrial Average was set to jump 183 points for a gain of 0.7%. The S&P 500 was poised to rally 0.6%, with the Nasdaq Composite up 0.6%. The major averages are on track to finish the week higher for their fourth weekly gain in the last five weeks. States continuing to reopen their economies have boosted stocks, although risks, namely a rising number of Covid-19 cases in states that have begun to ease restrictions, remain in the market. - Stevens
CNBC's Yun Li, Michael Bloom, Jesse Pound, Jeffrey Cox, Fred Imbert, Chris Hayes and Michael Wayland contributed reporting.
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