Stocks end week on high note on press event reliefDow -17.53 at 25383.11, Nasdaq +120.88 at 9489.89, S&P +14.58 at 3044.18 [BRIEFING.COM] The S&P 500 increased 0.5% on Friday, wrapping up a positive week, and month, on a high note following President Trump's press conference on China. The Nasdaq Composite gained 1.3%, while the Dow Jones Industrial Average (-0.1%) and Russell 2000 (-0.5%) closed slightly lower. The market drifted mostly lower all session amid the uncertainty tied to the president's press conference. The event, which started 50 minutes late, lasted only a few minutes, and involved no questions, mattered more in what was not said rather than what was said. President Trump didn't mention additional tariffs or a withdrawal from the Phase One trade deal. Instead, he said what was speculated beforehand: the U.S. will eliminate special treatment for Hong Kong, will study practices of Chinese companies on U.S. exchanges, and will terminate its relationship with the World Health Organization. The reaction was described as a sigh of relief. The S&P 500 declined as much as 1.0% as the speech began but rallied into positive territory shortly after it ended. The information technology sector (+1.2%) did the heavy lifting on the back of its mega-cap components and semiconductor stocks. The Philadelphia Semiconductor Index rose 2.7%. The financials (-1.2%), industrials (-0.6%), and real estate (-0.8%) sectors underperformed. Economic data showed personal income climb 10.5% in April (Briefing.com consensus -6.5%) thanks to the stimulus payments authorized by Congress, but personal spending dropped 13.6% (Briefing.com consensus -15.0%). Strikingly, the personal savings rate surged to a record 33.0%. What is done with those savings will be key to the economic recovery trajectory. Fed Chair Powell, meanwhile, reiterated the central bank will do whatever it takes for as long as necessary to support a recovery. Mr. Powell added that the Fed was not close to hitting the limits of its balance sheet. Separately, some earnings standouts from today included VMware ($VMW 156.27, +13.83, +9.7%), Dell ($DELL 49.64, +4.06, +8.9%), Marvell ($MRVL 32.62, +2.65, +8.8%), Williams-Sonoma ($WSM 83.21, +10.18, +13.9%), and ZScaler ($ZS 98.09, +22.29, +29.4%). U.S. Treasuries saw increased buying interest today, pushing yields lower across the curve. The 2-yr yield declined two basis points to 0.15%, and the 10-yr yield declined six basis points to 0.65%. The U.S. Dollar Index declined 0.1% to 98.31. WTI crude rose 4.9%, or $1.65, to $35.33/BBL. Reviewing Friday's economic data: Personal income in April surged 10.5% (Briefing.com consensus -6.5%) with a huge assist from the receipt of economic recovery payments authorized by Congress. Personal spending, however, plummeted 13.6% (Briefing.com consensus -15.0%) with real PCE declining 13.2%. The PCE Price Index fell 0.5% (Briefing.com consensus -0.6%) while the core PCE Price Index, which excludes food and energy, dropped 0.4% (Briefing.com consensus -0.3%). That left the yr/yr changes at 0.5% and 1.0%, respectively, versus 1.3% and 1.7% for March.The key takeaway we think is that the personal savings rate, as a percentage of disposable income, skyrocketed to 33.0%! That's a lot of pent-up spending potential. Then again, it might also reflect an increased propensity to save money in preparation for a long recovery and extended period of high unemployment. What is done with those savings will be key to the recovery trajectory.The University of Michigan's Index of Consumer Sentiment slipped to 72.3 with the final reading for May (Briefing.com consensus 73.7) versus the the preliminary reading of 73.7. The final reading for April was 71.8.The key takeaway from the report is that attitudes about current conditions improved from April while sentiment surrounding the outlook continued to deteriorate, with income growth concerns weighing. The latter is apt to be a headwind for a pickup in consumer spending.The Chicago PMI for May declined to 32.3 (Briefing.com consensus 41.0) from 35.4 in April.The advance goods trade deficit totaled $69.7 bln in April after a $64.98 deficit in March. Advance retail inventories declined 1.1% in April after decreasing 1.0% in March. Advance wholesale inventories increased 0.4% in April after decreasing 0.8% in March. Looking ahead, investors will receive the ISM Manufacturing Index for May and Construction Spending for April on Monday. Nasdaq Composite +5.8% YTDS&P 500 -5.8% YTDDow Jones Industrial Average -11.1% YTDRussell 2000 -16.5% YTD Market Snapshot Dow25383.11-17.53(-0.07%)Nasdaq9489.89+120.88(1.29%)SP 5003044.18+14.58(0.48%)10-yr Note +4/320.651NYSEAdv 1412 Dec 1444 Vol 2.4 blnNasdaqAdv 1672 Dec 1581 Vol 4.6 bln Industry Watch Strong: Information Technology, Consumer DiscretionaryWeak: Financials, Industrials, Energy Moving the Market -- Stocks volatile after President Trump's short press conference on China-- Personal income boosted by stimulus checks in April; savings rate surges to record 33.0%-- Fed Chair Powell reiterates Fed's stance to use tools to do whatever it takes for as long as necessaryStocks come off lows, finish mixed following Trump press conference on China Stocks were mostly weaker near midday after a rapid pullback on Wall Street seen late yesterday driven by news President Trump would hold a press conference today, during which he was expected to discuss the U.S. reaction to China's bid to strengthen its hold over Hong Kong. His press conference in the afternoon included some strong language, but did not make any indication that the U.S. would withdraw from its trade pact with China or impose financial sanctions, which came as a bit of a relief to the market. The averages came off their lows after the event, where President Trump did not take any questions, either about his escalating feud with Twitter or the protests and rioting that have occurred in Minnesota. ECONOMIC EVENTS: In U.S. data, the advance goods trade deficit widened to $69.7B in April from a revised estimate of $65.0B for March. The University of Michigan consumer sentiment index slipped to 72.3 in the final May estimate from 73.7 in the preliminary May report. However, it's still a little better than the 8-year low of 71.8 from April. The personal income report sharply beat estimates, with a 10.5% April surge for income that reflected a much bigger boost from the CARES Act than analysts projected alongside a 13.6% drop in consumption that was a smaller decline than assumed. The Chicago PMI dropped further in May, sliding 3.1 points to 32.3. In energy news, Baker Hughes reported that the U.S. rig count is down 17 rigs from last week to 301 with oil rigs down 15 to 222. Meanwhile, President Donald Trump said during an afternoon press conference that the U.S. will begin terminating its relationship with the World Health Organization, with the president alleging that the WHO is "completely controlled" by China. The president added that the nation will suspend entry to the U.S. of certain foreign nationals from China and that working groups will study the practices of U.S.-listed Chinese companies. Trump ended the conference without taking any questions. In New York, Governor Andrew Cuomo reported 67 coronavirus deaths in the state yesterday versus 74 deaths the previous day. The governor added that New York City is expected to begin reopening on June 8, as he said he believed the city would meet health benchmarks by then. TOP NEWS: Social media companies, led by Twitter ($TWTR), have been a target for President Donald Trump after he signed an executive order on Thursday that seeks to limit the broad legal protection that federal law currently provides to online platforms. Trump signed an executive order that seeks to modify a law protecting social media companies after Twitter tagged Trump's tweets for fact checking. After the president issued the executive order, Twitter went after another one of Trump's tweets, saying that a recent tweet of his violated the company's glorification of violence policy. Following the move, the president tweeted that Twitter was "doing nothing about all of the lies & propaganda being put out by China or the Radical Left Democrat Party," alleging that the company has "targeted Republicans, Conservatives & the President of the United States. Section 230 should be revoked by Congress. Until then, it will be regulated!" Shares of Salesforce ($CRM) fell 3.5% following the company's Q1 results. Morgan Stanley analyst Keith Weiss said Salesforce's positive tone on April and May pipeline builds and improving long-term secular positioning "stood in sharp contrast" to the company's weak FY21 guidance. Occidental Petroleum ($OXY) shares also fell 5.1% after the company reduced its quarterly dividend by about 90%, to 1c per share from 11c per share. Meanwhile, The Wall Street Journal reported that Tencent ($TCEHY) is in talks to acquire a stake in Warner Music Group worth $200M as part of the record company's initial public offering. Additionally, shares of Costco ($COST) were fractionally lower after the company reported sales and earnings last night that missed consensus forecasts. MAJOR MOVERS: Among the noteworthy gainers was Adaptimmune ($ADAP), which jumped 128% to $11.07 after the company presented updated clinical trial data at the American Society for Clinical Oncology annual meeting. Also higher were Glu Mobile ($GLUU) and Williams-Sonoma ($WSM), which gained a respective 15% and 13.8% after reporting quarterly results or guidance. Among the notable losers was Arvinas ($ARVN), which fell 25.8% after it reported updated dose escalation data from its trial of ARV-110. Also lower were Canopy Growth ($CGC) and Nordstrom ($JWN), which dropped 20% and 11%, respectively, after reporting quarterly results. In addition, Minerva ($NERV) shares declined 72.5% after it said that its Phase 3 trial of roluperidone did not meet its primary endpoint.Source: (Briefing.com)(theFly.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page. . Want to trade some of these stocks?Are you interested in trading stocks to supplement your income or make a living? Maybe become a professional trader? 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