More than half of the market has reported earnings so far, a busy and severe season that saw dramatic price drops in reaction to anything but perfection.
The market shifted red mid day, but moved flatter before the close. The $S&P 500 Index (.SPX.US)$ climbed 1.859% for the week and 0.16% Friday, the $Dow Jones Industrial Average (.DJI.US)$ climbed 2.16% for the week and 0.32% Friday , and the $Nasdaq Composite Index (.IXIC.US)$ climbed 1.14% for the week and traded -0.03% Friday.
According to moomoo, 6700 equites were in the red compared to 6000 climbing. The Internet Content, Auto, and Oil sectors were down -0.51%, -1.99%, and -1.01%.
Friday, May Preliminary University of Michigan Consumer Sentiment 67.4 Vs. Expected 76.2, Prior 77.2. The sentiment segment of Michigan data reflects current feelings, while expectations of the future also came in lower than forecast a 66.5 compared to 75, and previous 76.
The data released showed consumers expect one year inflation to rise at 3.5%, and five year inflation to rise at 3.1%.
Federal Reserve Governor Michelle Bowman also spoke Friday in prepared remarks to the Texas Bankers Association. She said caution was going to be vital.
"When effectively implemented, monetary policy promotes price stability and maximum employment," Bowman said. "In the long run, achieving both of these objectives promotes the stability of the broader financial system.
Weekly Jobless Claims came in high at 231k Thursday morning, data from the U.S. Department of Labor showed. The sudden uptick of unemployed is the highest since August. Investors expected 212k.
Federal Reserve Bank of Boston President Susan Collins spoke at an MIT event Wednesday, where she signaled interest rates will likely need to be held at a two-decade high for longer than previously thought, Bloomberg reported. She said slower growth was necessary to ensure inflation was on a path to 2%, and would not say when the Fed would cut.
Tuesday, Fed's Kashkari said that one rate cut is still possible this year, which is a dramatic change from the CME FedWatch futures pricing just last month. He said that if inflation stays the same and labor stays strong, rates should stay the same, too.
The $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ was 4.87, the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ was 4.50.