Market stung by multiple thornsDow -730.05 at 25015.57, Nasdaq -259.78 at 9757.23, S&P -74.71 at 3008.92 [BRIEFING.COM] The S&P 500 dropped 2.4% on Friday in a risk-off session amid the continued rise in new coronavirus cases and industry-specific issues for the banks and social media companies. The Dow Jones Industrial Average (-2.8%), Nasdaq Composite (-2.6%), and Russell 2000 (-2.4%) also fell more than 2.0%. All 11 S&P 500 sectors closed in negative territory, with the financials (-4.3%) and communication services (-4.5%) sectors falling more than 4%. The utilities sector declined the least with a 1.0% decline. The U.S. hit another daily record for new coronavirus cases, prompting hotspots like Texas and Florida to scale back their reopening efforts. The reduced reopening activity threatens to undermine consumer sentiment and personal spending, the latter of which rebounded 8.2% m/m in May (Briefing.com consensus +7.0%). Unfortunately, the market was also burdened by other developments. Banks were pressured by the Fed's decision to require them to suspend share repurchases and cap dividend payments in the third quarter (out of an abundance of caution), while more companies suspended ad spending on Facebook ($FB 216.08, -19.60, -8.3%). Verizon ($VZ 53.16, -1.12, -2.1%), Unilever ($UN 54.51, -0.32, -0.6%), and Honda Motor ($HMC 25.33, -0.92, -3.5%) joined the growing list of companies that paused spending, which was a wake-up call for companies that derive revenue from advertising in how they handle misconduct within their platforms. Facebook shares fell 8%, but Alphabet ($GOOG 1359.90, -81.43, -5.7%) and Twitter ($TWTR 29.05, -2.32, -7.4%) also took it on the chin. In other developments, Nike ($NKE 93.67, -7.73, -7.6%) missed top and bottom-line estimates, Cisco ($CSCO 46.31, +1.09, +2.4%) was the lone Dow component to close higher amid news that the Trump administration is thinking about helping the company in 5G development, and the yearly rebalancing of the FTSE Russell indices happened at the close. Quarter-end rebalancing might have played a part in today's decline, too, as investors re-allocated money into bonds. The 2-yr yield was unchanged at 0.16%, while the 10-yr yield declined four basis points to 0.64%. The U.S. Dollar Index was little changed at 97.45. WTI crude declined 0.7%, or $0.26, to $38.49/BBL. Reviewing Friday's economic data: Personal income declined 4.2% m/m in May (Briefing.com consensus -6.0%) following a 10.8% increase in April while personal spending surged 8.2% (Briefing.com consensus 7.0%) after declining 12.6% in April. The PCE Price Index and core-PCE Price Index, which excludes food and energy, were both up 0.1% and slightly ahead of consensus estimates.The key takeaway from the report is that the personal savings rate, as a percentage of disposable income, remains exceptionally high at 23.2%. Granted that's down from 32.2% in April, but a high savings rate means less spending activity, which means less economic growth.The final University of Michigan Index of Consumer Sentiment for June slipped to 78.1 (Briefing.com consensus 78.8) from the preliminary reading of 78.9. The final reading for May was 72.3, so the sentiment level is still higher than the prior month.The key takeaway from the report is the contention that consumer attitudes and demand will be influenced by the progress -- or lack thereof -- against the coronavirus. Looking ahead, investors will receive the Pending Home Sales report for May on Monday. Nasdaq Composite +8.7% YTDS&P 500 -6.9% YTDDow Jones Industrial Average -12.3% YTDRussell 2000 -17.4% YTD Market Snapshot Dow25015.57-730.05(-2.84%)Nasdaq9757.23-259.78(-2.59%)SP 5003008.92-74.71(-2.42%)10-yr Note +4/320.649NYSEAdv 559 Dec 2319 Vol 3.2 blnNasdaqAdv 732 Dec 2600 Vol 6.8 bln Industry Watch Strong: UtilitiesWeak: Financials, Communication Services, Energy Moving the Market -- Market loses nearly 3%, stung by multiple thorns -- U.S. tallies another daily record in new coronavirus cases, Texas and Florida scale back reopening efforts-- Fed will require banks to suspend share repurchases and cap dividend payments in the third quarter to retain resiliency -- More companies suspend ad spending on Facebook (FB)Stocks ended the week on a down note following the announcements from Texas and Florida of new closures on bars and restaurants amid spikes in both cases of newly diagnosed COVID-19 cases. The weakness in the market was exacerbated by The Wall Street Journal's report that China is subtly warning the U.S. that it may risk the Phase One trade deal if the U.S. "meddles" in Hong Kong. "The U.S. side should refrain from going too far with meddling" and "red lines shouldn't be crossed," an unnamed official warned, according to the report. ECONOMIC EVENTS: In U.S. data, personal income declined 4.2% in May, with consumption bouncing 8.2%. The University of Michigan consumer sentiment index came in at 78.1 in the final June print, a little below the 78.9 preliminary reading. In energy news, Baker Hughes reported that the U.S. rig count is down 1 rig from last week to 265. In COVID-19 news, Arizona reported a 5.4% increase in virus cases since yesterday, while California reported a 2.5% increase and Florida reported a 7.8% increase. Texas Governor Greg Abbott issued an executive order limiting certain businesses and services as part of the state's efforts to contain the spread of the coronavirus. Meanwhile, the Florida Department of Business and Professional Regulation suspended on premises consumption of alcohol at bars statewide. In addition, Reuters reported that U.S. Vice President Mike Pence has called on Americans to engage in social distancing amid the spike in COVID-19 cases. TOP NEWS: Unilever ($UL), Verizon ($VZ), and Procter & Gamble ($PG) are among companies that have halted or are evaluating advertising their products in the U.S. on Facebook ($FB), with Verizon chief media officer John Nitti saying that the company is pausing its advertising until "Facebook can create an acceptable solution" on hate speech "that makes us comfortable and is consistent with what we've done with YouTube and other partners." Unilever is also halting advertisements on Twitter ($TWTR), saying that there is "much more to be done" on hate speech on social media platforms. In a town hall meeting on Friday afternoon, Facebook CEO Mark Zuckerberg said that the company will start labeling content that Facebook finds newsworthy that might otherwise violate policies, since they may have "public interest value," such as certain posts or comments by politicians. After the market close Thursday, the Federal Reserve Board released the results of its stress tests for 2020 and additional sensitivity analyses that the board conducted in light of the coronavirus event. The board noted that for Q3 of this year, it is requiring big banks to preserve capital by suspending share repurchases, capping dividend payments, and allowing dividends according to a formula based on recent income. The board is also requiring banks to re-evaluate their longer-term capital plans. Publicly traded large banks include Bank of America ($BAC), Citi ($C), Goldman Sachs ($GS), JPMorgan ($JPM), Morgan Stanley ($MS), U.S. Bancorp ($USB) and Wells Fargo ($WFC). Amazon ($AMZN) confirmed the acquisition of self-driving car developer Zoox. While terms of the transaction were not disclosed by either company, Joann Muller of Axios reported that Amazon is paying $1.2B for Zoox. On the earnings front, Nike ($NKE) shares fell 7.5% after the sneaker and apparel giant reported lower than expected Q4 results, with Nike Brand revenues for the quarter falling 38% year-over-year. Meanwhile, shares of Microsoft ($MSFT) closed 2% lower after announcing a strategic change in its retail operations, including closing physical Microsoft Store locations. The closing of the Microsoft Stores will result in a pre-tax charge of 5c per share to be recorded in the current quarter ending June 30, the company said. Grocery store owner Albertsons ($ACI) became the biggest IPO of the year with its public debut this morning. The stock opened at $15.50, below the pricing of $16 per share, and closed its first day of trading at $15.59. MAJOR MOVERS: Among the noteworthy gainers was Vaxart ($VXRT), which jumped 28.4% after the company's COVID-19 vaccine was selected for the U.S. government's Operation Warp Speed. Also higher was CoreLogic ($CLGX), which rose 28.4% after Cannae ($CNNE) and Senator announced a proposal to acquire CoreLogic for $65 per share. Cannae shares were 1.4% lower after the news. In addition, Gap ($GPS) shares surged 18.8% higher after the retailer announced a collaboration with rapper Kanye West to sell a new line of apparel for men, women and children known as Yeezy Gap. Among the notable losers was DBV Technologies ($DBVT), which slid 13.7% after initiating a a global restructuring plan, which is expected to include a significant reduction in workforce, and citing the possibility of a delay in timelines for the Viaskin Peanut BLA review. Also lower was Apogee Enterprises ($APOG), which fell 7.3% after reporting quarterly results.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). 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