U.S. stocks ended the week on a sour note, as the broader market averages fell 0.3% to 0.55% on Friday. Utility, financial and energy names led the way lower on the session. Elsewhere, the yield on the benchmark, 10-year U.S. Treasury note fell 7.5 basis points, to 2.259%. For the week, the Dow Jones Industrial Average and S&P 500 index ticked higher, while the Nasdaq Composite gained 1.3%.
ConAgra Foods (CAG) was the big winner on Friday, gaining nearly 11%. The food manufacturer has received interest from activist investor, Jana Partners. Fitbit (FIT) moved more than 9% higher, on the second day following its successful initial public offering (IPO). On the other hand, software producer Mindbody (MB) fell 17% in the first day of trading after its own IPO. Next week is shaping up to be the busiest week for IPOs in recent memory.
Looking ahead to next week, Darden Restaurants (DRI) reports earnings on Tuesday and Altria (MO) will host an investor meeting. Bed, Bath & Beyond (BBBY), Lennar (LEN) and Monsanto (MON) will post quarterly results on Wednesday, followed by Accenture (ACN), Micron Technology (MU), and Nike (NKE) on Thursday.
Next week will also be busy on the economic front. We'll get a look at existing home sales Monday, followed by new home sales and durable goods orders Tuesday. Wednesday offers the final look at first-quarter gross domestic product, which economists are expecting to remain in negative territory.