Dow34207.84+123.69(0.36%)Nasdaq13471.02-64.75(-0.48%)SP 5004155.86-3.26(-0.08%)10-yr Note +1/321.618NYSEAdv 1920 Dec 1328 Vol 965.5 mlnNasdaqAdv 2355 Dec 1700 Vol 3.7 bln Industry Watch Strong: Financials, Industrials, Materials, Energy, UtilitiesWeak: Information Technology, Consumer Discretionary, Communication Services Moving the Market -- Growth stocks faded early gains amid another wave of selling in cryptocurrencies -- Value/cyclical stocks outperformed in positive territory -- Consolidation activity persisted Stocks close out volatile week with mixed day The major averages had a mixed session to close out what was a somewhat volatile week as the recent choppy sideways action extended for another week. A surge in worries about inflation and central bank policy have meant that the S&P 500 has been expending a lot of energy for minimal progress, with the index ending this week at near the same level where it closed last Friday and several Fridays in April. ECONOMIC EVENTS: In the U.S., Markit's manufacturing PMI was 61.5 in the flash reading for May. The May services index came in at 70.1 in the first look, while the composite component was 68.1 after increasing to 63.5 last month. Existing home sales undershot estimates with a 2.7% April drop to a 10-month low pace of 5.85M homes. In energy news, Baker Hughes reported that the U.S. rig count is up 2 from last week to 455 with oil rigs up 4 to 356. Meanwhile, The Wall Street Journal reported that the White House has offered a counterproposal to Senate Republicans on an infrastructure bill, cutting the overall price tag of President Biden's proposed package to $1.7T from the initial $2.3T figure. White House press secretary Jen Psaki said the new proposal shifts funding for R&D, supply chains, manufacturing, and small business to another measure that is being considered by Congress, according to the Journal. TOP NEWS: Shares of Deere (DE) were 1.3% higher after the company's Q2 sales and earnings beat and net income guidance raise. Deere "closed out the first half of the year on a highly encouraging note," reflecting a "healthy worldwide markets for farm and construction equipment," said chairman and CEO John May. In other earnings news, Palo Alto Networks' (PANW) April quarter results featured upside to revenue, billings, and EPS, according to Raymond James analyst Adam Tindle. Meanwhile, Jefferies analyst Brent Thill said Palo Alto management on last night's earnings call walked back the potential for a new equity structure, which he called "modestly disappointing." However, Thill believes the company showed "excellent execution" in fiscal Q3 and his sum-of-the-parts analysis "indicates plenty of upside remains," he added. Palo Alto shares gained 5.8% following last night's report and associated call. In M&A news, Kansas City Southern (KSU) announced that the company's board determined that the acquisition proposal KCS received from Canadian National Railway (CNI) continues to constitute a "Company Superior Proposal" under KCS's pending merger agreement with Canadian Pacific Railway (CP). Following this determination, KCS terminated the CP merger agreement and entered into a merger agreement with CN. In connection with the termination, KCS paid CP a breakup fee of $700M, which will be reimbursed by CN, the company noted. AT&T (T) shares rose over 1% after two Wall Street analysts issued more bullish views on the stock this morning. UBS analyst John Hodulik upgraded AT&T to Buy from Neutral with a price target of $35, arguing that the company's simplified structure post the media deal and improved visibility create an attractive risk/reward profile following the recent selloff. Meanwhile, New Street analyst Jonathan Chaplin also upgraded AT&T to Buy with a "tactical" six-month target price target of $35. In COVID-19 news, GlaxoSmithKline (GSK) and Vir Biotechnology (VIR) announced that the European Medicines Agency's Committee for Human Medicinal Products issued a positive scientific opinion on the use of sotrovimab for the treatment of adults and adolescents with COVID-19 who do not require oxygen supplementation and who are at risk of progressing to severe COVID-19. Meanwhile, Coca-Cola (KO) was in focus after a European Commission spokesperson told Reuters that the EU has sent out questionnaires as part of a "preliminary investigation" into Coca-Cola. "The preliminary investigation is ongoing. We cannot comment on or predict its timing or outcome," the spokesperson said. Additionally, Bloomberg reported that Wejo, a U.K. automotive-data startup backed by General Motors (GM), is in discussions to go public via a merger with special purpose acquisition company Virtuoso Acquisition (VOSO). The SPAC is looking to raise new equity to support a deal with a combined enterprise value of over $1B, though terms could change and it's possible the talks could fall through, according to Bloomberg. MAJOR MOVERS: Among the noteworthy gainers was Annovis (ANVS), which skyrocketed 127% higher after its Alzheimer's drug showed 30% cognitive improvement in a double-blind, placebo-controlled study. Also higher was Yalla (YALA), which rose 6.4% after it announced an up to $150M share repurchase program. In addition, Foot Locker (FL) shares gained 2% after the company reported quarterly results. Among the notable losers was Onconova Therapeutics (ONTX), which declined 15.7% after announcing initial dosing of the first patient in its Phase 1 trial of ON 123300. Also lower was VF Corp. (VFC), which fell 9% after reporting quarterly results.Reviewing Friday's economic data: Existing home sales decreased 2.7% m/m in April to a seasonally adjusted annual rate of 5.85 million (Briefing.com consensus 6.09 million) from an unrevised 6.01 million in March. Total sales in April were up 33.9% from a year ago when they were severely depressed in the early stages of the pandemic. In the January-April period, they were up 20.0% year-over-year.The key takeaway from the report is that the supply of existing homes for sale remains near all-time low levels. That is driving up the pace of price increases well beyond the pace of income gains, which is going to create affordability pressures for prospective buyers, particularly first-time buyers.The preliminary IHS Markit Manufacturing for May increased to 61.5 from 60.5 in April. The preliminary IHS Markit Services PMI for May increased to 70.1 from 64.7 in April. Looking ahead, investors will not receive any notable economic data on Monday. Russell 2000 +12.2% YTDDow Jones Industrial Average +11.8% YTDS&P 500 +10.6% YTDNasdaq Composite +4.5% YTDDisclosure: 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). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page. .