The major stock indexes pared back big gains on Friday, but the Dow Jones Industrial Average still topped a key milestone. The Nasdaq Composite and S&P 500 rebounded after dividend days on Thursday. And NVIDIA (NVDA), apple (AAPL) and Tesla (TSLA) today attempted to regain some of the ground it lost in the stock market.
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The Dow Jones Industrial Average rose more than 1% at one point during trading hours before ultimately finishing up 0.6%, nearly halving its gains but still enough for the blue-chip stocks to close just above 40,000 for the first time in history.
The Nasdaq Composite Index nearly halved its previous day’s gains by the close, with the tech-heavy index finishing up 0.6%. Nasdaq stocks are recovering after dropping nearly 2% at their high on Thursday.
Meanwhile, the S&P 500 also rose 0.6%, before slipping back slightly by the close. The S&P 500 tried to claw back all of Thursday’s 0.9% decline but fell short by the close.
The Russell 2000 index of small-cap stocks posted a second straight day of strength, climbing 1.3% following a 3.6% surge on Thursday.
In the bond market, the 10-year Treasury yield fell slightly to around 4.18% following the latest inflation report, with traders now pricing in the possibility of three rate cuts by the end of the year, according to CME FedWatch.
Trading volume on the Nasdaq and the New York Stock Exchange was down compared to the same time on Thursday. Advancing issues outnumbered declining issues more than two to one on the Nasdaq. On the NYSE, that ratio was more than three to one.
Intel, Nvidia, Apple see profits shrink
Several tech stocks tried to regain some of the ground they lost on Thursday, but their big gains were pared back by Friday’s close.
Chip giant Intel The best performer on the Dow was Intel (INTC), which rose more than 5% on Friday before closing out the day with a gain of less than 3%. Intel fell nearly 4% on Thursday’s selloff in big tech stocks.
IBD 50 and Leaderboard stock Nvidia saw some of its gains disappear as the artificial intelligence giant closed up 1.5%. Nvidia recouped about 3% of the 5.5% loss it suffered in heavy trading on Thursday. The stock remains up from its most recent buy points of 92.22 and 97.40.
Finally, Apple rose 1.3% after dropping 2.3% on Thursday. Apple is rising from a cup base with a buy point at 199.62.
But Tesla was able to close near its trading high on Friday, rising 3%. Shares plunged more than 8% on Thursday, snapping an 11-session winning streak.
Updated 3:24 p.m.
Stock price movements
In the Dow Jones index, Amgen (AMGN) rose another 2.5%, extending its winning streak to six consecutive sessions. The biotech company has been performing well, recovering a 322.60 buy point, but the recent gains have come on very light volume.
Ford (F) was one of the best-performing stocks in the S&P 500, rising about 5%. The automaker rose from a shallow cup base with a 13.95 buy point.
Mohawk Industries (MHK) was also a strong performer on the S&P 500, rising more than 4%. The maker of flooring materials for the residential and commercial markets is forming a double bottom base and is quickly approaching a buy point at 126.62.
Retail Stocks RH (RH) and Williams-Sonoma (WMS) led the home furnishings group’s stock price to rise about 2.5%. Williams-Sonoma rose above 150 points to return to near its all-time high. Its stock is up more than 14% this week. Meanwhile, RH is still trending lower, down more than 30% from its all-time high.
In addition, India-based Make My Trip (MMYT) started to rise and reclaimed its 89.83 entry.
Updated 2:06 p.m.
Stock market today: Focus on financials, growth stocks
Financial stocks continued to be in focus. J.P. Morgan (JPM) fell but recovered strongly from its post-earnings lows. Wells Fargo (WFC) and Citigroup (C) fell into the red with losses of 6% and 2%, respectively.
Growth stocks are doing well again. In the Market Surge Growth 250, Modine Manufacturing (MOD) gave up some early gains but was still up 1% as it tried to bottom at a 109.53 buy point. The company provides thermal management systems for data centers, which currently make up only a small portion of its business.
Leaderboard Stocks Taiwan Semiconductor Manufacturing (TSM) and ASML (ASML) rose about 2.5%. Both stocks report earnings next week, ASML early Wednesday and Taiwan Semiconductor early Thursday.
Updated 12:10 p.m.
Producer prices rise more than expected
The Bureau of Labor Statistics’ final producer price index for June rose 0.2%, versus the 0.1% increase economists had expected, and producer prices rose 2.6% from a year ago, versus the 2.3% increase expected.
Monthly data excluding food and energy rose 0.4% in June, double the expected 0.2% increase, and annual data excluding food and energy also beat expectations, rising 3.0% compared with the 2.3% increase economists had been expecting.
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Another name for the IBD 50, App Folio (APPF) surged more than 4%, breaking out of a second stage flat base with a buy point of 256.73 in heavy volume trading. The stock is in a buy zone up to 269.57, hitting an all-time high on the stock market today.
Another leaderboard name, Weatherford International (WFRD) has broken out of a cup base with a buy point at 127.20. Oil and gas services stocks are in a buy zone up to 133.56.
IBD 50 Components Elf Beauty (ELF) rose 2% after UBS maintained a buy recommendation on the cosmetics and skincare stock, raising its target price to 250 from 202. The stock was trading above a cup-and-handle-based buy zone with a buy point of 202.58.
Updated 10:44 a.m.
Bank stocks, with few exceptions, fall after earnings announcements
Bank of New York Mellon (BK) surged more than 4% after the company beat expectations for second-quarter adjusted profit and revenue. The stock is trading up from a 58.27 buy point from a flat base.
Besides bank stocks, Fastenal Fast Retailing Co. shares surged more than 4% after the construction supplies retailer reported better-than-expected second-quarter sales and profits that were in line with market expectations. The company’s shares rose above its 50-day and 200-day lines again today on the stock market.
For more stock market news, follow Kimberley Koenig on X/Twitter. translator.
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