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The Dow Jones Industrial Average and other major indexes pared their losses, but still finished lower on Friday, feeling the effect of Adobe‘s (ADBE) income-induced problems. The Nasdaq attempted to recover, but appeared to be heading into territory it had not seen since last fall. Meanwhile, Nvidia gave up gains and fell at the closing bell, while tesla (TSLA) stopped its fall on the stock market today.
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The Dow closed down 0.5% on Friday, while the S&P 500 fell 0.7%. Among S&P sectors, energy and utilities gained, while technology and communications services lagged.
The Nasdaq closed down 1%. The technology index had its first consecutive weekly losses since late October.
After a sharp decline on Thursday, small-cap stocks fared slightly better. The Russell 2000 gained 0.4%. Also, expired options Friday.
In economic news, the Empire State Manufacturing Index’s measure of manufacturing activity in March contracted to -20.9. Economists expected a drop to -8. Additionally, the University of Michigan Consumer Confidence Survey came in at 76.5 in March. The survey was expected to return a 77.3, according to economic day.
Also on the economic front, investors await statements from Federal Reserve Chairman Jerome Powell. Powell is due to speak on Wednesday, amid sentiment that interest rates are it is expected to remain the same.
Volume on the New York Stock Exchange was lower but higher on the Nasdaq compared to the same time on Thursday. Width improved as those who advanced outnumbered those who fell in both exchanges.
The innovative IBD 50 (FFTY) exchange-traded fund resisted the bearish tide and rose 0.3% on the stock market today. Additionally, the yield on the benchmark 10-year Treasury bond rose slightly to 4.31%.
Dow Jones Stocks
Nike (NKE) fell 0.6% ahead of the presentation of results next week. The stock is also in a downtrend as it faces resistance at the 50-day moving average, according to Rise of the IBD market. The sports footwear and apparel maker became the latest short position in SwingTrader IBD.
Dow Jones tech stocks sold off as boeing (licensed in letters), JPMorgan Chase (JPM), merck (MRK) and Caterpillar (CAT) all finished higher.
Stock market today
Adobe fell almost 14% after its results, dragging a large part of the market with it. Shares had fallen below the 50-day moving average before the earnings and then fell below the 200-day line on Friday.
Adobe beat Wall Street targets for its fiscal first quarter ended March 1, but offered a lackluster outlook. At least 15 Wall Street analysts lowered their price targets for Adobe stock after the company released results late Thursday.
GigaCloud Technology (TCG) soared more than 23% after reporting a strong quarter and optimistic outlook. He IBD 50 Stock is expanded.
Among the actions of the “Magnificent Seven”, NVIDIA (NVDA) rose most of the day, but ultimately failed to break a two-day losing streak in the stock market today. The leader in AI chips will hold the GTC 2024 conference for artificial intelligence developers next week. Nvidia participates in Investors Business Daily Classification of IBD model portfolio. Shares lost 0.1%.
Tesla managed to avoid sinking further. The electric vehicle giant gained 0.7% but remains in a bearish trend.
Market Rally Halts Ahead of Fed and Two Big AI Events
On the earning platform
In computer technology services, accent (ACN) has formed a tight three-week pattern as it tests the 50-day moving average ahead of next week’s earnings. In retail, clothing manufacturer lululemon (lulu) has a flat base with an early entry at 474.17, according to Rise of the IBD market. The company will report its fourth-quarter results on Thursday.
Elsewhere, Darden Restaurants (DRI) offers a similar pattern with an entry at 176.84 ahead of Q3 results next week. Home Builder Stock Start (KBH) is in a buy zone from a flat base buy point of 64. First quarter earnings will be released on Wednesday.
Business software stocks smart sheet (INTELLIGENT) fell nearly 7% after the company’s sales outlook for the current quarter suggested a further slowdown. Sales have slowed over the past seven quarters.
Outside the Dow Jones index, mixed results and weak outlook sent Jabil (JBL) plummeting more than 16%. Shares have fallen below the 50-day moving average. Specialized retail stock Ulta Beauty (ULTA) also fell with a soft outlook.
Finally, FDA approval of its drug to treat a type of fatty liver disease helped Madrigal Pharmacy (MDGL). Shares of the pharmaceutical company rose 11% on the stock market today.
Please continue Vramakrishnan on X/Twitter for more stock market news today.
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