The Dow Jones Industrial Average fell through the day but ended Thursday's trading session off lows. The index lost 0.7% according to preliminary closing numbers.
The S&P 500 steepened losses in late trading and finished 0.8% lower. The index flashed bullishly Tuesday as its 50-day moving average rose above the 200-day line. The Nasdaq fell 0.9% at the close. The index has rallied over 12% this year and is holding support at its rising 10-day line. The small-cap Russell 2000 underperformed the broad market on Thursday, falling more than 1%.
Crude oil slipped less than 1% to $78.77 per barrel.
The yield on the benchmark 10-year Treasury note rose 3 basis points to 3.68% even though initial claims rose higher than expected, to 196,000, against expectations of 190,000. It was also higher than last week's 183,000.
Volume was higher on the Nasdaq and the NYSE compared with the same time Wednesday.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 33699.88 | -249.13 | -0.73 |
| S&P 500 | (0S&P5) | 4081.50 | -36.36 | -0.88 |
| Nasdaq | (0NDQC ) | 11789.581 | -120.94 | -1.02 |
| Russell 2000 | 190 | -2.72 | -1.41 | |
| IBD 50 | 23.17 | -0.09 | -0.38 | |
Last Update: 3 PM ET 2/09/2023 |
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Dow Jones Leader In Focus
Microsoft topped an early entry at 264.02, then fell back 1% to a small loss for the day.
On Tuesday, the Seattle software giant said its latest update to the Bing search engine was now available by signing up to a waitlist. Waitlist demand has grown rapidly for the new AI-powered Bing "limited preview." Bing is transforming into an AI-powered co-pilot for browsing and generating content on the web.
Bing will now use ChatGPT's AI to sift through search results and find answers to queries. It will also produce content for emails and social media posts based on a few prompts. Microsoft's Edge also will feature chat and compose tools to find and produce new content.
Shares Moving Today
Elsewhere, Google parent Alphabet fell nearly 5% after plunging over 7% on Wednesday after its AI chatbot, BARD, made a mistake in a demo ad. The search giant has lost $172.95 billion in market cap in two days since the news. Shares are testing their 50-day line.
Shares of BYD rose more than 3%, rebounding above the 200-day moving average after selling off for five trading sessions. On Feb. 2, seasoned investor Warren Buffett sold 1.55 million shares of the Chinese EV maker for $44.85 million. Shares have remained above their 50-day line in recent sessions.
Dow Jones leader Disney finished 1% lower after rallying more than 6% at the opening bell. The company plans on cutting 7,000 jobs and bringing back dividends to shareholders. Shares are building the right side of a cup base with a buy point of 126.58.
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PepsiCo was 1% higher after strong earnings. Price hikes buoyed fourth-quarter revenue despite rising freight costs and a stronger dollar, according to reports.
Pepsi does not plan further price hikes even as the giant has deftly consolidated its position against archrival Coca-Cola.
Shares of IC device maker Monolithic Power surged 10% in strong volume, on pace for their biggest rise since March 2020. Shares are approaching entry at 541.49 in a cup base.
Baxter International was down over 12% after earnings Thursday. The medical products stock saw its biggest percentage decline since March 2003.
Nextracker popped over 50% after going public on Thursday and raised $638.4 million. It is the largest IPO since Mobileye went public in October. The Solar tech company Nextracker provides tracking software for solar products. The former Flex subsidiary priced its 26.6 billion shares at $24 apiece.
Earnings Deck Outside Dow Jones
Shares of Terex rose slightly ahead of earnings Friday. The construction and mining gear company has solid support along its 10-day line and was a recent IBD Stock of the Day pick. Dexcom fell more than 2% ahead of earnings. Shares are below their 50-day line.
Please follow VRamakrishnan on Twitter @IBD_VRamakrishnan for more news on the stock market today.
