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The Dow Jones and other major indexes were mixed in afternoon action Friday, as Nvidia rose on more bullish sentiments on Wall Street and Tesla weakened on lower factory production in China. Meanwhile, lawmakers worked to prevent a government shutdown and gains from Nike and Lululemon put a dent in retail stocks in the stock market today.
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The Dow Jones Industrial Average fell 0.6%. The blue-chip index rose to a record high on Thursday, but pared those gains by the close. According to Investors Intelligence, the seasonal strength following the Ides of March, or March 15, may have already been factored into the market, creating greater potential for more “short and churn.”
The S&P 500 was down 0.1% after it also hit an all-time high on Thursday. The technology and communications services sectors took the lead, while a drop in Treasury yields did not appear to help the real estate sector, which lagged among S&P 500 sectors.
The Nasdaq gained 0.1%. But the technology index showed stagnant action on Thursday after early gains evaporated. Small-cap stocks in the Russell 2000 fell 1.1% Friday afternoon.
House Speaker Mike JohnsonIsrael’s plans to avoid a midnight government shutdown appeared to be successful. The House passed a $1.2 trillion bill that now goes before the Senate, but the measure sparked a riot from some Republican lawmakers.
The decliners defeat the advancers
Although volume on the New York Stock Exchange and Nasdaq was lower today in the stock market compared to the same time on Thursday, the bears maintained similar control as the bears, outnumbering the advancers. at almost 2 to 1 in both markets.
The innovative IBD 50 (FFTY) exchange-traded fund fell 0.6%, while the yield on the benchmark 10-year Treasury bond fell 5 basis points to 4.22%.
Among the Magnificent Seven, NVIDIA (NVDA) rose more than 2% after UBS analysts noted further growth following its artificial intelligence conference that ended Thursday. Nvidia is a holding in the Investor’s Business Daily, IBD Leaderboard model portfolio.
Meanwhile, tesla (TSLA) fell further below the stock market’s 50-day moving average today as it announced production cuts at its Shanghai plant. The news raises fears of even slower demand for electric vehicles in China and Europe.
Dow Jones Stocks: Apple, Disney, Merck
Apple (AAPL) recovered from Thursday’s sharp sell-off and gained 0.9%. The iPhone maker faces an antitrust lawsuit from the Department of Justice. Analysts “Don’t expect any changes to the business model for now.“.
disney (DIS) fell while merck (MRK) pink. Both stocks are in buy zones from suitable buy points, according to Rise of the IBD market Pattern recognition tools.
Nike (NKE) offered an in-line outlook for 2024, but expects lower growth in the first half of 2025. The stock fell from the 50-day moving average on heavy volume and was the worst performer in the Dow.
The benefits that move the stock market today
Profit engines included lululemon (lulu) which fell below the 200-day line and undermined its base in a low-key perspective.
FedEx (FDX) spiked and broke from a cup base with a 285.53 buy point after earnings surprise. Shares hovered just below a buy point in recent action.
New recent issue Worthington Steel (W.S.) kept half its profits after gaining 20% following its third quarter report. Service now (NOW) has a flat base with a buy point at 815.32.
Elsewhere in the IBD 50 Duolingo (DUOL) has a cup-and-handle pattern with a buy point of 241.86. Wall Street expects earnings growth of 872% in 2024.
AND Arista Networks (A NETWORK) was in buying range on the stock market today from a flat base buy point of 292.66.
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