TheStreet Live

The Fed remained in focus with speculation over a June rate hike leading to choppy trading. The S&P 500 buffered the flatline for the majority of the session, but fell into the red by the closing minutes. Fiat Chrysler fell on reports it could be banned from selling cars in Germany if it is found to have ignored emissions rule. The German motor authority reportedly found the automaker had tinkered with emissions equipment in some of its models. Lending Club spiked after Singapore-based investment firm Shanda Group acquired a nearly 12% stake in the peer to peer lender. The company has suffered a rough week after the Justice Department launched an investigation into a number of its loans.

Stocks struggled for direction as the possibility of a rate hike in June continued to loom large over Wall Street. Boston Fed President Eric Rosengren noted that the U.S. economy is on the verge of warranting a rate increase next month. The U.S. manufacturing sector failed to improve in May as the Markit Flash PMI fell. The production component declined for the first time since September 2009. The sector has been under pressure from weaker global demand and a stronger U.S. dollar that deterred foreign buyers. Bank of America gave a two-notch upgrade to Staples . The firm said the move was a valuation call as the stock has fallen sharply over the last fortnight following the dissolution of its planned merger with Office Depot .

There's a major break in the EgyptAir crash as the investigation into what happened enters a second day. The Egyptian Army Spokesman Brig. General Mohammed Samir said on his verified Facebook page that his military's search planes and vessels had discovered parts of the Airbus A320 along with some passengers belongings about 180 miles north of the city of Alexandria. Gap ( ) stores is shutting down 75 stores across its Old Navy and Banana Republic brands. The move is aimed at helping the company reverse sluggish sales and improve its balance sheet. Most of the store closings will be overseas. Verizon ( ) and others are expected to bid $2 to $3 billion dollars for Yahoo!'s ( ) core assets. The number is less than what the troubled internet pioneer was expected to fetch, according to Marketwatch. Data on existing home sales are due today from the National Association of Realtors. The Baker Hughes rig count is released and SEC Chairwoman Mary Jo White speaks to investment professionals.

The tech sector led gains on Wall Street after a better-than-expected quarter from Applied Materials alleviated worries over weaker demand in the industry. The sector has been hard hit over this earnings season with big misses from giants including Apple and Alphabet . Crude oil closed nearly 1% lower after the number of U.S. rigs drilling in oil fields came in unchanged over the past week. Crude did climb more than 3% for the week, though, as global supply disruptions inspired bullish sentiment. LendingClub jumped as its new CEO assured investors the company remains financially viable and fully operational. The peer-to-peer lender is under federal investigation over a number of loans.

Stocks jumped as the two-day intense focus on the Federal Reserve and its rate hike plans began to ease. Wall Street has been under pressure for much of the week as investors digested the increased likelihood of a June rate hike. Applied Materials led the tech sector higher after beating second-quarter estimates and reporting a double-digit boost in orders. The chipmaker also forecast quarter-on-quarter sales growth for its current three-month period far higher than estimated. Sales of previously owned homes increased nearly 2% in April, a faster pace than analysts had expected. A housing shortage and higher prices continues to strain the market, though demand remains robust. Deere & Co. fell after reporting a challenging second quarter.

U.S. stocks opened higher on Friday, as supply disruptions in Canada and Nigeria have been keeping oil prices stable. West Texas Intermediate, the U.S. benchmark for oil, at one point crossed $48 a barrel on Friday. Plus, Foot Locker FL shares fell after reporting mixed first quarter results. Earnings per share of $1.39 matched estimates, while revenue of $1.99 billion, just missed the consensus forecast. Same store sales rose 2.9 percent during the quarter, falling short estimates of a 4.5 percent increase. Finally, Walmart's price target was raised to $69 from $66 by the analysts at RBC Capital. The firm has an underperform rating on the stock, which currently trades at $69.20. Walmart reported better than expected first quarter results on Thursday. TheStreet's Scott Gamm reports from Wall Street.

An EgyptAir flight is missing. The flight from Paris to Cairo lost contact with radar early this morning with 66 people on board. Egypt's civil aviation authority said flight MS804 may have crashed, according to the Associated Press. However, no wreckage has been located. Terrorism is a possibility that authorities are considering but there is not immediate information about what caused the plane's disappearance from radar. Germany's Bayer has official made an offer to buy Monsanto . Neither company has confirmed the terms of the deal. Monsanto has a market value of $42 billion but a buyout could be worth more than that. Monsanto tells the Wall Street Journal that its board is reviewing the offer. Tesla

Increased chances of a June rate hike kept investors fearful. The S&P 500 lost all year-to-date gains as the benchmark index whipped from modest to steep losses to settle just 0.4% lower. Dick's Sporting Goods jumped even as profit fell 10%. Expectations for the sporting goods retailer were lower as the sector struggles with a consumer reluctant to spend over the start to the year. Same-store sales rose just 0.5%. Petrobras was downgraded to UNDERPERFORM from MARKET PERFORM at Raymond James. Analysts said shares of the Brazilian oil company had spiked in the year to date not on fundamentals, but rather as a proxy for Brazilian politics.

The S&P 500 erased all year-to-date gains as stock losses deepened. A selloff in crude oil and continued worries over the Federal Reserve's rate hike plans kept stocks under pressure. Hyatt fell after Bank of America downgraded its stock to NEUTRAL from BUY. Analysts said the hotels sector was under pressure from home-sharing startups such as Airbnb. Hilton Worldwide was also downgraded. Teen retailer American Eagle Outfitters reported a better-than-expected first quarter as digital traffic drove a 7% sales increase. Its namesake brand, which generates the most sales, saw a 4% increase in comps. Urban Outfitters also bucked the downward trend in retail, reporting a 3% increase in quarterly sales.

U.S. stocks dipped on Thursday as investors processed hawkish minutes from the Federal Reserve, released Wednesday, putting a June rate hike in the spotlight. Fueling fears of a sooner than expected rate increase was fresh data on weekly jobless claims, which dropped by 16,000 over the last week to 278,000 on the heels of falling claims in the New York Area. Plus, Walmart shares surged following blowout first quarter earnings. Earnings per share of $0.98 eclipsed estimates of $0.88. Revenue of $115.9 billion also topped Wall Street's forecasts of $113.3 billion. Same store sales gained 1 percent, compared to estimates of 0.5 percent. Tesla shares rose after announcing a sale of $2 billion worth of common stock. The electric automaker said it will use the money to 'accelerate the ramp of Model 3,' which has seen a surge in demand. TheStreet's Scott Gamm reports from Wall Street.