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Apple Weakness Prevents NASDAQ 5000


Today's financial recap and tomorrow's financial outlook.

Mixed economic data stopped the S&P 500 from heading back to highs today.

The second estimate of fourth-quarter GDP came in at 2.2%, below the 2.6% first reading. However, it was better than the 2.0% consenus forecast.

Personal consumption grew 4.2%, slightly less than the 4.3% expected by Wall Street.

The February ISM Milwaukee declined to 50.23, below the 54.0 consensus, representing a small deceleration from last month's 51.6 reading. The February Chicago Purchasing Manager Index also disappointed at 45.8 vs. the 58.0 consensus.

Stocks traded roughly flat all day before heading south in the final 90 minutes of trading, with notable weakness in high-beta sectors like biotechnology and cybersecurity.

Market leader Apple (AAPL) remained volatile, partially reversing yesterday's gains with a 1.5% dip to $128.48.

Retailer JC Penney (JCP) fell X.X% on its disappointing fourth-quarter earnings and 2015 guidance.

Over in energy, the Baker Hughes US Rig Count was 1,267, a 3.3% week-over-week decline. Crude oil initially sank on the news, but powered back up to resume its rally. Energy stocks were still fairly weak though, and the Energy Select Sector SPDR ETF (XLE) fell 0.4%.

The S&P 500 finished at 2104.50, down 0.3%, while tech sector weakness pushed the NASDAQ down 0.5%.

In early morning trade, the NASDAQ reached as high as 4989.25, nearly hitting the widely-watched 5000 level, but Apple's poor trading put that idea to rest.

The 10-year US Treasury yield fell 1.4 bps as bond caught a bid as equities sank., while European sovereign yields rose fractionally following Thursday's steep deceline.

Monday's Financial Outlook

Monday will be another busy day on the data front, starting with Personal Income and Spending and the PCE Deflator at  8:30 a.m. ET. At 9:45 a.m., Markit PMI will be reported, followed by Construction Spending and ISM at 10:00 a.m.,

On the global front, Euro-Zone CPI and Unemployment will be reported, along with Italian GDP and the UK's Markit PMI.

There are no major companies reporting earnings.

Sentiment readings like AAII and II surveys have given fairly bullish readings yesterdays, and with the market heading into another data-heavy week, including NFP on Friday, traders may finally be ready for a rest.

Twitter: @Minyanville

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No positions in stocks mentioned.

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