The Nikkei 225 (INDEXNIKKEI:NI225) closed down 1.4% as inflation data was slightly disappointing. Excluding the impact of a sales tax increase, Japan's May consumer price index rose 1.4%, below the 1.5% expected.
The Bank of Japan is attempting to spark inflation to improve the Japanese economy, and since Japanese stocks have risen sharply since April, the bar was high.
We had one US economic data point. The final reading for the June University of Michigan Consumer Sentiment Survey was 82.5, barely edging out the 82.0 consensus.
Stateside, the standout Index was the Russell 2000 (INDEXRUSSELL:RUT), which rose 0.7%.
However, the action in the Russell was influenced by a rebalancing at the Friday close. Researchers from Credit Suisse expect about $42 billion worth of equities will be traded as a result, compounded by traders looking to game possible outcomes.
By comparison, the S&P rose just 0.2%, with notable weakness in the materials, energy, and healthcare sectors.
Housing stocks did fairly well on an earnings beat by homebuilder KB Home (NYSE:KBH), which was up 4.5%.
Sports camera maker GoPro (NASDAQ:GPRO) had another huge day. After rising 31% on Thursday's IPO, it was up another 14.1% on Friday to close out the week at $35.76.
Athletic footwear maker Nike (NYSE:NKE) rallied 1.1% after reporting better-than-expected fourth-quarter revenue and earnings. Worldwide future orders also impressed and surpassed analysts' expectations.
Chemical maker Dupont (NYSE:DD) had a rough day, dropping 3.3% to $65.44 after cutting second-quarter and full-year earnings guidance due to weakness in its agricultural and performance chemical segments.
Tomorrow's Financial Outlook
A few key international economic numbers will be reported on Sunday and early Monday, namely German retail sales for May, the June Euro-Zone CPI, followed by Canada's GDP report.
In the US, we'll receive the June Chicago PMI at 9:45 a.m. ET Monday, followed by May Pending Home Sales at 10:00 a.m. There are no major companies reporting earnings.
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