U.S. stocks ended May on a down note as the major market averages fell 0.55% to 0.65% on Friday. Financial and industrial names led the way lower on the session. The price of crude oil gained more than 4%.
Bristol-Myers (BMY) was the big loser of the session, falling 6%. The company had disappointing clinical results for a key cancer drug. United Rentals (URI) also added 6% to recent losses, as the company was downgraded at Bank of America/Merrill Lynch to Underperform. Meanwhile, Humana (HUM) gained more than 20% on word that management is exploring a sale of the company.
Looking ahead to next week, consumer names continue to dominate a light reporting calendar. Brown-Forman (BF.B), Dollar General (DG), Guess (GES) and Michaels (MIK) are among the names scheduled to announce results.
It will be busy on the economic front next week. We'll get a look at factory orders and vehicle sales on Tuesday, followed by the Fed's Beige Book report on Wednesday. It all leads up to the May jobs report on Friday; economists are expecting the addition of 225,000 non-farm payrolls and the unemployment rate to remain at 5.4%.
In between hockey playoff Game 7's, the French Open and a Triple Crown attempt at Belmont Park this weekend, market watchers will also be keeping an ear out for any financial news from Greece, as the country is facing a key debt payment on June 5.
David Peltier is the portfolio manager for Stocks Under $10 and Dividend Stock Advisor. Test drive with a free trial.
At the time of publication, Peltier had no positions in the stocks mentioned.