The major stock indexes were mixed and little changed on Friday, a day after the Dow Jones Industrial Average topped 40,000 for the first time in history. The Nasdaq Composite was relatively quiet on the stock market today following a calm distribution session on Thursday.
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The tech-heavy Nasdaq confirmed a new uptrend on Wednesday with its follow-through day. It is generally not a good idea to confirm the delivery date too soon after the follow-through date. However, increased speculation about low-priced speculative stocks is distorting Nasdaq trading volume. faraday future intelligence For example, (FFIE) more than doubled on Thursday to 1.65 shares per share on volume of 1.1 billion shares. The stock rose another 60% early Friday morning.
On the other hand, online platforms reddit (RDDT) soared more than 10% after the company announced a partnership with Microsoft-backed OpenAI. The social media site will give OpenAI access to Reddit’s Data API, allowing the artificial intelligence startup to learn from Reddit’s content in real time.
game stop (GME) plunged more than 20% after the company filed to sell up to 45 million shares of its Class A common stock. GameStop also said it expected first-quarter sales of $872 million to $892 million, lower than analysts’ expectations of more than $1 billion.fellow meme stock AMC Entertainment (AMC) announced a stock offering earlier this week.
and Advanced Micro Devices (AMD) had a solid early rally, rising more than 3% after the news. microsoft (MSFT) gives cloud customers the option to use AMD’s artificial intelligence chips instead of relying solely on AMD’s artificial intelligence chips. Nvidia (NVDA) AI processor. However, AMD pared its early gains after being rejected by the 50-day moving average.
stock market today
Nearly an hour into trading, the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite were flat to slightly lower.
Today is the third Friday of every month, so the option expires today. As a result, volume may be high by the end of the trade. In the early stages, volumes were mixed. It was up slightly on the Nasdaq compared to the same time Thursday, and down slightly on the New York Stock Exchange.
Advancing stocks and declining stocks were evenly matched in morning trading.
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On the New York Mercantile Exchange, West Texas Intermediate crude oil futures rose slightly to around $79.34 per barrel. The 10-year Treasury yield rose 3 basis points to just over 4.40% after hitting its 200-day moving average on Thursday.
Leader of chip equipment in financial results news applied materials (AMAT) started to decline despite a strong earnings report. Applied Materials cleared a flat base on Wednesday on heavy volume, but turned lower along with the broader market on Thursday. 214.91 Entry is still valid.
Nvidia fell 1.5% ahead of next week’s earnings release. Results are expected to be announced after the close of trading on Wednesday. Nvidia is expected to report another quarter of explosive earnings and revenue growth. Analysts polled by FactSet expected adjusted earnings of $5.22 per share, up 474% from a year ago. Sales are expected to more than triple to $24.5 billion.
Movement of growth stocks
In-market Surge Growth 250, robinhood market (HOOD) rose 5% on the stock market today, helped by an upgrade from Underperform to Buy from BofA Securities. Robinhood has been volatile near its 10-week moving average and is trying to find support there.
newmont mining (NEM) is also included in the MarketSurge Growth 250 and Leaders Watchlist and is up 1%, just below the alternative entry of 43.91.
IBD 50 also provided several benefits, including: pan american silver (PAAS). The stock price rose about 4%. It is near the upper end of the 5% buy zone from the 20.60 entry.
Giga cloud technology (GCT) was also the top gainer on the IBD 50, rising nearly 2%. The provider of his B2B e-commerce solutions for bulk goods still has a way to go to reach alternative standard 41.31.
For more stock market analysis and insights, follow Ken Shreve on X @IBD_KShreve.
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