U.S. stocks moved lower Friday as oil prices lost steam after a week-long rally. Oil rose $4 this week and trades just over $48 a barrel. ‘Oil doesn’t have to go meaningfully higher, but we can’t support a bull market in stocks or anything without oil at least stabilizing,’ said David Nelson, chief strategist at Belpointe Asset Management. Viacom’s board has reached an agreement on the ouster of CEO Philippe Dauman, sources tell TheStreet. He is expected to score a severance package worth $72 million. COO Tom Dooley is expected to be take the role as interim CEO. Shares gained 2.1 percent. Foot Locker posted second quarter earnings of $0.94 a share, beating estimates by $0.04. Revenue rose 5 percent year-over-year to $1.78 billion, slightly ahead of the $1.76 billion analysts had expected. Same store sales rose 4.7 percent. The stock is up 5 percent. Estee Lauder reported earnings of $0.43 a share, beating estimates of $0.40. Sales gained 5 percent year-over-year to $2.65 billion, largely in-line with estimates. Shares slipped almost 4 percent. TheStreet’s Scott Gamm reports from Wall Street.
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