The Dow Jones and other major indexes were mixed at the end of the session on Friday, but posted solid gains overall for the week. Nvidia rose in the stock market today amid more bullish views on Wall Street, but Tesla weakened due to lower factory production in China. And lawmakers worked to avert a government shutdown as profits from Nike and Lululemon dented retail stocks.
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The Dow Jones Industrial Average fell 0.8% on Friday. The blue chip index hit a record high on Thursday, but trimmed those earnings at closing time. 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 0.2%. But the technology index showed dilatory action Thursday after Initial gains evaporated. Small-cap stocks in the Russell 2000 fell 1.3% on Friday.
House Speaker Mike JohnsonIsrael's plans to avoid a midnight government shutdown appeared to be successful. The House passed a $1.2 trillion bill, which now goes before the Senate. But the measure sparked a riot by some Republican lawmakers, leading to a motion to impeach Johnson.
The decliners defeat the advancers
Although volume on the New York Stock Exchange and Nasdaq was lower in the stock market today 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 0.7%, while the yield on the benchmark 10-year Treasury bond fell 5 basis points to 4.21%.
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 0.5%. The iPhone maker faces a antitrust lawsuit by the Department of Justice. Analysts "Don't expect any changes to the business model for now.".
disney (DIS) fell while merck (MRK) pink. Both actions are in shopping areas of appropriate buy pointsaccording Rise of the IBD market Pattern recognition tools.
Nike (OF) offered a online outlook for 2024 but expects lower growth in the first half of 2025. Shares fell from the 50 day moving average in high volume and was the worst performer on the Dow Jones.
Two tailwinds continue to drive the market; 3 leaders establishing
The benefits that move the stock market today
Profit engines including lululemon (lulu) which fell below the 200-day line and undermined its base by a discreet perspective.
Fedex (FDX) was fired and burst from a cup base with a point of purchase from 285.53 after surprise earnings. Shares ended just below the buy point.
New recent issue Worthington Steel (W.S.) kept half its profits after gaining 20% โโfollowing its third quarter report. Service now (NOW) has a flat base with a buy point at 815.32.
Elsewhere in the IBD 50 Duolingo (by) 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 (Aneta) was in buying range on the stock market today from a flat base buy point of 292.66.
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