News at a Glance
Markets Closed: July 4th holiday shutters U.S. exchanges.
UBS Warns: Second-quarter loss is a possibility.
Credit Suisse Knocked: Analyst lowers price, earnings estimates.
Asia Ends Mixed: Nikkei slips again; Hang Seng advances.
The Lowdown
U.S. markets are closed Friday for the July 4th holiday, but after the way the third quarter has begun, traders may not be itching for the next opening bell.
On Wednesday, the Dow Jones Industrial Average fell to its lowest point of the year. A modest Thursday rally lifted the blue-chip index to 11289. The broader indexes have also taken a bit hit. The Nasdaq now stands at 2245, and the S&P 500 is at 1263.
High energy prices and persistent concern about inflation and the economic slowdown have left equities depressed and facing continued downward pressure. A weak housing sector and a declining labor market have helped create a bearish atmosphere and reduced the odds of a near-term recovery.
Next week, traders will wrestle with the latest reading of the Pending Home Sales Index and the preliminary July reading of the Index of Consumer Sentiment.
The major Asian indexes ended Friday mixed. In Japan, the Nikkei fell for the 12th straight session, dropping 0.21%. In Hong Kong, the Hang Seng picked up 0.85%.
Corporate News
UBS (UBS) warned investors that it may post a second-quarter loss, but traders, expecting the worst, welcomed the prospect of a quarter in the black. The firm said its results, which are scheduled to be released August 12, "are likely to be at or slightly below break-even." However, a third capital campaign for this year is unlikely, The Wall Street Journal reported.
Credit Suisse (CS) had its price target and estimated annual earnings reduced by Citigroup (C), Bloomberg reported. Credit Suisse is scheduled to report results on July 24.
MORE ON STOCKS FROM SMARTMONEY.COM
The Economy
There are no major economic reports scheduled to be released today.
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The New York Times on the silver lining: The economic downturn has helped spur steep discounts at retail chains. STORY
Forbes on investing: Here are a few tips for adjusting your portfolio in an inflationary environment. STORY
Slate on motorcycles: A bike may help ease the burden on high gasoline prices, but make sure to pick the right one. STORY
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Bloomberg on oil: Eugen Weinberg, an analyst at Commerzbank, says crude could reach $170 a barrel before retreating. VIDEO
CNBC on currencies: Thio Chin Loo, senior currency strategist at BNP Paribas, says the Federal Reserve and the European Central Bank will leave their benchmark rates unchanged for a bit. VIDEO
Macy's 4th of July Fireworks Spectacular: New York's annual fireworks display will feature performances by Natasha Bedingfield, Gavin DeGraw and the New York Pops. NBC, 9 p.m.
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