Stocks close higher, trim weekly lossesDow +477.37 at 25605.56, Nasdaq +96.08 at 9588.83, S&P +39.21 at 3041.18 [BRIEFING.COM] The S&P 500 gained 1.3% on Friday to reclaim some of yesterday's sharp decline, although it was up as much as 2.9% early in the session. The Dow Jones Industrial Average (+1.9%), Nasdaq Composite (+1.0%), and Russell 2000 (+2.3%) also bounced back but closed off session highs. While yesterday's decline was orderly in nature, today's session was characterized by an inclination to sell into strength. Every time the market attempted to rebound, sellers would regain control and take the market back down. At one point in the afternoon, the S&P 500 was down 0.6% before buyers gradually returned to buy the dip. The S&P 500 sectors were able to finish mostly higher, with cyclical sectors assuming the leadership. The financials (+3.0%), energy (+2.7%), and industrials (+2.0%) sectors rose at least 2.0%, but it was the real estate sector (+3.2%) that advanced the most. The utilities (-0.2%) and consumer staples (-0.2%) sectors closed lower. Adobe ($ADBE 406.54, +18.87, +4.9%) was an individual standout following its earnings report, while lululemon athletica ($LULU 296.36, -11.76, -3.8%) failed to generate much excitement with its results. Tesla ($TSLA 935.28, -37.56, -3.9%) was pressured by Goldman Sachs downgrading the stock to Neutral from Buy. Interestingly, shares of bankrupt Hertz ($HTZ 2.83, +0.77, +37.4%) were reawakened today with a 37% gain. The company reportedly asked a bankruptcy judge if it could sell $1 billion worth of common stock to capitalize on the trading frenzy that has buoyed its stock. U.S. Treasuries finished on a lower note, pushing yields higher across the curve. The 2-yr yield increased two basis points to 0.18%, and the 10-yr yield increased five basis points to 0.70%. The U.S. Dollar Index increased 0.4% to 97.11. WTI crude declined 0.5%, or $0.17, to $36.24/BBL. Reviewing Friday's economic data: The preliminary University of Michigan Index of Consumer Sentiment for June showed an improvement to 78.9 (Briefing.com consensus 75.8) from the final reading of 72.3 for May.The key takeaway from the report is that the uptick was driven by renewed gains in employment and an expectation for a decline in the unemployment rate; however, most consumers were not anticipating the reestablishment of favorable financial conditions anytime soon.Import prices increased 1.0% in May, and prices, excluding oil, increased 0.1%. Export prices increased 0.5% in May, and prices, excluding agriculture, increased 0.6%. Looking ahead, investors will receive the Empire State Manufacturing Survey for June and Net Long-Term TIC Flows for April on Monday. Nasdaq Composite +6.9% YTDS&P 500 -5.9% YTDDow Jones Industrial Average -10.3% YTDRussell 2000 -16.8% YTD Market Snapshot Dow25605.56+477.37(1.90%)Nasdaq9588.83+96.08(1.01%)SP 5003041.18+39.21(1.31%)10-yr Note -3/320.710NYSEAdv 2289 Dec 635 Vol 1.2 blnNasdaqAdv 2485 Dec 832 Vol 4.3 bln Industry Watch Strong: Energy, Industrials, Financials, Real EstateWeak: Consumer Staples, Utilities Moving the Market -- Stocks reclaim some losses from Thursday in volatile session-- There was an inclination to sell into strength-- Cyclical sectors outperformedStocks see mild bounceback after Thursday's sharp selloff Stocks looked set in pre-market trading for a big bounce after yesterday's steep selloff. The averages saw their highs at the open but the buy-the-dip enthusiasm faded as the market bled lower throughout the morning. By the early afternoon the averages all turned red, but from there enough buying resumed to see the indexes close in the green across the board, though well off their early levels. ECONOMIC EVENTS: In the U.S., import prices rose 1.0% in May, while export prices rose 0.5%. The preliminary June print for the University of Michigan consumer sentiment survey pointed to a jump of 6.6 points to 78.9 from a 72.3 reading in May. In COVID-19 news, the CDC's Deputy Director for Infectious Diseases, Jay Butler, told reporters during a press briefing that states may need to reinstate strict social distancing measures if U.S. coronavirus cases rise "dramatically," reported CNBC. TOP NEWS: Shares of Tesla ($TSLA) dropped 3.9% on Friday after the stock was downgraded to Underweight at Morgan Stanley, citing several factors including China risks and near-term demand pressure. The electric carmaker's stock was also downgraded at Goldman Sachs to Neutral just days after Tesla hit $1,000 per share for the first time. Shares of Adobe ($ADBE) gained 4.9% after the company's quarterly earnings report prompted a number of target hikes around Wall Street. Among those who raised their price targets, Jefferies analyst Brent Thill said Adobe software is proving critical for online content, paperless workflows, and digital customer experiences in the current work-from-home and shelter-in-place environment. Shares of Lululemon ($LULU) did not react as well to the company's earnings report, sliding 3.8% on Friday. MKM Partners analyst Roxanne Meyer was among those who kept her Buy rating on Lululemon after its Q1 results, saying she remains confident in its recovery and recommends investors buy shares on the pullback. President Donald Trump retweeted a comment from Richard Grenell that Microsoft "should now be barred from federal government contracts - there should be consequences for not selling technology to police departments." Yesterday, Microsoft ($MSFT) President Brad Smith confirmed at a Washington Post Live event that the company plans to await federal regulation before selling facial recognition technology to police. Microsoft's position is in line with similar decisions by Amazon ($AMZN) and IBM ($IBM). MAJOR MOVERS: Among the noteworthy gainers was Perspecta ($PRSP), which advanced 19.6% after activist investor Jana Partners disclosed a 5.9% ownership stake yesterday and said that it may have "discussions to maximize shareholder value." While Jana listed M&A on its list of ways to acheive its goal, William Blair analyst Louie DiPalma said he believes that an acquisition of Perspecta is unlikely over the next 12 months. However, if a deal were to take place, DiPalma believes that the most likely buyer would be SAIC ($SAIC), adding that CACI ($CACI) may also be interested. Also higher was Hertz ($HTZ), which jumped 40.8% after The Wall Street Journal's Becky Yerak reported that the company is looking to sell up to $1B in additional equity to capitalize on the rally in its stock price in spite of its bankruptcy proceedings. The car rental company is asking a bankruptcy judge to approve a deal with Jefferies to allow the potential sale of 246.8 million unissued shares, the report noted. Among the notable losers was PVH Corp. ($PVH), which slid 5.9% after its first quarter earnings report. Also lower was Oneok ($OKE), which fell 3.5% after pricing a 26M share secondary offering at $32 per share, below the last closing price of $35.33.Source: (Briefing.com)(theFly.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. 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