The broader U.S. stock market averages traded in a narrow range for the fourth straight session on light volume. Not even an afternoon speech from Fed Chair Janet Yellen could do much to excite traders ahead of the Memorial Day holiday.
Telecom names led the way lower on the session, while technology stocks gained. Elsewhere, the U.S. dollar index (DXY) gained more than 1% for the third time this week. Marvell Technology (MRVL) was the big loser of the session, falling 8% on a lower earnings outlook. On the other hand, Quest Diagnostics (DGX) moved 7% higher on takeover speculation.
For the week, the Dow Jones Industrial Average ticked lower, while the S&P 500 gained fractionally and the Nasdaq Composite gained nearly 1%.
Next week's trading will be shortened by Monday's holiday, but we'll still have a lot of economic data to digest. Tuesday offers several pieces of housing data, the purchasing managers' index and durable goods orders. On Friday, we'll get a revision to first-quarter GDP, with economists predicting a decline to a negative reading.
Retail names continue to dominate the earnings calendar, with Abercrombie & Fitch (ANF), Autozone (AZO), Costco (COST), Michael Kors (KORS) and Tiffany (TIF) among the names scheduled to post quarterly results.