GoPro rallies on second day of trading; Michaels shares to debut Friday
By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) — The U.S. stock market edged lower on Friday and was set to finish the week with modest losses.
The S&P 500 and Dow Jones Industrial Average retreated from their record levels reached last week as escalating violence in Iraq and concerns about slow economic growth in the U.S. weighed on investors.
The S&P 500 SPX -0.02% was off 3 points, or 0.2%, at 1,954.01, on track for a small weekly loss.
The Dow Jones Industrial Average DJIA -0.09% slipped 36 points, or 0.2%, to 16,809.98 and was set to end the week lower.
The Nasdaq Composite COMP +0.07% was 3 points, or 0.1%, lower at 4,375.52 and was set to finish the week roughly where it started.
In the sole economic release, consumer sentiment rose to a final June reading of 82.5 from a final May level of 81.9, according to Friday reports on a gauge from the University of Michigan and Thomson Reuters.
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Nike shares rise after results top estimates.
Nike Inc. NKE +1.85% : The maker of sporting apparel and gear reported stronger-than-expected earnings for the fiscal fourth quarter, as revenue grew across almost all its main markets. Shares rose 2.6%.
Finish Line Inc. FINL +3.50% : The sports company posted fiscal first-quarter results that topped forecasts. Shares jumped 3%.
GoPro Inc. GPRO +18.92% : The maker of digital sports cameras saw its shares jump more than 30% in its first day of trading, closing at $31.34. Shares were up 4.7%. Read: Is GoPro IPO the next Facebook — or Twitter? Vote in our poll
Dollar General Corp DG -6.68% : The discount store chains said that Chairman and Chief Executive Rick Dreiling plans to retire by next year. Shares fell 5.4%.
The Michaels Cos. MIK +0.00% : The arts and crafts retailer is set to begin trading on Friday and has priced its initial public offering at $17 a share. Also read: Mover and Shakers.
In other markets, Asian stocks closed mostly lower, while European benchmarks were mixed and headed for weekly losses. Both oil CLQ4 -0.12% and gold prices GCQ4 +0.24% ticked up, while the dollar DXY -0.13% moved lower.
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Anora Mahmudova is a MarketWatch markets reporter based in New York.
