DJIA: 31,261.90, up 8.77
S&P 500: 3,901.36, up 0.57
Nasdaq: 11,354.62, down 33.88

S&P 500 unchanged after brief bear market

After being whipsawed in volatile trading, U.S. stocks finished little changed on Friday. The major averages were unable to sustain an early session rally that came after China’s central bank signaled support for the country’s beleaguered property market. Recessionary concerns loomed, with Wall Street increasingly worried that the Federal Reserve’s (Fed) efforts to fight inflation could stunt economic growth. The Dow added 8 points, trimming its weekly slide to 2.9%. Notably, the blue chip index suffered an eight-week losing streak for the first time since 1923. The S&P 500 closed essentially unchanged, briefly wading in bear market territory (defined as a 20% drawdown from a recent peak) during intraday trading. The Nasdaq Composite shed 0.3%. The benchmarks weathered five-day declines of 3.1% and 3.8%, respectively, each logging a seventh straight weekly drop, their worst runs since 2001.

In earnings, Ross Stores Inc. sank 22.6% after becoming the latest retailer to cut its forward guidance following a disappointing quarter. Meanwhile, apparel maker VF Corp. jumped 6% following a boost to its full-year outlook. Elsewhere, Deere & Co fell 14.2% on downbeat results.

Treasuries firmed amid the still cautious tone. The yield on the 10-year note slipped seven basis points (0.07%) to 2.78%, ending 0.16% lower on the week. In commodities, COMEX gold snapped a four-week losing streak as the U.S. dollar took a breather from this year’s rally. West Texas Intermediate crude erased a weekly decline to close at $113.23/barrel. In central bank news next week, attention will turn to the release of the Fed’s May meeting minutes for further clarity on monetary policy tightening plans.

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