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Stocks opened firmly higher Friday, but quickly pared gains with the Nasdaq composite turning negative.

The Dow Jones industrial average rose 0.4% and the S&P 500 index 0.2%, already off early highs, despite a significant assist from Nike (NKE).  The Nasdaq composite opened higher, but turned down 0.1%. Apple (AAPL) edged higher but the FANG stocks reversed for fractionally losses.

Nike Gets Amazon Boost; Applied Opto, Micron Lead Techs

XAutoplay: On | OffNike vaulted 8% higher after announcing strong fourth-quarter results late Thursday, as well as a potential alliance with (AMZN).  The gain sent Nike shares decisively above resistance at their converged 10- and 40-week moving averages. Amazon shares traded 0.3% higher.

Applied OptoElectronics (AAOI) popped 1%, off early highs D.A. Davidson initiated coverage on the stock with a buy rating and a 95 price target. The stock is in the fourth week of a 22% deep consolidation, ending Thursday with a year-to-date gain of 156%.

Micron Technology (MU) tumbled nearly 5%, despite landing a healthy fiscal third-quarter sales and earnings beat late Thursday. The stock is 5% below its June 9 high, and at the top of a buy range above a 29.97 flat base buy point.

Cara Therapeutics (CARA) dived 29.5%. The Stamford, Conn.-based biotech reported that lower dosages of its joint pain medication CR845 fell short of targets in a phase 2 clinical trial. The stock ended Thursday with a 54% gain since the start of June.

Online retailer (WUBA) dropped 2.4% in early trade. Morgan Stanley downgraded the China-based merchant to underweight, from equal weight.

Q2 Wrap: Wireless Telecom, Solar Lead; Energy, Retail Lag

For the second quarter, wireless telecom services providers were the strongest-performing industry, rising 40% through Thursday largely due to a bidding war for Straight Path Communications (STRP), which Verizon won with a $3.1 billion bid in early June. Straight Path on Thursday traded up 411% since March 31.

Solar energy stocks were the quarter’s second-strongest industry, adding a third month to a rebound that followed a steep 31-month decline.  Profit outlooks are strengthening across the group, and Canadian Solar (CSIQ) remains in a buy range above a cup-base buy point of 15.95.

Automakers posted the quarter’s third-strongest advance among industries, led by two names: Tesla (TSLA) and Ferrari (RACE). Tesla posted a 29% gain for the quarter through Thursday, Ferrari climbed 16%, putting it 65% above its October 2015 IPO price.

At the weak end of the list, oil-related industries took five of the 10 worst hits among industries for the quarter, as oil prices backed off 11% during the quarter. Retail was also a sore spot, with auto parts and apparel chains leading the declines. For the month of June, retail posted three of the four worst performances among industry groups.

Oil Jumps; Consumer Spending Slows

Oil bounced 0.6%, putting West Texas Intermediate back above $45 a barrel and up 5% for the week. Baker HughesBHI reports its weekly rig count at 1 p.m. ET.

Gold dipped 0.2% to below $1,244 an ounce. The dollar was mixed, up vs. the euro and down against the yen. The 10-year yield was flat at 2.26%.

Personal income advanced 0.4% in May, the Commerce Department said, about even with April’s performance and a tad above consensus views for a 0.3% rise. Spending was positive, up 0.1%, inline with expectations but sharply below April’s 0.4% surge.

Consumer prices edged higher, with the PCE Price index up 0.2%, reversing a 0.1% slip in April. Economists had forecast another 0.1% dip.


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