Friday funk: Stocks struggle for direction

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NEW YORK (CNNMoney)

The Dow Jones industrial average, the S&P 500 and the Nasdaq were all drifting between small gains and losses. Perhaps it's a bit of relief from Thursday when stock tumbled as worries about a banking crisis in Portugal and weak economic data out of Europe weighed on the market.

Is this a temporary blip? While there's a lot of choppiness in the markets this week, experts told CNNMoney that stocks will continue to go up this year. On average, they expect the S&P 500 to finish the year about 9% higher (it's currently up just over 6%).

Related: Stocks will end 2014 even higher, investing pros say

Here's what you need to know:

Europe shows resilience: Major European exchanges regained composure Friday, bouncing back after worries over a Portuguese bank eased.

Shares in Banco Espirito Santo were suspended on Thursday, but not before they slumped 17%, taking losses for the year to 46%. Banco Esperito resumed trading Friday and said it has sufficient capital to cover any losses. The stock stabilized Friday after regulators announced a temporary ban on short selling in the bank's shares.

Related: 4 reasons to keep calm about Portugal's bank crisis

What's moving -- Wells Fargo, Tobacco stocks: Shares of Wells Fargo (WFC) were under pressure after the nation's largest bank by market cap reported earnings that were in line with analysts' expectations.

Wells Fargo is the first major U.S. bank to report second quarter results. Citibank (C), JPMorgan (JPM), Goldman Sachs (GS), Bank of America (BAC) and Morgan Stanley (MS) all open their books next week.

Related: Wells Fargo is lending is mountain of cash

Imperial Tobacco, a global tobacco company based in England, is in talks to buy certain brands from Reynolds American (RAI) and Lorillard (LO). The deal would combine two of the largest U.S. cigarette brands into a company with a potential market value of $56 billion, according to Daniel Sugarman, a market strategist at ETX Capital in London.

"That would cause a major shake-up in the U.S. tobacco market, pressuring competitors like Philip Morris," he said.

Amazon drones on: Amazon (AMZN, Tech30) has asked the Federal Aviation Administration for permission to conduct tests of its planned drone delivery service near its headquarters in Seattle. The stock was up nearly 5% in early trading, though it's still down sharply for the year.

Shares of Digital Alley (DGLY) soared after the maker of video surveillance equipment said the Patent and Trademark Office had approved its initial patent on technology used by law enforcement officers to connect "body cameras and in-car video systems."

Trading of suspicious stock halted: Trading in shares of Cynk Technology (CYNK), which have soared 25,000% since mid-June, was halted Friday by the Securities and Exchange Commission. The SEC said the suspension was due to concerns about "the accuracy and adequacy of information in the marketplace and potentially manipulative transactions in CYNK's common stock."

Related: CNNMoney's Tech30

Asia unfocused: Asian markets were all over the place on Friday. Japan's Nikkei shed 0.3%, the Hang Seng was flat and the Shanghai Composite added 0.4%.

First Published: July 11, 2014: 9:54 AM ET

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