In U.S. economic reports, a reading import prices for May rose, up 1%, by the most in more than year, marking the largest gain since February 2019, the Labor Department reported. Meanwhile, the University of Michigan’s consumer sentiment index showed an increase to a reading of 78.9 from 72.3 in May.
Meanwhile, a report on economic growth in the U.K. showed that gross domestic product contracted by a record 20.4% in April, highlighting weakness in Europe and one of the region’s hardest hit by the epidemic.
Which stocks were in focus?
American Airlines Group Inc. shares /zigman2/quotes/209207041/composite AAL +2.37% are in focus Friday after the company announced a series of business updates in a filing with the Securities and Exchange Commission as its demand trends and cash-burn trajectory improve. Shares surged 16.4%.
Other airline stocks were also sharply higher, including Delta Air Lines Inc . /zigman2/quotes/200327741/composite DAL +2.63% , up nearly 12%, and United Airlines Holdings Inc. /zigman2/quotes/205037281/composite UAL +3.17% soaring 19%.
Bankrupt auto rental company Hertz Global Holdings wants to sell as much as $1 billion in stock to take advantage of its recent rally, but expects think the stock could get wiped out. Its shares were up 37% Friday.
Azek Co. /zigman2/quotes/218913553/composite AZEK +2.87% surged 18%after the maker of sustainable building materials priced its public offering late Thursday.
Caterpillar Inc. /zigman2/quotes/203434128/composite CAT +1.65% was downgraded to market perform from outperform at BMO Capital Markets on concerns about the impact of tight budgets on the industrial machinery company’s comeback. Its shares closed up 1.3%.
Shares of Calvin Klein parent company PVH Corp. /zigman2/quotes/208313660/composite PVH +2.50% were the biggest loser in S&P 500 Friday, down nearly 6% after reporting earnings on Thursday.
Adobe Inc. /zigman2/quotes/200389143/composite ADBE +1.06% shares came close to topping a previous all-time closing high as work-from-home arrangements boosted subscription revenue.
How did other assets fare?
Oil prices closed lower, despite early gains on Friday. West Texas Intermediate fell 8 cents, or 0.2%, to settle at $36.26 a barrel on the New York Mercantile Exchange, ending the week lower, for the first time in seven weeks.
The greenback traded up 0.5% and finished 0.2% up on the week against its major rivals, as gauged by the ICE U.S. Dollar index /zigman2/quotes/210598269/delayed DXY -0.79% .
In precious metals, August gold on Comex finished lower, shedding $2.50, or 0.1%, to end at $1,737.30 an ounce, after jumping 1.1% on Thursday. Bullion still booked a weekly gain of 3.2% based on last Friday’s settlement of the most-active contract.
In global equities, the Stoxx Europe 600 index /zigman2/quotes/210599654/delayed XX:SXXP +0.89% closed at 354.06, up 0.3% after ending Thursday down 4.1%, while the FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX +0.76% closed at 6,105.18, up 0.5% following its 4% Thursday plunge.
In Asia, Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK +0.09% fell 0.8%, the China CSI 300 /zigman2/quotes/210598128/delayed XX:000300 -1.29% finished 0.2% higher and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.09% closed off 0.7% lower. South Korea’s Kospi index /zigman2/quotes/210598069/delayed KR:180721 +0.58% fell 2% after a 0.9% decline in the previous session.
Can You Beat the Market?
MarketWatch and Barron’s invite you to join a monthly stock-picking contest. We’ll highlight the best performers in The Barron’s Daily newsletter. Join the contest now and register for the free newsletter.