The major averages all declined on a weekly basis, though the loss for the Dow and S&P were fairly mild while the slide in the Nasdaq was more significant. Google (GOOGL) got called out by the EU, Amazon (AMZN) got called out by the President and biotech had a bad week, which all contributed to the Nasdaq's struggles.

MACRO NEWS: In the U.S., durable goods orders fell 1.1% overall during May, versus the expected decline of 0.6%. If transportation items are removed from the data, the core reading showed orders were up 0.1%, versus the expected increase of 0.4%. The Chicago Fed national activity index had a reading of -0.26, versus the expected reading of 0.20. The Conference Board's consumer confidence reading rose 1.3 points to 118.9 in June, which was better than the 116.0 reading that was expected. Weekly jobless claims data showed initial claims of 244,000, versus the expected 240,000. First quarter annualized GDP growth was upwardly revised to growth of 1.4%, versus the expectation for the growth estimate to remain at 1.2%. Personal consumption in Q1 is now estimated to have grown 1.1% , versus the prior estimate of an increase of 0.6%. Personal income rose 0.4% in May, while spending increased 0.1%. The Chicago Business Barometer, also known as the Chicago PMI, surged 6.3 points to 65.7 in June, which was much better than expected. The University of Michigan's final consumer sentiment reading for June was revised up to 95.1 from the 94.5 flash reading, though that is still down from 97.1 in May. Baker Hughes reported that the U.S. rig count is down 1 rig from last week to 940, with oil rigs down 2 to 756 and gas rigs up 1 to 184... In U.S. political news, Senate Republicans delayed the vote on their new healthcare bill until after the July 4th recess as they continue to negotiate disagreements regarding the plan to repeal and replace Obamacare.

In Asia, China's NBS manufacturing PMI for June came in at 51.7, versus the consensus forecast for a reading of 51, while the NBS non-manufacturing PMI ticked up 0.4 points to 54.9.

In Europe, the Eurozone Consumer Price Index rose 1.3% in June, which was firmer than the expected 1.2% increase.

COMPANY NEWS: The European Commission fined Alphabet's Google unit EUR 2.42B for breaching EU antitrust rules. The EC claims Google has abused its search engine market dominance by giving an illegal advantage to its comparison shopping service, while Google said it "respectfully" disagrees with the conclusions and will review the Commission's decision as it considers an appeal.

President Trump took a shot at two of Jeff Bezos' properties, tweeting that the "#AmazonWashingtonPost, sometimes referred to as the guardian of Amazon not paying internet taxes (which they should) is FAKE NEWS!" The tweet followed a report published in the Post that said that a framed copy of a purported Time magazine cover featuring Trump, which was hung up in at least five of the President's golf clubs, is a fake and Time magazine has asked the Trump Organization to remove the phony cover from the walls where it was on display.

The Federal Reserve did not object to the capital plans of any bank, marking the first time since the CCAR tests started in 2011 that all of the financial institutions passed. After the Fed gave its thumbs up, the big six banks - JPMorgan (JPM), Bank of America (BAC), Citi (C), Wells Fargo (WFC), Goldman Sachs (GS), and Morgan Stanley (MS) - are set to return as much as $97B to shareholders, up about half from a year ago. However, while the Fed didn't object to the capital plan of Capital One (COF), it is requiring the firm to submit a new capital plan within six months that addresses identified weaknesses in its capital planning process.

Merck (MRK) confirmed on Tuesday that the company's computer network was compromised as part of global hack that also affected other organizations, including Mondelez (MDLZ) and the U.K.'s WPP (WPPGY). Then, on Wednesday, FedEx (FDX) announced that subsidiary TNT Express' worldwide operations were "significantly affected" due tot the infiltration of an information system virus. FedEx said that the infiltration "could be material," though it noted that it cannot measure the financial impact of the service disruption yet.

Shares of Sprint (S) advanced 2% on Tuesday after The Wall Street Journal reported that the company has put its talks about a merger with T-Mobile (TMUS) on hold as it negotiates with Comcast (CMCSA) and Charter Communications (CHTR) on a potential wireless deal. The wireless network operator and cable companies have entered a two-month exclusivity agreement, the Journal added. Following the report, T-Mobile shares slid by over 3% while Verizon (VZ) and AT&T (T) fell about 2% and 1%, respectively.

Over last weekend, activist investor Dan Loeb's Third Point took a $3.5B stake in Nestle (NSRGY) and urged the foodmaking giant to improve margins, repurchase shares and dispose of noncore assets, including its 23% stake in L'Oreal (LRLCY). Then, on Tuesday, Nestle announced that its Board of Directors approved a share buyback program of up to CHF 20B, to be completed by the end of June 2020. The company also said it has determined that it will only prioritize external growth opportunities that "fit within targeted categories and geographies, deliver attractive returns, and build on the company's leadership position".

Chicago Bridge & Iron (CBI) surged this week after the Delaware Supreme Court's decision to reverse the previous decision of the Court of Chancery in CB&I's lawsuit against Westinghouse.

Avis Budget (CAR) shares jumped on Monday after Alphabet's (GOOG) self-driving car unit, Waymo, announced an agreement for Avis to manage its fleet of self-driving vehicles in Arizona. Additionally, Hertz (HTZ) advanced after Bloomberg reported that Apple (AAPL) was leasing a small fleet of vehicles from the company to test self-driving technology. M&A: Rite Aid (RAD) and Walgreens Boots Alliance (WBA) announced the immediate termination of their merger agreement, citing feedback from the Federal Trade Commission that led the companies to believe they would not have obtained FTC clearance for the deal. Instead, Rite Aid has agreed to sell 2,186 stores, related distribution assets and inventory to Walgreens for an all-cash purchase price of $5.175B, which it said it will use primarily to repay existing indebtedness. Spectranetics (SPNC) jumped 26% on Wednesday after Royal Philips (PHG) announced an agreement to acquire the company for $38.50 per share in cash, which implies an enterprise value of EUR 1.9B, inclusive of Spectranetics' cash and debt. Government Properties Income Trust (GOV) fell nearly 12% on Wednesday following an announcement that it will acquire First Potomac Realty Trust (FPO) in a $1.4B deal. First Potomac also dropped 2.5% immediately following the deal announcement.

EARNINGS: Shares of Nike (NKE) raced nearly 11% higher on Friday after the sneaker giant reported better than expected quarterly sales and profits. Deutsche Bank analyst Paul Trussell raised his price target for Nike to $69 saying "we can all breathe a sigh of relief" following last night's Q4 results, and several other Wall Street analysts echoed that sentiment. Among other companies that announced quarterly results this week, Darden (DRI) and Constellation Brands (STZ) advanced immediately following their reports, while Western Digital (WDC), Micron (MU) and Pier 1 Imports (PIR) declined.

INDEXES: The Dow lost about 0.2% to close at 21,349.63, the S&P 500 fell about 0.6% to close at 2,423.41, and the Nasdaq declined about 2% to close at 6,140.42.