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From Briefing.com: Weekly Recap - Week ending 01-Aug-14The stock market finished a down week on a cautious note with small caps leading the retreat. The Russell 2000 lost 0.5%, widening its weekly decline to 2.6%, while the S&P 500 shed 0.3%. The benchmark index ended the week lower by 2.7%.

This morning, the market was provided a basis to rebound with the July employment report, which was just right for the policy doves (209K versus Briefing.com consensus 220K). It showed payroll growth that was weaker than expected, average hourly earnings that were flat, and an uptick in the U6 unemployment rate (accounts for underemployed and unemployed workers) to 12.2% from 12.1%.

All of those factors speak in favor of the Federal Reserve not being in a rush to raise the fed funds rate, but the market did not rally on those cues. Instead, the S&P 500 made a brief morning appearance in the green before sliding into negative territory, where it spent the afternoon. The benchmark average was able to climb off its low into the close, but could not return into positive territory.

Three sectors registered gains, while the remaining seven finished lower. In general, countercyclical groups had a decent showing with consumer staples (+0.8%) and utilities (+0.4%) posting gains, while the telecom services sector (-0.9%) ended among the laggards. The largest countercyclical group-health care-settled flat.

Notably, the staples sector finished in the lead thanks to a boost from Procter & Gamble (PG 79.65, +2.33). The Dow component rallied 3.0% after reporting a bottom-line beat on revenue that was a bit below estimates.

Elsewhere, the health care sector received support from large components like Aetna (AET 78.73, +1.20), McKesson (MCK 195.43, +3.57), and WellPoint (WLP 111.00, +1.19). The three gained between 1.1% and 1.9%, while biotechnology lagged. The iShares Nasdaq Biotechnology ETF (IBB 250.28, -0.55) shed 0.2%.

For its part, the utilities sector staged a rebound after losing 6.9% last month.

On the cyclical side, the materials sector (+0.1%) was the lone advancer thanks to relative strength among miners. The Market Vectors Gold Miners ETF (GDX 26.20, +0.29) added 1.1%, while gold futures climbed 0.9% to $1294.60/ozt.

Meanwhile, the daylong weakness among influential sectors like energy (-0.7%), financials (-0.9%), and technology (-0.4%) prevented the market from turning positive. In the financial sector, JPMorgan Chase (JPM 56.48, -1.19) was the worst performer among the majors, falling 2.1%.

Lastly, the tech sector was pressured by top-weighted components like Google (GOOGL 573.60, -5.95), IBM (IBM 189.15, -2.52), and Microsoft (MSFT 42.86, -0.30). Chipmakers, however, held up relatively well. The PHLX Semiconductor Index added 0.4%.

Treasuries rallied through the first half of the session before holding near their highs during the afternoon. The 10-yr note advanced 17 ticks, sending its yield lower by six basis points to 2.50%.

Participation was above average for the second day in a row with nearly 780 million shares changing hands at the NYSE.

Economic data was plentiful with Nonfarm Payrolls, Personal Income/Spending data, Core PCE Prices, the final reading of the Michigan Sentiment survey, ISM Index, and the Construction Spending report:

Nonfarm payrolls added 209,000 jobs in July after adding an upwardly revised 298,000 (from 288,000) in June, while the Briefing.com consensus expected 220,000 new jobs in July
Private payrolls fared worse, adding only 198,000 jobs in July following a 270,000 increase in June
The consensus expected 225,000 new private jobs in July
Even more disappointing, hourly wages were flat after increasing 0.2% in June and the average workweek remained at 34.5 hours
The unemployment rate ticked up to 6.2% from 6.1%
Personal income increased 0.4% in June after rising by the same amount in May, which matched the Briefing.com consensus
Personal spending also matched estimates with a 0.4% increase in June, up from an upwardly revised 0.3% (from 0.2%) gain in May
The University of Michigan Consumer Sentiment Index increased to 81.8 in the final July reading from 81.3 in the preliminary reading, while the Briefing.com consensus expected an increase to 82.0
The Current Conditions Index was revised up to 97.4 from 97.1
The Expectations Index rose to 71.8 in the final reading from 71.1
The ISM Manufacturing Index increased to 57.1 in July from 55.3 in June, representing the strongest reading since April 2011
The Briefing.com consensus expected the index to increase to 55.9
Construction spending fell 1.8% in June after increasing an upwardly revised 0.8% (from 0.1%) in May, while the Briefing.com consensus expected an increase of 0.3%
Private construction fell 1.0% after increasing 0.4% in May
Residential construction declined 0.3% in June

There is no economic data scheduled to be released on Monday.

S&P 500 +4.2% YTD
Nasdaq Composite +4.2% YTD
Dow Jones Industrial Average -0.5% YTD
Russell 2000 -4.1% YTD

Week in Review: Stocks Cap July With Broad Slide

The stock market began the last week of July on a quiet note with the S&P 500 ending less than a point above its flat line. Like the benchmark index, the Dow Jones Industrial Average (+0.1%) also posted a slim gain, while the Russell 2000 (-0.5%) and Nasdaq Composite (-0.1%) lagged throughout the session. The major averages were awakened from their weekend slumber with an opening retreat that pressured the S&P 500 below its 20-day moving average (1975). Even though the index dipped early, only two sectors-consumer staples (-0.5%) and industrials (-0.5%)-displayed noteworthy weakness that persisted into the close.

On Tuesday, equities ended on a lower note after generally upbeat earnings took the back seat to geopolitical concerns. The S&P 500 (-0.5%) and Nasdaq Composite (-0.1%) settled on their lows, while the Russell 2000 (+0.3%) displayed relative strength. Once again, market participants were focused on quarterly reports in the early going, but geopolitical worries overshadowed the impact of mostly better than expected earnings. Specifically, equities retreated after it was reported that European EU officials have prepared the new set of sanctions against Russia. The imposition of new sanctions may pique concerns about a boomerang effect on the global economy, and Europe in particular, but it is worth noting that the Russian ruble and Market Vectors Russia ETF (RSX) strengthened in reaction to the news. The reports of forthcoming sanctions were followed by afternoon headlines from Washington indicating the Treasury Department has added VTB, the Bank of Moscow, and Russian Agriculture Bank to the sanction list. After the news crossed the wires, the RSX and the ruble dropped to fresh lows, as did the S&P 500.

On Wednesday, the market finished on a mixed note with small caps displaying relative strength. The Nasdaq Composite (+0.5%) and Russell 2000 (+0.4%) registered modest gains, while the Dow Jones Industrial Average (-0.2%) and S&P 500 (+0.01%) underperformed. Despite the mixed finish, the key indices traded higher across the board at the start of the session after the advance reading of second quarter GDP surpassed estimates (4.0% versus Briefing.com consensus 3.2%). However, the early strength was short-lived with the S&P 500 sliding into red during the opening 90 minutes of action. One could argue that the inability to rally on a strong data point and better than expected earnings resulted from concerns about a potential fed funds rate hike taking place sooner than expected. To that point, Treasuries spent the session in a steady retreat and finished near their lows. The 10-yr note fell 26 ticks, sending its yield higher by nine basis points to 2.55%.

The stock market punctuated July with a broad-based retreat that sent the S&P 500 lower by 2.0% with all ten sectors ending in the red. The benchmark index posted a monthly decline of 1.5%. After upbeat earnings and economic news failed to spark a rally on Wednesday, Thursday's session invited a wave of profit taking. With the sentiment taking a turn for the worse, a batch of poor quarterly results from a handful of global players contributed to the slide. Samsung kicked things off overnight with below-consensus earnings that sent the stock lower by 3.7% in Seoul. Things did not get much better during the European session with Adidas and Deutsche Lufthansa posting respective earnings-driven losses of 15.4% and 6.4% in Frankfurt. The DAX Index, meanwhile, lost 1.9%.

Index Started Week Ended Week Change % Change YTD %
DJIA 16960.57 16493.37 -467.20 -2.8 -0.5
Nasdaq 4449.56 4352.64 -96.92 -2.2 4.2
S&P 500 1978.34 1925.15 -53.19 -2.7 4.2
Russell 2000 1144.72 1114.86 -29.86 -2.6 -4.2

3:38 pm Events and conferences of interest for next week (ADES) : Events and conferences of interest for next week, August 4th-8th, are listed below. For a complete list of next week's events, please see the events calendar.
Monday

CIBO, Indistrial Emissions Control Technology Conference Scheduled to appear: ADES AEP-BRO Forum Scheduled to appear: FTEK F5 Agility 2014 - Americas Scheduled to appear: FFIV

Tuesday Needham 2014 Interconnect Conference Scheduled to appear: EPAY, NTCT, RHT, MNDL, TIVO, EGAN, PFPT, CRCM, RUBI, SSNC, EOPN, P, TWOU, PRFT, CTCT, WNS, DMRC, VOXX, GLUU, KFX, REIS, MEET, EPIQ, TISA, TYL, RST, BRDR, FIVN, SCOR, XOOM, IMMR, MITK, PCYG, SYNT, QLYS, TST, FNGN, VRTU, RENT, MCZ, LOCM, MAMS National Instruments Investor Conference Scheduled to appear: NATI Piper Jaffray Global Agriculture and Animal Health Investor Day Scheduled to appear: SANW, REGI

Wednesday
Credit Suisse Gaming, Lodging, Leisure and Restaurant Conference

Scheduled to appear: SIX, KONA

Deutsche Bank Summer Bank One-on-One Conference 2014

Scheduled to appear: BPFH, CYN, ISBC, NYCB, OFG, PBCT, UBSI, VLY, WBS, WTFC, FBP

Jefferies 2014 Boston Healthcare Summit

Scheduled to appear: CBST, PDLI

Thursday

BoE Rate Decision at 7:00
ECB Rate Decision at 7:45 followed by Mario Draghi Press Conference at 8:30
BoJ Decision at 21:30

Friday

China Trade Balance (out overnight)

3:36 pm Earnings Preview for the week of August 4 - 8 (:SUMRX) : Of the companies reporting earnings for the week of August 4 - 8 some of the bigger names include:

Monday:

Pre Market - CAH, HSIC, CNA, RLGY, KORs, ALR, I
After Hours - AIG, THC, MRO, CAR, Y, PL, PXD, DRC, APL, VNO, MDR, PHH, CHGG

Tuesday:
Pre Market - CVS, ADM, EMR, ODP, FE, MGM, ACT, WNR, MSI, ACM, CVC, EXPD, NTI, AEE, ZTS, SMG, COH, BLMN, WLK, AME, ARCO, VMC, MWW,
After Hours - DIS, LBTYA, EOG, OKE, OKS, FTR, AXLL, TPC, CLR, QUAD, DPM, FSLR, GRPN, XEC, TRMB, ATVI, TMHC, KAR, BIO, ITRI, DRYS, ORIG, SMCI, TDW, OAS, WGP, BKH, JAZZ, WBMD, PEGA, FEYE, Z

Wednesday: Pre Market - MDLZ, AVT, TWX, CHK, HFC, DVN, DISH, PH, VIAB, HNT, CTSH, VOYA, VC, CNP, RL, KELYA, SE, TAP, CEQP, ANR, WPX, CLH, THI, SKYW, DBD, NUS, DNR, APO, AOLAfter Hours - ETE, ETP, PRU, PAA, FOXA, AGU, MUSA, SXL, CTL, SLF, RIG, SYMC, CF, ANDE, KND, RGP, GMCR, EVHC, TEG, ATO, RNDY, QEP, AWK, UHAL, BWC, LNT, CXO, CPA, ENS, CXW, ZU, MCP

Thursday: Pre Market - NVO, MFC, DUK, CNQ, BCE, GLP, AES, NRG, SRE, CORE, QIWI, MYL, HII, WIN, HAR, TSE, MPEL, LINE, FWLT, BR, SATS, CTB, HSNI, CQB, WWAV, ICE, SUNE, WEN, OWW, GOLD, SSYSAfter Hours - CBS, CSC, ED, NWSA, ALJ, NVDA, CFN, DAR, ATLS, SEM, SFM, MNST, GXP, KMPR, LGF, DV, CENT, NFG, SLXP, MTX, ZNGA, YOKU, SCTY, WIFI, VVUS

Friday: Pre Market - MGA, BAM, BPL, SUSS, SUSP, BECN, ERFAfter Hours - MDRX

12:10 pm Notable movers of interest (:SCANX) : The following are some of today's most notable movers of interest, categorized by market capitalization (large cap over $10 billion and mid cap between $2-10 billion) and ranked by % change (all stocks over 100K average daily volume).

Large Cap Gainers

LNKD (197.82 +9.51%): Beat quarterly EPS by $0.12 ($0.51 vs $0.39 estimate), revs rose 46.8% yoy to $534 mln vs $510.46 mln estimate; sees Q3 EPS of $0.44 vs $0.40 estimate, revs of $543-547 mln vs $540.28 mln estimate; sees FY14 EPS of $1.80 vs $1.65 estimate, revs of $2.14-2.15 bln vs $2.13 bln estimate; target raised to $220 from $200 at Susquehanna, to $250 from $220 at Pacific Crest, to $245 from $205 at Telsey Advisory Group, to $300 from $280 at Jefferies
EXPE (83.29 +4.87%): Beat quarterly EPS by $0.28 ($1.03 vs $0.75 estimate), revs rose 24.0% yoy to $1.49 bln vs $1.44 bln estimate; gross bookings grew 29%; target raised to $92 from $82 at Cantor Fitzgerald, to $90 from $80 at RBC Capital Markets, to $95 from $85 at FBR Capital
SNN (89.6 +4.10%): Reported EPS of GBP 0.10, revs rose 3% yoy to GBP 1.147 bln vs GBP 1.135 bln estimate; co said, "We anticipate that the prevailing market conditions seen in the first half of 2014 will continue throughout the rest of the year"

Large Cap Losers

MT (14.38 -5.46%): Missed quarterly EPS by $0.17 ($0.03 vs $0.20 estimate), revs fell 47.0% yoy to $10.7 bln vs $20.42 bln estimate
MPEL (31.85 -4.07%): Macau Gaming Inspection and Coordination Bureau reports July gross gaming revs declined 3.6% yoy to $28.42 bln patacas vs +20% in July 2013
BBBY (61.79 -2.37%): Downgraded to Perform from Outperform at Oppenheimer

Mid Cap Gainers

BYI (77.94 +29.54%): To be acquired by Scientific Games (SGMS) for $83 per share in cash
SPR (35.68 +9.55%): Beat quarterly EPS by $0.31 ($1.01 vs $0.70 estimate), revs rose 18.5% yoy to $1.8 bln vs $1.69 bln estimate; backlog ~$41 bln; co sees FY14 EPS of $2.90-3.05 vs $2.94 estimate, revs of $6.7-6.9 bln vs $6.72 bln estimate
SYNA (78.59 +8.81%): Beat quarterly EPS by $0.05 ($1.46 vs $1.41 estimate), revs rose 36.8% yoy to $315 mln vs $305.08 mln estimate; target raised to $110 from $100 at Needham, to $96 from $90 at Craig Hallum

Mid Cap Losers

GPRO (41.1 -14.32%): Beat quarterly EPS by $0.01 ($0.08 vs $0.07 estimate), revs rose 38.1% yoy to $244.6 mln vs $237.97 mln estimate; downgraded to Neutral from Buy at Dougherty & Co
ARRS (29.69 -13.11%): Beat quarterly EPS by $0.02 ($0.70 ex items vs $0.68 estimate), revs rose 42.9% yoy to $1.43 bln vs $1.43 bln estimate; sees Q3 EPS of $0.69-0.74 vs $0.69 estimate, revs of $1.37-1.41 bln vs $1.42 bln estimate
SPWR (33.83 -7.90%): Beat quarterly EPS by $0.03 ($0.28 vs $0.25 estimate), revs fell 4.4% yoy to $621.1 mln vs $595.98 mln estimate; sees Q3 EPS of $0.15-0.35 ex items vs $0.29 estimate, revs of $600-650 mln vs $658.20 mln estimate; sees FY14 EPS of $1.10-1.40 ex items vs 1.30 estimate, revs of $2.50-2.65 bln vs $2.6 bln estimate

11:30 am Stocks/ETFs that traded to new 52 week highs/lows this session - New lows (137) outpacing new highs (27) (:SCANX) : Stocks that traded to 52 week highs: AZC, BYI, CBM, CHKE, CORE, CTP, CYH, EXPE, FSI, IBCA, IDIX, IG, INTT, IPDN, KEP, PCRX, PKX, PLNR, RGCO, RWC, SCI, SFBC, SPR, TCX, WSTC, X, XRS

Stocks that traded to 52 week lows: ADGE, ADNC, AEIS, AGCO, AHPI, AIXG, AKAO, ALLY, AQXP, ATU, AVL, AXL, BBRG, BCOV, BDBD, BECN, BGC, BLMN, BOTA, BRP, BTH, CACH, CASS, CCG, CERU, CFFN, CIMT, CLB, CLRX, CLUB, CMCT, CPWR, CRCM, CS, CZR, DB, DLA, DORM, DSKX, DWSN, EGLE, EHTH, ENTR, ESI, EV, FHCO, FMER, FOSL, FOXF, GEOS, GEVO, GK, GKNT, GLF, GLPW, GSK, HERO, HOV, HSOL, HSY, INVT, IOSP, JEC, KBR, KEG, KIOR, KOS, KOSS, L, LNCE, LPX, LTM, LUK, MANT, MCRI, MDC, MDWD, MICT, MIND, MR, MRKT, NDLS, NRX, NTWK, NWBI, NWY, OCN, OCRX, OFLX, OIBR, OMEX, OMG, OXM, PBFX, PGEM, PIR, PSTI, PT, PVH, QNST, QRM, RAVN, RCPI, RPRX, RSH, RUTH, SCL, SCVL, SDT, SEAC, SGA, SGOC, SHOS, SKYW, SLRC, SREV, SSD, STAA, TAXI, TEU, TGA, TITN, TR, UBS, USM, UUU, VCRA, VGGL, VII, VSAR, VVI, WMS, WTI, WWWW, XCO, XNY, ZGNX

ETFs that traded to 52 week highs: none

ETFs that traded to 52 week lows: BAL, RJA, SGG

6:36 am LDK Solar secures funding commitments for its offshore restructuring (LDKSY) : Co and its Joint Provisional Liquidators ("JPLs"), Tammy Fu and Eleanor Fisher, both of Zolfo Cooper (Cayman), today announced that LDK Solar has secured funding commitments to enable the offshore restructuring to continue to be progressed. The JPLs now intend to seek sanction of the Grand Court of the Cayman Islands to the terms of the funding commitments and certain amendments to restructuring support agreements previously approved by the Cayman Court. The JPLs also provided an update on the progress of the restructuring in light of recent positive developments in the course of the Company's offshore restructuring.

On June 27, 2014, the JPLs confirmed that they continued to consider and progress discussions with a number of parties in respect of the provision of funding required to meet the agreed commitments pursuant to the restructuring support agreement relating to the 10% Senior Notes due 2014, the restructuring support agreement relating to the convertible preferred shares of an affiliate of the Company and involving claims against the Company, as well as the costs of the offshore restructuring process and the forecast offshore working capital requirements of the Company.On July 15, 2014, the JPLs received a binding commitment from Heng Rui Xin Energy for $10 million in cash and $14 million for working capital financing in connection with the Company's offshore restructuring. In addition, the Company and the JPLs have identified a further $5 million of funding which is to be committed by certain subsidiaries of the Company to the offshore restructuring. Subject to approval by the Cayman Court, the JPLs now consider that these funding commitments will be sufficient to meet the Exit Financing requirements of the offshore restructuring. Since their announcement on June 27, 2014 and in addition to the Exit Financing, the JPLs have also received an additional $3.2 million of interim financing for the provisional liquidation from the partial repayment of outstanding intercompany receivables.
As a result of the challenges in raising the Exit Financing and the resultant delay in the timetable for completing the restructuring, LDK Solar and the JPLs have reached agreements with the Ad-Hoc Committee for the Company's 10% Senior Notes due 2014, over 79% of the holders of the convertible preferred shares of an affiliate of the Company involving claims against the Company and a majority of shareholders of the Company to certain amendments to the Senior Notes RSA and the Preferred Obligations RSA.

6:35 am Genworth Financial provides additional disclosure on long term care insurance (GNW) : Co announced on July 29, 2014 that it is conducting a comprehensive review of its long term care insurance claim reserves. Many of the co's investors have asked for additional information about the last in-depth review of the claims reserve, which was conducted in 2012. The co cannot predict how the results of the current review will compare with the results of its review in 2012.

As a result of the 2012 claims review, the co established refinements to its claim reserves to reflect how a claim transitions by diagnosis and care facility, trends in benefit utilization, and refinements to claim terminations. The impact to GAAP claim reserves as a result of the new methodology was an increase to reserves of ~ $166 mln as of September 30, 2012. Separately, the co also made changes to claim reserves to appropriately reflect waiver of premium benefit, shared policies where both lives are on claim, reinsurance on incurred but not reported claims, and the valuation interest rate. The impact to GAAP claim reserves as a result of these changes was a decrease to reserves of ~ $165 mln as of September 30, 2012.
The net impact to GAAP claim reserves as a result of the 2012 claims review was a net increase to reserves of ~ $1 mln as of September 30, 2012.

6:33 am Immunogen reports FY14 EPS in-line, revs above consensus; guides FY15 revs above consensus (IMGN) : Co reports FY14 loss of $0.83 vs. ($0.83) Capital IQ Consensus Estimate; FY14 revs of $59.90 mln vs. $63.07 mln Capital IQ Consensus Estimate.

Co issues upside guidance for FY15, sees FY15 revs of $100-105 mln vs. $70.16 mln Capital IQ Consensus Estimate.Sees operating expenses to be between $160 million and $165 million; its net loss to be between $60 million and $65 million; its cash used in operations to be between $55 million and $60 million; and its capital expenditures to be between $7 million and $9 million.Cash and marketable securities at June 30, 2015 are anticipated to be between $75 million and $85 million. The information technology sector might have been spared the rod on Friday, but it still got the shaft from investors who continued to keep their distance for the most part after Thursday's broad-based sell-off. The S&P 500 information technology sector declined 0.4%, which left it underperforming the S&P 500 (-0.3%) by a slight margin.

The stock market in general struggled again on Friday, which may have surprised some given that a weaker than expected (but not weak) employment report for July tempered concerns about the Federal Reserve hiking the fed funds rate sooner rather than later. The Treasury market seemed at peace with that notion on Friday. It saw hefty gains from the front of the yield curve to the back end. The yield on the 2-yr note fell six basis points to 0.47% while the yield on the benchmark 10-yr note declined seven basis points to 2.49%.

After a skittish open, the stock market made an effort to run higher and the information technology sector ran along with it. That move, however, quickly ran out of gas and selling efforts picked up again on the disappointing price action that created an impression the market was simply intent on cutting risk exposure.

That mindset undercut many of the technology stocks whose big price gains have invited persistent allegations that they are overvalued. LinkedIn (LNKD 201.78, +21.14), which was trading at roughly 70x estimated FY15 earnings as of Thursday's close, is often mentioned in such conversations. Be that as it may, it defied its critics on Friday with a 12% gain following its better than expected second quarter earnings report and guidance.

LinkedIn's strength, though, didn't create much of a halo trading effect for other social media stocks, which fell prone to selling interest.

LinkedIn's strength was notable throughout the session, but it was Apple's (AAPL 96.13, +0.53) more modest gain that acted as the most influential source of support for the sector.

Apple doesn't get accused much of being overvalued. That helped in Friday's market along with the news that a judge provided preliminary approval of its $450 mln e-book settlement.

The technology sector would have underperformed by a wider margin if not for the relative strength of the semiconductor group. It attracted some buying interest after some pleasing earnings reports from Microchip Technology (MCHP 46.04, +1.02), Electro Scientific Industries (ESIO 6.77, +0.79), ON Semiconductor (ONNN 8.79, +0.23), Brooks Automation (BRKS 10.54, +0.36), and PMC-Sierra (PMCS 6.89, +0.16).

Strikingly, some of the industry's biggest and most widely-held stocks -- Intel (INTC 33.75, -0.15), Texas Instruments (TXN 46.24, -0.01) and Qualcomm (QCOM 72.55, -1.17) -- were left on the sidelines. That kept a lid on the Philadelphia Semiconductor Index, which managed a 0.4% gain after declining 4.5% in the month of July.

Some other technology sector constituents with better than expected earnings results and better stock performances included Expedia (EXPE 84.46, +5.04), Sierra Wireless (SWIR 20.09, +1.10), and Synaptics (SYNA 78.11, +5.88).

Web.com (WWWW 20.12, -6.43), on the other hand, got pummeled after the Internet service provider came up short of revenue estimates for its second quarter, noting a lack of qualified sales people to generate leads, and announced the acquisition of Scoot, an online directory service in the U.K.

For the week, the S&P information technology sector declined 2.5%. In a reflection of what a bad week it was for the market overall, that left the sector slightly ahead of the S&P 500, which ended the week down 2.7%.