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Stocks end Friday lower as GOP negotiators halt debt ceiling talks, S&P 500 notches best week since March: Live updates

Foot Locker shares sink after lowering guidance. Here's what the pros have to say
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Foot Locker shares sink after lowering guidance. Here's what the pros say

Stocks fell Friday as GOP negotiators halted ongoing debt ceiling negotiations, stoking doubt of a deal being reached soon. However, the S&P 500 notched its best week since March.

The Dow Jones Industrial Average dropped 109.28 points, or 0.33%, to 33,426.63. The S&P 500 slipped 0.14% to 4,191.98. The Nasdaq Composite slid 0.24% to 12,657.90.

All three major averages capped the week with gains. The S&P 500 rose 1.65%, and the Nasdaq Composite gained 3.04%. It was the best weekly performance since March for both indexes. The Dow added 0.38%.

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A chunk of those gains came Thursday, as traders mounted bets that a U.S. debt ceiling deal could be reached. Comments from House Speaker Kevin McCarthy Thursday seemed to suggest a potential deal could come as soon as next week.

However, stocks turned lower Friday after GOP negotiators walked out of a debt ceiling meeting, with Rep. Garret Graves, R-La., saying the White House team is "unreasonable," according to NBC News. "We're not going to sit here and talk to ourselves," he said.

Friday's losses were kept in check, however, after Federal Reserve Chairman Jerome Powell said interest rates may not have to rise as much as expected to quell inflation.

"Markets have had a fairly constructive week, and were trading better as in the early hours of today's trading day, in large part due to a more constructive or positive sentiment around the debt ceiling negotiations. And that took a little bit of a bump in the road [today] as the negotiations have taken a pause," said B. Riley Financial's Art Hogan.

"I don't think that is the end. But I certainly think that going into the weekend, with any uncertainty about the debt ceiling, it's going to cause a bit of a sell off," he added.

Lea la cobertura del mercado de hoy en español aquí.

Stocks close lower Friday, but cap a week of gains

Stocks closed lower on Friday, but posted a positive week.

The Dow Jones Industrial Average dropped 109.28 points, or 0.33%, to 33,426.63. The S&P 500 traded 0.14% lower to 4,191.98. The Nasdaq Composite slid 0.24% to 12,657.90.

All three major averages capped the week with gains. The S&P 500 rose 1.65% in its biggest one-week advance since March. Meanwhile, the Nasdaq Composite gained 3.04% for the week, also its best weekly performance since March. The Dow added 0.38%.

— Sarah Min

Stay defensive, UBS Global Wealth Management says

UBS Global Wealth Management's Mark Haefele noted investors may be better off playing defense in their portfolio, given the current backdrop.

"Equity markets have remained calm, but the next few weeks could see us test the limit of how much risk they can absorb. We see better risk-reward in high-quality bonds than in broad US equity indexes, and favor gold as a portfolio hedge," Haefele wrote.

— Fred Imbert, Michael Bloom

Stocks off session lows in final hour of trading

Stocks were off their session lows shortly into the final hour of trading.

The Dow Jones Industrial Average dropped 82 points, or 0.25%. Earlier in the session, it was down by as much as 199.25 points, or 0.59%.

The S&P 500 traded 0.1% lower, while the Nasdaq Composite slid 0.29%. The broader index previously slid as much as 0.43%. The Nasdaq was down as much as 0.51% at one point.

— Sarah Min

Don't get too bullish on stocks just yet, Barclays warns

The S&P 500 is headed for its best week since March, but Barclays advised clients against making overly bullish bets on the market going forward.

Strategist Venu Krishna noted that a sharp divergence in the equity risk premium between the S&P 500 equal weighted index and the S&P Small Cap 600 equity risk premiums "indicates that mega-cap stocks are inflating SPX valuations, especially after the regional banking crisis."

"Mega-cap outperformance is not unusual in historical instances of heightened stress, so Big Tech multiples could see near-term support at current levels even after leading the market throughout the recent flight to safety," Krishna said. "The immense potential for AI also provides medium-term support, but it is too early to assess the full impact."

"We would caution against an overly bullish interpretation (e.g., the rest of the market is cheap) as equities are still exposed to earnings risk and we see few upside catalysts, leaving risk/reward skewed asymmetrically to the downside," the strategist added.

— Fred Imbert, Michael Bloom

Debt ceiling negotiations a 'lose-lose' for investors right now, Interactive Brokers says

The latest developments around U.S. debt ceiling talks have left stock investors in a tough spot, Interactive Broker's Jose Torres said Friday.

"Clearly, significant challenges exist for risk assets, and investors with an overly optimistic outlook may be walking on an unrealistic dream," the firm's senior economist wrote. "Debt-ceiling negotiations are a lose-lose for equity investors at this point, as a failure to strike a deal will lead to an immediate recession, while a deal will strain liquidity from markets as the US Treasury issues trillions in new bonds, which are newly born."

— Fred Imbert

Disney's current tailwinds could 'cloud long-term potential,' says Macquarie 

Macquarie Research downgraded Disney shares to neutral from outperform, citing near-term uncertainties. 

The research firm said in a Friday note that the company's linear networks are worsening. Analyst Tim Nollen said that while Disney's streaming division losses are abating, prior guidance of its direct-to-consumer guidance becoming profitable by the 2024 fiscal year seems unlikely. 

"Current difficulties cloud long-term potential," Nollen said. "We still appreciate Disney's efforts and expect its transformation to streaming to succeed, but we see the stock as range-bound for now."

Shares declined nearly 2% as of Friday afternoon.

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Disney stock

— Hakyung Kim

The post-Bed Bath & Beyond world is starting to play out

The slow and painful demise of Bed Bath & Beyond gave rivals plenty of time to tweak their strategies to win the bankrupt retailer's business. It's playing out, says Jefferies analysts, who share a number of fresh examples:

  • Williams-Sonoma has unveiled a "college kitchen" offering, filled with items suitable for dorm living. Bed Bath & Beyond had long been a popular back-to-college destination.
  • Sur La Table is accepting the retailer's famous 20% off coupons for a limited time.
  • Etsy has launched a wedding registry, filling in a gap in this space.
  • TJX Cos. has reset its HomeGoods stores at locations that were near closed Bed Bath stores to capture new shoppers.

As for all those empty stores, Jefferies said many of the landlords are reporting they are finding new tenants. Two examples: RioCan REIT said it has interest for 13 stores in Canada, while Regency Centers said grocers, off-price retailers, home decor and sporting goods retailers as well as medical providers have been interested in its 10 locations.

—Christina Cheddar Berk

Only four S&P 500 sectors are trading in positive territory

After starting Friday off on a brighter note, investor sentiment dipped during early afternoon trading.

Only four S&P 500 sectors out of 11 were trading in positive territory, compared to a majority of sectors earlier. Those sectors were energy, health care, utilities and materials, which were up 1.1%, 0.6%, 0.2% and 0.2%, respectively.

On the other hand, consumer discretionary stocks were the biggest laggard, down 0.8%.

— Sarah Min

Stocks making the biggest moves midday

Check out some of the companies making headlines in midday trading Friday.

Occidental Petroleum — Shares of the Houston-based oil and gas producer rose nearly 2%. Warren Buffett's Berkshire Hathaway bought more shares on each of the last six trading days, boosting its stake to 24.4%. Buffett has ruled out the possibility to take full control of Occidental.

Disney — The media conglomerate fell nearly 2% in midday trading after Macquarie Research downgraded shares to neutral from outperform. "We still appreciate Disney's ability to successfully transform to
a DTC-first streaming business over time, but now see more interim uncertainties," Macquarie wrote.

Western Alliance, PacWest — shares of the regional banks dipped more than 4% each, giving back some of their sharp gains from this week. Despite the losses, Western Alliance and PacWest are still up more than 20%.

Read the full list here.

— Brian Evans

Catalent is the top performer in the S&P 500

Catalent was the top performer in the S&P 500, rising 14.4% during midday trading.

CEO Alessandro Maselli shared a business update, saying during a call that the company thinks it "can sufficiently service [customers'] demand." The company has been dealing with problems at various production sites this year.

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Catalent shares 1-day

— Sarah Min, Fred Imbert

BTIG says Nasdaq retracement likely

A retracement in the Nasdaq Composite is becoming an increasingly likely outcome, according to BTIG's Jonathan Krinsky.

"We feel pretty confident that the Nasdaq is in the last inning or two of this move, and likely to retrace much of the recent gains," the chief market technician said in a Friday note to clients. "The big question now is, can we see rotation into the laggards, or is everything going to fall together, which has been our view."

Krinsky called the recent action in the tech-heavy index a "blow-off or panic bid." The Nasdaq's gained 3% so far this week and 21% year to date.

— Samantha Subin

Powell says rates may not have to rise as much as expected

Federal Reserve Chair Jerome Powell said Friday that interest rates may not have to rise as much as previously thought in part due to stresses seen in the banking sector.

"The financial stability tools helped to calm conditions in the banking sector. Developments there, on the other hand, are contributing to tighter credit conditions and are likely to weigh on economic growth, hiring and inflation," he said as part of a panel on monetary policy.

"So as a result, our policy rate may not need to rise as much as it would have otherwise to achieve our goals," he added. "Of course, the extent of that is highly uncertain."

— Jeff Cox

Stocks turn lower in midday trading after pause in debt ceiling talks

Stocks turned lower during midday trading after GOP negotiators halted debt ceiling negotiations.

Around 11:40 a.m. ET, the Dow Jones Industrial Average dropped 159 points, or 0.48%. The S&P 500 traded 0.38% lower, while the Nasdaq Composite slid 0.47%.

Earlier in the session, the Dow was higher by 116.99 points, or 0.35%. The S&P 500 was up by 0.35%, and the Nasdaq had climbed 0.34%.

— Sarah Min

Deere shares give up gains on fears that softer demand could be ahead

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Deere shares traded as high as $393.00 Friday morning, but the stock has since lost its gains.

Deere boosted its profit forecast for the year sending shares higher in trading on Friday morning, but the momentum ended after CFO Josh Jepsen revealed high inventory levels during a conference call. That sparked concerns that demand from farmers is slowing. The big price increases that helped Deere offset inflationary pressures in the past are also expected to moderate in the third and fourth quarters. Shares were recently down 1.6%.

Deere said it's not seeing weaker demand, and defended the higher inventory levels, saying it's a benefit for its dealers as it provides them with more time to deliver machines and to facilitate used trade-ins.

—Seema Mody, Christina Cheddar Berk

Baird says A.I. could improve Zoom's 'investor narrative'

Artificial intelligence may offer the next big tailwind for pandemic-darling Zoom Video Communications, according to Baird.

"If online can stabilize, solid enterprise results, a strong balance sheet and growing AI investments could start to improve the investor narrative," wrote analyst William Power in a Friday note to clients.

Power views the company as uniquely positioned to harness AI given its strong cash flows and "engineering DNA."

Overall, he anticipates in-line results, or a slight beat, when the company reports next week. Online risks may linger longer term, although strengths within Zoom's phone business should benefit enterprise trends.

— Samantha Subin

20 biggest S&P 500 stocks rally 2% on average in post-earnings sessions, data shows

On average, the 20 biggest stocks in the S&P 500 rallied 2% in the trading sessions directly following their most recent earnings reports, according to data from Bespoke Investment Group.

Nvidia and Meta had the strongest post-earnings rallies of the 20. Nvidia gained 14% after the company reported rising demand for artificial intelligence chips helped power a better quarter than Wall Street expected. Meta added 13.9% after reporting the first sales increase in four quarters and offering upbeat guidance.

Still, seven of the 20 had down days after reporting. Tesla had the worst post-earnings session of the 20 stocks, losing 9.8%. Despite meeting Wall Street expectations for earnings per share and exceeding them for revenue, investors were rattled after the company said its net income dropped more than 20% from the prior year.

— Alex Harring

The Nasdaq-100 is 'officially overbought,' Wolfe Research says

The Nasdaq-100 is overvalued, and investors should maintain caution ahead, according to Wolfe Research. The Nasdaq-100 is up 26% this year. The Wall Street firm cited the dollar and yields for its bearish outlook.

"Officially overbought, we believe this is the final stage of the blow off top in the NDX," Rob Ginsberg wrote on Thursday.

"Can we be called out for being too bearish? Sure, maybe we pivoted back to the cautious camp too early 6-weeks ago, but I'm ok missing the last 3% rally in the SPX given the cracks internally and multiple divergences. Something doesn't feel quite right, and pressing risk is not the answer in our view," Ginsberg added.

— Sarah Min

Nine out of 11 S&P 500 sectors are trading in positive territory

The majority of stocks in the S&P 500 were higher shortly after the open on Friday, with nine out of 11 sectors trading in positive territory. The benchmark was last advancing 0.3%.

Energy, health care and utilities outperformed the most on the index, up 1.5%, 1% and 0.9%, respectively.

Meanwhile, consumer discretionary and information technology were the only laggards, down 0.5% and 0.1%, respectively.

— Sarah Min

Morgan Stanley CEO to step down within a year

Morgan Stanley's longtime CEO, James Gorman, said he plans to step down from his position within a year.

"The specific timing of the CEO transition has not been determined, but it is the board's and my expectation that it will occur at some point in the next 12 months," Gorman said Friday. "That is the current expectation in the absence of a major change in the external environment."

During his tenure, which began January 2010, the stock has more than doubled.

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MS since 2010

— Hugh Son, Fred Imbert

S&P 500 opens higher

The S&P 500 traded 0.2% higher, while the Dow and Nasdaq also climbed slightly.

— Fred Imbert

S&P 500 needs two more weekly closes at current levels before moving higher, says Fairlead's Stockton

The S&P 500 is trading at its highest levels of the year but Fairlead Strategies' Katie Stockton is looking for two more S&P 500 weekly closes above 4,155 – this Friday and next – as confirmation that the benchmark stock index is ready to move meaningfully higher, she told CNBC's "Squawk Box" Friday.

The S&P 500 closed at 4,198 on Thursday. If it closes above 4,155 next week the next level to watch would be 4,300, she said.

Earlier this week the Russell 2000 small caps index showed "signs of life" when it closed above its 50-day moving average – a gauge of initial resistance in a downtrending stock – for the first time since March.

"If we do get those confirmed breakouts by the large cap benchmarks it actually would be a great trigger to add small cap exposure, because if you look at the ratios they're relatively oversold," Stockton said.       

— Tanaya Macheel

Fed's Bowman calls for independent probe on SVB failure

Federal Reserve Governor Michelle Bowman on Friday called for a separate third-party study on the collapse of Silicon Valley Bank and other mid-size regional institutions.

"I believe that the Federal Reserve should engage an independent third party to prepare a report to supplement the limited internal review to fully understand the failure of SVB," Bowman said in prepared remarks for a banking conference in San Antonio, Texas.

"This would be a logical next step in holding ourselves accountable and would help to eliminate the doubts that may naturally accompany any self-assessment prepared and reviewed by a single member of the Board of Governors," she added.

The comments follow a recent report from Michael S. Barr, the Fed's vice chair of supervision, which faulted both SVB officials and regulators at the Fed and elsewhere for the lapses that led to wider stresses on the banking industry.

—Jeff Cox

Fed's Williams says 'era of very low' interest rates remains intact

New York Federal Reserve President John Williams said the longer-term trend in interest rates is likely lower, despite the recent increases in an attempt to battle inflation.

In a largely academic discussion during a forum in Washington, D.C., Williams said the "natural" rate of interest remains to the downside as the prospects for economic output are muted. That's despite the pandemic-era surge in inflation and the increases in the interest rates to combat the higher prices.

"Importantly, there is no evidence that the era of very low natural rates of interest has ended," Williams said.

—Jeff Cox

RBC says buy Planet Fitness because of business format, earnings growth expectations

Planet Fitness is a smart buy due to its expected earnings growth and business model focused on franchises, according to RBC.

Analyst Christopher Carril initiated coverage of the gym stock at outperform. His price target of $86 implies an upside of 23.4% from where the stock closed Thursday.

"We see PLNT's model as attractive in a still-uncertain macro," he said in a note to clients Friday.

CNBC Pro subscribers can read more here.

— Alex Harring

Stocks making the biggest moves Friday before the bell

Disney — The company's stock fell 0.9% in premarket trading. Earlier on Friday, Macquarie Research downgraded Disney stock to neutral from outperform over uncertainties surrounding the growth of its streaming services.

Nike — Shares fell by more than 2% on news that the company may face more than $530 million in fines for misclassifying thousands of independent contractors, according to a report from The Guardian. 

Bath & Body Works — Shares drew back by 2.2% after surging 10.7% during the previous trading session. The longtime mall shop posted better-than-expected earnings for the fiscal first-quarter and raised its full-year guidance in its earnings announcement on Thursday.

The full list can be found here.

— Hakyung Kim

Foot Locker tumbles after earnings

Foot Locker plunged 25% in the premarket after missing first-quarter expectations on the top and bottom lines.

The sportswear retailer posted adjusted earnings of 70 cents per share, lower than the 81 cents per share expected by analysts polled by Refinitiv. It reported revenue of $1.93 billion, weaker than the expected $1.99 billion.

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Foot Locker shares 1-day

— Sarah Min

Goldman Sachs calls lithium stock a sell

Goldman Sachs said Sociedad Quimica y Minera de Chile, or SQM, is worth leaving behind given the stock's direct exposure to lithium prices

Analyst Marcio Farid initiated coverage of the lithium producer's stock with a sell rating. His $60.60 price target implies shares could fall 16.7% from where they closed Thursday.

"We recognize SQM's unique, large and low-cost asset base, as well the company's distinctive ability to operate brine ponds, but believe this is already priced in," he said in a note to clients Friday. "We also think consensus is too bullish on their forecasted lithium prices, potentially leading to earnings downgrades in the short-to-medium term."

CNBC Pro subscribers can click here to read the full story.

— Alex Harring

Bloom Energy rises before the bell following JPMorgan upgrade

Shares of Bloom Energy rose 6.3% in premarket trading after JPMorgan said the clean energy stock has a buying opportunity following its recent dip.

Analyst Mark Strouse upgraded the stock to overweight from neutral. He cut $2 from his price target to $20, but Strouse's new target implies the stock could rally 46.5% from where it closed Thursday's session.

The stock has lost about 28.6% since 2023 began and has lost more than 40% since its downturn began in mid-February. That's created a lower point for investors looking to buy in, he said.

"We believe the recent pullback ... is overdone and that investors can take advantage of the volatility to add to positions in a stock that we believe will be a long-term beneficiary of the energy transition," Strouse said in a note to clients Friday.

CNBC Pro subscribers can read the full story here.

— Alex Harring

Bank of America says sell stocks at current levels

The S&P 500 enters Friday's session just below the key 4,200 level, and Bank of America thinks its time to ease equity exposure.

"We still fade" the S&P 500 around these levels, strategist Michael Hartnett said in a Friday note.

The S&P 500 has been bumping against the 4,200 mark throughout the year without a meaningful break above. This latest test, according to Hartnett, "would be so 'on-brand' for stocks to melt-up into recession, suck 'em all in right before the hard landing."

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SPX close to key level

— Fred Imbert, Michael Bloom

European equity markets open higher

European markets opened higher Friday as U.S. debt ceiling talks boost investor sentiment. German stocks extended the previous day's gains, with the DAX index having hit its highest point since January 2022 Thursday.

The pan-European Stoxx index was up 0.3% at the start of trading, with all sectors and major bourses in the green. Mining stocks led gains with a 1.1% uptick, followed by tech stocks, which were up 0.6%.

— Hannah Ward-Glenton

Alibaba leads losses on Hang Seng after quarterly revenue misses expectations

Shares of Chinese tech giant Alibaba fell almost 5% in Hong Kong, leading losses on the Hang Seng index after the company's quarterly revenue missed expectations late Thursday.

Alibaba recorded a revenue of 208.20 billion yuan ($30.12 billion) for the three months ended in March, compared with a Refinitiv consensus estimate of 210.3 billion yuan.

Meanwhile, the company posted a full-year revenue of 868.69 billion yuan, up 2% year-on-year, but this was the slowest rate of growth since the company went public in 2014.

Net income stood at 22 billion yuan for the quarter, reversing a year earlier loss of 18.36 billion yuan.

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— Lim Hui Jie

Japan's core inflation nationwide rose 3.4% in April

Japan's core inflation nationwide rose 3.4% year-on-year in April, in line with forecasts by economists polled by Reuters.

The reading ticked up higher from the previous month's inflation rate of 3.1% and marked levels above the central bank's target of 2%.

Overall inflation also ticked up from 3.2% in March to 3.5% in April.

The Japanese yen strengthened 0.2% to 138.42 against the greenback after the U.S. dollar index rose past 103.5 overnight, marking its highest point in about two months.

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— Jihye Lee

U.S., Taiwan reach first agreement as part of trade initiative

The United States and Taiwan reached an agreement on a number of trade items, marking a deal on the first part of the bilateral "21st Century Trade" initiative.

The first agreement under the initiative includes: customs administration and trade facilitation, good regulatory practices, services domestic regulation, anticorruption, and small and medium-sized enterprises, the United States Trade Representative said in a release.

US trade representative Katherine Tai said of the agreement, "This accomplishment represents an important step forward in strengthening the U.S.-Taiwan economic relationship."

The agreement comes in the face of increased pressure from China, warning against deepening bilateral engagement between the U.S. and Taiwan.

— Jihye Lee

This big regional banking ETF is about to wrap up a strong week

The SPDR S&P Regional Banking ETF (KRE) is on pace to end the week on a strong note.

The regional banking space's shake up starting in March – back when Silicon Valley Bank closed amid a flight of deposits – has roiled the ETF. Positive developments this week, including Western Alliance's update on its deposit growth for the current quarter, have helped lift the fund. KRE is now up 9.7% through Thursday's close.

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Leaders in KRE for the week include PacWest, Western Alliance and Customers Bancorp. All three are up 28% through Thursday's close.

-Darla Mercado, Jason Gewirtz

Emerging market value stocks most attractive asset class over next 7 years, GMO says

Emerging market value stocks are the most attractive asset class over the next seven years, according to the latest monthly projection (as of 4/30/23) from Grantham Mayo Van Otterloo & Co., likely to return a real 7.6% per annum, down from a projected 9.8% at the end of 2022.

Emerging market stocks are forecast to return 5.3% a year, down from 5.6% at the end of last year. International small-cap stocks are now projected to return a real 3.7%, down from 5.2%. International large-cap stocks will return 1.4% a year, down from 3.2%.

U.S. stocks of all stripes keep falling into the worst GMO camp. U.S. small-cap stocks will lose an average of 1.1% a year, more than the 0.4% annual decline foreseen as the year began, and U.S. large-cap stocks will drop an average 1.8%, more than double the average 0.7% loss projected previously.

The best returns in fixed income are expected to come in emerging market debt (up 3.9% a year vs a previous 4.1% a year), followed by U.S. cash at +0.9% (+1.2%).

— Scott Schnipper

Ross Stores offers cautious outlook

Shares of Ross Stores traded slightly lower in overnight trading after the retailer beat Wall Street's earnings expectations but offered cautious guidance for the current period.

The off-price retailer beat earnings expectations by 3 cents a share, but reported revenue and same-store sales metrics roughly in line with estimates. For the second quarter, Ross said it expects EPS to range between $1.07 and $1.14, below a Refinitiv estimate of $1.24.

CEO Barbara Rentler attributed the weaker-than-expected outlook to inflation and the difficult macroenvironment. Persistent inflation continues to weigh on lower-income shoppers, she added.

"There remains a high level of uncertainty in today's macro-economic and geopolitical environments. In addition, prolonged inflationary pressures continue to negatively impact our low-to-moderate income customers' discretionary spend," she said.

— Robert Hum, Samantha Subin

Good news for contrarians. Bullishness keeps heading south

Contrarians rejoice. Stock market bullishness among individual investors keeps shrinking, falling to just 22.9% in the latest survey out Thursday from the American Association of Individual Investors, down from 29.4% last week. The historic average is 37.5%.

Optimism is now at a 7-week low, the AAII said.

Neutral sentiment that stocks will barely budge over the next six months widened to 37.4% of investors, up from 29.4% last week. Outright bearishness narrowed to 39.7% from 41.2%, still far above the historic average of 31.0%.

Sentiment surveys are used as contrarian indicators, the idea being that when a large percentage of investors say they're bullish, they've already bought and have little firepower left to push prices higher. Similarly, when large numbers of investors say they're bearish, they've already sold and have lots of cash.

Stock futures are flat

Stock futures were little changed Thursday evening.

Futures connected to the Dow Jones Industrial Average traded flat, while S&P 500 and Nasdaq-100 futures added 0.07% and 0.06%, respectively.

— Samantha Subin