U.S. stocks rallied from a lower open and the broader market averages finished Friday 0.45% to 0.6% higher across the board. Utility and consumer discretionary names led the way higher, while energy stocks lagged. Elsewhere, the yield on the benchmark 10-year U.S. Treasury note fell 3.5 basis points to 2.187%. Crude oil also lost more than 2% on the session.
Marvell Technology (MRVL) was the big loser of the session, falling 16%. The company posted a surprise quarterly loss and also announced an internal accounting investigation. Avon Products (AVP) dropped 15% on fears the company is facing a liquidity crunch.
Looking ahead to next week, all eyes will be on the FOMC's next interest rate decision, due out at 2 p.m. ET Thursday. According to the CME Group, Fed funds futures are pricing in only a 23% chance of an interest rate hike next week, compared with a 60% chance by the December meeting.
Also on the economic front next week, we'll get a look at advanced retail sales on Tuesday and consumer prices on Wednesday. In earnings activity, FedEx (FDX) and Oracle (ORCL) are set to post quarterly results on Wednesday. This will be followed by Adobe Systems (ADBE) on Thursday and ConAgra (CAG) on Friday.