Stocks tried to wake up in afternoon trading Thursday, but major indexes finished mixed ahead of the holiday weekend. The Dow Jones Industrial Average and S&P 500 closed at new highs, while the Nasdaq fell. Meanwhile, the Teflon manufacturer chemo (DC) was a big loser in the stock market today.
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The Dow Jones managed to gain 0.1%, while the tech-heavy Nasdaq fell 0.1%. The S&P 500 also rose 0.1%, enough to set a new closing high water mark. Small caps in the Russell 2000 were the clear leaders, as that index rose 0.5%.
Preliminary figures show volume fell on the New York Stock Exchange and rose on the Nasdaq at the same time Wednesday, ahead of the holiday weekend. He the stock market is closed good Friday.
In Thursday's action, Invesco QQQ Trust (QQQ) exchange-traded fund fell 0.2%, while the Innovator IBD 50 ETF (FFTY) fell 0.5%. The 10-year Treasury yield remained at 4.21%. And West Texas intermediate crude oil rose more than 2% to just under $83 a barrel.
Stock Market Today: Teflon Maker Slides, Palantir Plunges
Teflon maker Chemours recovered from further losses earlier in the session, but still ended Thursday trading down 9.1%. The company on Wednesday reported fourth-quarter earnings and sales that beat estimates, but investors focused on its accounting issues.
Chemours shares fell 31.5% on Feb. 29, after the chemical maker announced it would furlough its top executives and postpone its financial audit filings amid an internal crisis. investigation into your accounting practices. The company said in its annual report March 28 which is cooperating with the Securities and Exchange Commission and the United States Attorney's Office as They investigate the company's accounting review.
Dow Jones component House deposit (High Definition) fell 0.6% after the home improvement retailer announced the acquisition of SRS Distribution, a seller of roofing materials and construction products, for about $18.25 billion. Home Depot stocks expand from cup base with handle with a buy point of 334.97. It reached a 52-week high of 396.87 on March 22.
Dow Peer Stocks Apple (AAPL) sank 1.1% after DZ Bank downgraded the iPhone maker's stock to hold from buy. The bank also lowered its price target to 180 from 210. Apple shares were the worst performers in the Dow on Thursday.
RH Stock Rockets
Outside the Dow, Palantir Technologies (PLT) shares fell 6.1% after brokerage Monness, Crespi, Hardt discounted shares to sell from neutral and gave the stock a price target of 20. Shares of the IBD 50 stock Closed at 11:01 p.m. on Thursday. The stock sank below its 21-day exponential moving average Thursday at lighter than average daily volume.
MillerKnoll (MLKN) plunged 18.9% after the office furniture maker reported better-than-expected earnings for its fiscal third quarter, but sales fell short of expectations. It also provided an outlook for the fiscal fourth quarter with adjusted earnings and sales missing estimates. The gap below its 50-day line sparked a sell signal in the stock market today.
Further, RH (RH) soared 17.3% even after the luxury home furnishings retailer reported a miss in its fiscal fourth-quarter results. Instead, investors focused on the company's current quarterly outlook for low-single-digit revenue growth. RH forecasts full-year sales growth of 8% to 10% for fiscal 2024.
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Cruise Line Stock Reverses
Carnival (CCL) fell 4.9% and closed below its 21-day stock market line today. The cruise line operator reported a smaller-than-expected drop on Wednesday. loss for its first fiscal quarterbut sales were below expectations.
Estee Lauder (HE) rose 6.3% after Bank of America Securities upgraded the cosmetics and skin care stock to buy from neutral and raised its price target to 170 from 160. The stock is in a flat early-stage base with a buy point of 159.75.
The stock regained its 21-day line and found resistance at its 200-day moving average. Investors may notice that its fundamentals are weak. It reported seven consecutive quarters of declining profits, six of them with sales declines. Additionally, Estee Lauder's IBD Composite and earnings per share ratings are a dismal 13.
Weld (FASTER) was down 12.4% on heavy volume, sending the stock further below its 50-day line and undercutting its 200-day line, leading to a drop. sale sign. The customer engagement platform operator reported a wider-than-expected loss in the fiscal fourth quarter and beat sales. The dark cloud emerged when it forecast a larger loss for the current quarter and fiscal 2025 than analysts had projected.
And among the actions of the Magnificent Seven, tesla (TSLA) cut almost 2.3% while Leaderboard stock NVIDIA (NVDA) added 0.1% today in the stock market.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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