S&P 500 Cons Disc Futures Market News and Commentary
What you need to know…
The S&P 500 Index ($SPX) (SPY) on Friday closed up +1.06%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +1.05%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.71%.
Stocks on Friday recovered from early losses and closed moderately higher. A decline in T-note yields sparked a rally in technology and homebuilding stocks Friday after the 10-year T-note yield sank to a 5-week low of 2.787%. Pre-weekend short-covering ahead of the 3-day holiday weekend also boosted stocks Friday.
U.S. stock indexes Friday morning initially moved lower on economic concerns after U.S. data showed manufacturing activity in June expanded at its weakest pace in 2-years and May construction spending unexpectedly declined for the first time in 8 months. Also, semiconductor stocks retreated Friday after Micron Technology issued a weak forecast for the current quarter due to lower demand for phones and computers.
Data from EPFR Global show outflo... Read more