The Dow Jones rose slightly Friday morning, while the S&P 500 and Nasdaq fell. The Nvidia and other artificial intelligence chip plays like Broadcom, Micron Technology and Arm Holdings continued to slide on the stock market today.
The Dow Jones rose 0.3%. The S&P 500 retreated 0.15% and the Nasdaq composite fell 0.2%, with Nvidia stock a drag.
The 10-year Treasury yield erased early losses to trade flat. On Thursday, it rose 4 basis points to 4.25%.
Crude oil futures were little changed after rising 4.7% so far this week to $82.17 a barrel. And bitcoin fell below $64,000.
At 9:45 a.m. ET, the S&P Global PMI's flash reading for June edged up 0.1 point to 54.6, while the services subindex rose 0.3 point to 55.1. Both were 26-month highs. The manufacturing gauge climbed 0.3 point to 51.7. Readings above 50 signal expansions.
At 10 a.m. ET, the National Association of Realtor reported a 0.7% dip in May existing-home sales to an annualized 4.11 million, just above views. Home prices hit a record $419,300.
Stock Market Today: Key Movers
Sarepta Therapeutics and insurance broker Ryan Specialty both blasted out of bases on news.
Sarepta stock skyrocketed 38% after the Food and Drug Administration late Thursday gave full approval to its Duchenne muscular dystrophy gene therapy for all patients age 4 and older.
Ryan stock leapt more than 6% on word that it will join the S&P MidCap 400 before the open on June 28. The insurance broker was Thursday's IBD Stock Of The Day.
On the downside, Palantir Technologies fell 4%. Monness, Crespi, Hardt downgraded the data analytics software maker to sell, citing "downbeat" results from peers indicating that a supposed AI boost this year is a "revenue illusion." Palantir stock is set to fall back toward a trendline entry cleared earlier this week.
Microsoft Price Target Raised
Microsoft rose a fraction on the stock market today, holding in a buy zone, according to MarketSurge. Citigroup raised its Microsoft stock price target to 520 from 495, citing positive news regarding OpenAI.
On Thursday, shares dipped 0.1% to 445.70, but Microsoft regained its crown as the most valuable company with Nvidia retreating.
Join IBD experts as they analyze leading stocks and the market on IBD Live
Stock Market Rally
The Dow Jones Industrial Average rose 0.8% in Thursday's stock market trading, rebounding from the 50-day line and clearing recent highs from the past few weeks. The S&P 500 index fell 0.25% and the Nasdaq composite skidded 0.8% after both hit record highs intraday.
The Nasdaq is 7.1% above its 50-day line, still extended, but down from 8.2% on Tuesday.
Time The Market With IBD's ETF Market Strategy
Nvidia Stock Retreats
Nvidia stock fell nearly 4%. On Thursday, the AI chip leader fell 3.5% to 130.78 after hitting a record 140.76 intraday.
Nvidia finished 30.5% above its 50-day line after briefly topping 40% intraday. Shares closed 41.9% above the 50-day line on March 7, the most in 21 years. The next day, Nvidia stock staged a sharp reversal.
Stock Market Today: Other AI Plays
Broadcom stock slipped 2%. On Thursday, shares sank 3.8% to 1,734.57.
Arm stock gave up 3%. Shares tumbled 7.7% on Thursday to 160.77, back below the official 164 buy point after doubling in the prior two months. Investors may wait to see if Arm stock can pause around the buy point, letting moving averages close the gap.
Taiwan Semiconductor fell a fraction. Friday. Taiwan Semi stock gave up 2.4% on Thursday to 175.38, a day after the Nvidia-chip maker hit a record high.
Micron declined 4% on the stock market today. Shares sank 6% on Thursday to 144.19, a day after hitting a record high. Micron reports earnings on June 26.
Nvidia and Taiwan Semiconductor stock are on IBD Leaderboard. Microsoft stock is on IBD Long-Term Leaders. Nvidia stock is on the IBD 50. Broadcom and Nvidia are on the IBD Big Cap 20.
Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.
Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.
