U.S. stocks ended Friday moderately lower after giving back earlier gains. Energy stocks led the way lower, while utilities were the big winner of the session. Elsewhere, the yield of the benchmark 10-year U.S. Treasury note fell 7.3 basis points to 2.185%. Crude oil also fell more than 3%.
Ocwen Financial (OCN) was the big loser on Friday after posting lower-than-expected quarterly results. On the other hand, Coca-Cola Enterprises (CCE) gained 12% on reports it is looking to merge some of its foreign peers.
To date, 71% of the companies in the S&P 500 have posted quarterly results, with an average 0.23% year-over-year decline. According to S&P Capital IQ, 70% of the companies have exceeded earnings expectations so far, which is above the historical average of 66%.
Key earnings reports next week include Clorox (CLX) on Monday, followed by Coach (COH), CVS Health (CVS), Kellogg (K) and Walt Disney (DIS) on Tuesday. Wednesday offers a look at CBS (CBS), Priceline (PCLN), Time Warner (TWX), followed by Allergan (AGN) and Viacom (VIAB) on Thursday. Hershey (HSY) rounds out the week on Friday. (Allergan is part of TheStreet's Action Alerts PLUS portfolio.)
In addition to earnings, next week will also be busy on the economic front. We'll get a look at personal income/spending and monthly vehicle sales on Monday. Tuesday brings factory sales, followed by the July jobs data on Friday. Economists are looking for the addition of 225,000 non-farm payrolls and the unemployment rate to remain at 5.3%.