Stocks close higher despite headline negativityDow +60.08 at 23685.42, Nasdaq +70.84 at 9014.58, S&P +11.20 at 2863.57 [BRIEFING.COM] The S&P 500 (+0.4%), Dow Jones Industrial Average (+0.3%), and Nasdaq Composite (+0.8%) ended Friday's session modestly higher, recovering from early declines that followed more weak economic data and increased U.S.-China tensions. The Russell 2000 outperformed with a 1.6% gain after a rough week for the small-cap index. The communication services (+1.3%), consumer discretionary (+1.1%), and materials (+1.0%) sectors led today's gains, helping the S&P 500 rebound from an early 1.3% decline. The utilities (-1.4%) and financials (-0.7%) sectors were Friday's laggards. Early in the day, economic data showed total retail sales decline a record 16.4% m/m in April (Briefing.com consensus -11.9%) and industrial production decline 11.2% m/m in April (Briefing.com consensus -12.1%). The market wasn't visibly upset by the data, though, likely due to the prevailing view that it can't get any worse. Instead, there was a negative reaction to news that the Trump administration moved to block semiconductor shipments to China's Huawei Technologies. With relations already strained because of the coronavirus outbreak, the move renewed worries about potential Chinese retaliation against U.S. companies. Investors bought buy the dip, though, except in the semiconductor space given the headline negativity. The Philadelphia Semiconductor Index declined 2.2%, which included an earnings-related decline in Applied Materials ($AMAT 52.04, -2.39, -4.4%). Outside the semiconductor space, oil prices capped a strong week with another solid performance. WTI crude futures rose 7.1%, or $1.94, to $29.38/BBL today, extending its weekly advance to 18.8%. DraftKings ($DKNG 29.23, +3.92, +15.5%) was an individual standout after the sports betting company topped EPS estimates and provided positive commentary regarding its outlook. U.S. Treasuries ended the week with modest losses. The 2-yr yield increased one basis point to 0.15%, and the 10-yr yield increased two basis points to 0.64%. The U.S. Dollar Index declined 0.1% to 100.38. Reviewing Friday's economic data: Total retail sales declined a record 16.4% m/m in April (Briefing.com consensus -11.9%) while retail sales, excluding autos, declined 17.2% m/m (Briefing.com consensus -8.2%).The key takeaway from the report is that the broad-based weakness is a representation of the adverse spending shock that resulted from shutdown measures, announced pay cuts, and the massive jump in unemployment.Industrial production declined 11.2% m/m in April (Briefing.com consensus -12.1%), which was the largest monthly drop in the 101-year history of the index. The capacity utilization rate fell from 73.2% to 64.9% (Briefing.com consensus 64.0%), which is 14.9 percentage points below its long-run average and a record-low in a series that dates back to 1967.The key takeaway from the report is that it is a reflection of how industrial production cratered amid shutdown orders designed to contain the spread of COVID-19. On a yr/yr basis, industrial production was down 15.0%.The University of Michigan's Index of Consumer Sentiment rose to 73.7 in the preliminary reading for May (Briefing.com consensus 67.4) from 71.8 in April.The key takeaway from the report is that attitudes about current conditions improved while sentiment surrounding the outlook continued to deteriorate, pinched by concerns about financial prospects that were most notable among upper income households. That is apt to be a headwind for a pickup in consumer spending.The Empire State Manufacturing Survey for May checked in at -48.5 (Briefing.com consensus -58.0) following the prior month's reading of -78.2.March job openings decreased to 6.191 mln from a revised 7.004 mln in February (from 6.882 mln).Business inventories decreased 0.2% in March, while the February reading was revised down to -0.5% from -0.4%. Looking ahead, investors will receive the NAHB Housing Market Index for May on Monday. Nasdaq Composite +0.5% YTDS&P 500 -11.4% YTDDow Jones Industrial Average -17.0% YTDRussell 2000 -24.7% YTD Market Snapshot Dow23685.42+60.08(0.25%)Nasdaq9014.58+70.84(0.79%)SP 5002863.57+11.20(0.39%)10-yr Note -25/320.650NYSEAdv 1625 Dec 1217 Vol 1.4 blnNasdaqAdv 1985 Dec 1235 Vol 4.2 bln Industry Watch Strong: Consumer Staples, EnergyWeak: Utilities, Information Technology, Real Estate Moving the Market -- Stocks recoup early losses to lift major indices into positive territory-- Increased tensions with China, more weak economic data-- Relative weakness in the semiconductor spaceECONOMIC EVENTS: In U.S. data, retail sales plummeted another 16.4% in April, and dropped 17.2% excluding autos. The Empire State manufacturing index improved 29.7 points to -48.5 in May following a drop to an historic low of -78.2 in April. Industrial production dropped 11.2% in April, which was not quite as bad as forecast but still the steepest decline on record. Business inventories fell 0.2% in March, as forecast. Consumer sentiment inched up 1.9 points to 73.7 in the preliminary report from the University of Michigan survey, which was a little better than expected. TOP NEWS: Shares of Applied Materials ($AMAT) were rising following last night's fiscal Q2 report from the company until the U.S. announced plans "to protect U.S. national security" by restricting Huawei's ability to use U.S. technology and software to design and manufacture its semiconductors abroad. That news, which also sent shares of Applied's chipmaking equipment supplier peers KLA-Tencor ($KLAC) and Lam Research ($LRCX) lower, was a drag on Taiwan's TSMC ($TSM) too. The major producer of chips for Huawei's HiSilicon unit announced separately that it intends to build and operate an advanced semiconductor fab in the United States with the mutual understanding and commitment to support from the U.S. federal government and the State of Arizona. Shares of Sorrento Therapeutics ($SRNE) have more than doubled after the company claimed to have discovered an antibody that could shield the human body from the coronavirus and flush it out of a person's system within four days. The company announced that its anti-SARS-CoV-2 antibody, STI-1499, demonstrated 100% inhibition of SARS-CoV-2 virus infection in an in vitro virus infection experiment at a very low antibody concentration. In an interview with Fox News, Dr. Henry Ji, CEO of Sorrento Therapeutics, reportedly said: "We want to emphasize there is a cure. There is a solution that works 100 percent." Meanwhile, the FDA is alerting the public to early data that suggest potential inaccurate results from using the Abbott ($ABT) ID NOW point-of-care test to diagnose COVID-19. In response, the company said it is "seeing studies being conducted to understand the role of ID NOW in ways that it was not designed to be used. In particular, the NYU study results are not consistent with other studies." Abbott intends to change the directions for using its ID Now COVID-19 test for a second time, Christopher Weaver of The Wall Street Journal noted following the FDA alert. Facebook ($FB) announced that visual expression company GIPHY is joining its Instagram team. "GIPHY makes everyday conversations more entertaining, and so we plan to further integrate their GIF library into Instagram and our other apps so that people can find just the right way to express themselves," Facebook stated. While the company did not announce terms of the deal, Axios reported that it has learned "from multiple sources" that the total deal value is around $400M and that Giphy is expected to retain its own branding. MAJOR MOVERS: Among the noteworthy gainers was Office Depot ($ODP), which announced a restructuring plan that would involve 13,100 job cuts by 2023. Also higher were Aurora Cannabis ($ACB) and Dillard's ($DDS), which gained a respective 68% and 8% after reporting quarterly results. Among the notable losers was Canada Goose ($GOOS), which slid 8% in New York trading after BofA analyst Robert Ohmes downgraded the stock to Underperform from Neutral, saying he anticipates significant annual declines in North America and Europe revenues amid restrained international tourism that should persist "at least through year end." Also lower was Co-Diagnostics ($CODX), which fell 22% after reporting quarterly results and saying that its COVID-19 test demonstrated "excellent performance."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. 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