Technologys ector ends in the red
U.S. stocks ended Friday's choppy session mostly lower, extending their losing streak to a third straight day. Fraught negotiations between Greece and its lenders kept investors anxious, while major indexes clocked in weekly losses.
The S&P 500 closed less than a point lower at 2,101.50 and recorded a 0.4% loss over the week. The Dow Jones Industrial Average added 57.12 points, or 0.3%, to 17,947.48, but also clocked in a weekly loss, falling 0.4% over the week. The Nasdaq Composite ended the day down 31.68 points, or 0.6% at 5,110 and declined 0.7% over the week.
Six of ten sectors registered gains, but daylong weakness in the technology sector was main story and the primary reason for Nasdaq's underperformance. Specifically, it was the high-beta chipmaker industry group that suffered from widespread losses after Micron reported disappointing results and issued uninspiring guidance.
Greece has been given a Monday deadline to reach an economic-reform agreement with its creditors ahead of key repayment due next week, but media reports said that the country's international creditors are planning to extend its bailout program by five months.
Economic data at Wall Street was limited to the final reading of the Michigan Sentiment Index for June, which was revised up to 96.1 from a preliminary reading of 94.6 while the consensus expected no change. The June reading was up from 90.7 in May, representing the highest level for the index since hitting 98.1 in January.
Bullion prices ended in a kixed mode on Friday, 27 June 2015 at Comex. Gold futures settled higher on Friday to end a five-session streak of losses as growing concerns that Greece's debt woes will drag on, even if an agreement on bailout funding is reached next week, helped buoy the metal's investment appeal.
August gold added $1.40, or 0.1%, to settle at $1,173.20 an ounce on Comex. That was the first session gain since June 18, based on the most-active contracts. Prices still suffered their first weekly loss in three weeks, down roughly 2.4% from last Friday's settlement.
September silver ended down 7.3 cents, or 0.5%, at $15.768 an ounce, for about a 2.3% weekly decline.
Crude oil futures marked a third straight session loss on Friday, 27 June 2015 with traders concerned that a potential deal with Iran could add to a global glut of crude supplies.
August crude fell 7 cents, or 0.1%, to settle at $59.63 a barrel on the New York Mercantile Exchange. The August contract fell 0.6% for the week, but compared with the July contract, which was the front-month contract last Friday, prices saw a weekly gain of 2 cents.
Participation was well above average as rebalancing of the Russell indices led to increased churn. As a result, nearly two billion shares changed hands at the NYSE floor.
Monday's data will be limited to the 10:00 ET release of the Pending Home Sales report for May.
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