Stocks: Let's hear it for May!

May 31, 2013: 9:05 AM ET
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NEW YORK (CNNMoney)

Wall Street's traditional "Sell in May and go away" advice won't likely apply in 2013.

Barring a massive sell-off Friday, the major U.S. indexes will end the month with solid gains. So far this month, they're up between 3% and 4%, bringing their advance for the year to a hefty 16%.

U.S. stock futures were lower Friday, one day after markets edged higher.

Investors close out the week awaiting a handful of economic reports. The Commerce Department said both personal income and spending decreased slightly in April. Economists surveyed by Briefing.com had predicted a modest increase.

The latest edition of the Chicago Purchasing Managers' Index will be released at 9:45 a.m., followed closely by a report on consumer sentiment from the University of Michigan and Thomson Reuters.

Related: Fear & Greed Index, wallowing in greed

In corporate news, Nasdaq said Netflix (NFLX) will join the Nasdaq-100 (NDX) on June 6, replacing healthcare supplier Perrigo (PRGO).

Lion's Gate (LGF) shares rose after the media company said sales jumped 71% in the past fiscal year, helped by teen-oriented franchises Hunger Games and Twilight.

Shares of Palo Alto Networks (PANW) plunged after the technology company swung to a big loss in the most recent quarter.

Related: Best deals in investing

European markets took a tumble in midday trading. Benchmark indexes in France, Germany and the United Kingdom were all off by roughly 1%.

Unemployment in the troubled eurozone region hit a record high of 12.2% last month, according to the latest statistics from Eurostat.

Asian markets ended the week with mixed results. The Nikkei advanced by 1.4%, rebounding from Thursday's steep decline brought on by mounting concerns over the country's economic turnaround plan. The Hang Seng dipped by 0.4% while the Shanghai Composite index fell by 0.7%.

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Index Last Change % Change
Dow 16,852.45 -59.66 -0.35%
Nasdaq 4,453.44 10.74 0.24%
S&P 500 1,966.09 -3.86 -0.20%
Treasuries 2.55 0.09 3.53%
Data as of 1:15pm ET
Company Price Change % Change
Bank of America Corp... 15.42 0.09 0.55%
Facebook Inc 74.91 1.20 1.63%
Pfizer Inc 29.26 -0.21 -0.73%
Genworth Financial I... 14.17 -2.09 -12.85%
Yahoo! Inc 36.80 1.12 3.14%
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