The Dow Jones Industrial Average closed at 26,719.13 on Friday with a loss of 34.04 points or -0.13%. The S&P 500 closed at 2,950.46 for a loss of 3.72 points or -0.13%. The Nasdaq Composite closed at 8,031.71 for a loss of 19.63 points or -0.24%. The VIX Volatility Index was higher at 15.37 for a gain of 0.62 points or 4.20%.
For the week, the Nasdaq gained 2.6%, the Dow Jones gained 2.5% and the S&P 500 gained 2.1%.
Year to date, the Nasdaq is up 21.0%, the S&P 500 is up 17.7% and the Dow Jones has a gain of 14.7%.
Friday’s market movers
Conflicts with Iran worried investors on Friday. Headlines reported that President Trump rescinded an attack on Iran after the country shot down a U.S. drone in the Persian Gulf region and was suspected of striking two oil tankers. Investors were also watching health care stocks with the president expected to issue an executive order next week requiring price disclosures. Tech stocks were also a detractor after the U.S. Commerce Department restricted business with five more Chinese tech companies.
Meanwhile, stock valuations continued adjusting for the stable federal funds rate and greater willingness from the Federal Reserve to cut rates if needed to keep the economic expansion going. Treasuries reported increased yields and the 10-year Treasury yield had its largest increase in the open market in three months. The 10-year Treasury yield closed at a yield of 2.063% with its price falling -25/32.
Economic reports affecting market trading included the following:
- The IHS Markit U.S. Composite PMI decreased to 50.6 in June from 50.9. Separately, the Markit U.S. Manufacturing PMI decreased to 50.1 from 50.5 and the Markit U.S. Services PMI decreased to 50.7 from 50.9.
- Existing home sales increased 2.5% in May to a seasonally adjusted annual rate of 5.34 million.
- The Baker Hughes North American oil rig count increased to 1,086 from 1,076.
In the Dow Jones Industrial Average, the following stocks led losses:
- Home Depot (HD, Financial) -0.84%
- Boeing (BA, Financial) -0.64%
- Walgreens Boots Alliance (WBA, Financial) -0.62%
Small-cap stocks
In small caps, the Russell 2000 closed at 1,549.63 for a loss of 13.87 points or -0.89%. The S&P 600 closed at 937.05 for a loss of 8.09 points or -0.86%. The Dow Jones Small-Cap Growth Total Stock Market Index closed at 9,930.72 for a loss of 85.85 points or -0.86%. The Dow Jones Small-Cap Value Total Stock Market Index closed at 9,474.06 for a loss of 58.33 points or -0.61%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,928.11 for a loss of 11.83 points or -0.61%; the S&P 100 at 1,304.36 for a loss of 0.69 points or -0.05%; the Russell 3000 at 1,733.45 for a loss of 3.94 points or -0.23%; the Russell 1000 at 1,632.90 for a loss of 2.91 points or -0.18%; the Wilshire 5000 at 30,227.04 for a loss of 69.82 points or -0.23%; and the Dow Jones U.S. Select Dividend Index at 710.93 for a gain of 2.11 points or 0.30%.
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