The major indexes almost made it into the black late Friday but closed lower to cap a second-straight week of gains for the stock market.
The S&P 500 lost 0.2% and near all-time highs. It had been down as much as 0.7% earlier in the day. The Nasdaq composite fell nearly 0.4%, closing just below the 18,000 level.
The Dow Jones Industrial Average climbed 0.1% as a few of its components moved on headlines.
Intel rose more than 3% after The Wall Street Journal reported that Qualcomm had approached the chipmaker about a buyout. Nike rallied nearly 7% after announcing that CEO John Donahoe will step down and Elliott Hill will return to take over.
And late Friday, Johnson & Johnson announced another bankruptcy filing as it attempts to settle ovarian cancer lawsuits. J&J shares fell 0.4%.
The small-cap Russell 2000 lagged with a 1.1% decline. For the week, it rose 2.2%. The Nasdaq climbed 1.5% for the week, the S&P 500 1.4% and the Dow 1.6%.
Volume was higher on both the New York Stock Exchange and Nasdaq on the stock market today, a triple witching session.
Declining stocks outnumbered advancers by nearly a 2-1 ratio on the Nasdaq and the NYSE, according to FactSet.
The 10-year Treasury yield shed one basis point to 3.73%.
Stock Market Today: Novo Nordisk Sinks, Rocks Rival
IBD 50 stock Samsara climbed 3.8% and reached a record high on the stock market today. Shares topped the profit zone of a cup-with-handle base with a 39.21 buy point. The stock has taken off since the company beat second-quarter earnings and revenue estimates and raised full-year revenue guidance on Sept. 5. Profit for the fiscal year ending in January is expected to rise 150% then 49% the next fiscal year.
Novo Nordisk toppled around 5% in heavy volume. The move came on news its weight loss drug caused psychiatric side effects in a trail. The stock undercut its 50-day line and is holding above its 200-day line for now.
Corbus Pharmaceuticals plummeted 62% in monstrous volume in sympathy because it is creating a similar drug. The severe drop triggered a sell signal as shares plunged below the 200-day line.
Rival drugmakers rose on the news, with Eli Lilly climbing 0.7% while Viking Therapeutics lifted 3.4%.
1:40 p.m. ET
Trump Media Sets Record
Trump Media & Technology sank 4.2% in heavy volume and hit a record low on the stock market today. The latest drop came following news that the stock's selling restrictions on former President Donald Trump and other insiders expired. The social media stock has lost nearly 20% so far this year.
Powell Industries bolted higher by 6.6% and broke out of a cup-with-handle base with a 198.49 buy point. The IBD 50 stock is in the 5% buy zone up to 208.41 and is near its all-time high set on May 28. The electrical equipment stock is on track for its 11th straight gain and has climbed 131% so far this year.
InterDigital gained 2% and broke out of a flat base with a 140.60 buy point before fading below it. It made an all-time high on the stock market today. InterDigital provides wireless and video technologies for mobile devices and networks.
12:13 p.m. ET
Power Player Keeps Streak Alive, Nvidia Fizzles
Vistra powered up around 11% in heavy trading and is on track for its 10th straight day of gains. Shares are in an irregular base with a 107.24 buy point.
On Wednesday, the electricity provider announced it has definitive agreements to buy a combined 15% equity interest in Vistra Vision. The company expects the acquisition to increase its nuclear, solar and battery assets, as well as its retail business.
Vistra has surged 162% year to date, earning it a Relative Strength Rating of 97 from Investor's Business Daily. The company is in the electric utility group, which ranks No. 11 out of the 197 IBD industry groups. Its current full-year 2024 profit estimates show a 37% rise and 33% in 2025.
MillerKnoll slid more than 13% in enormous volume after missing fiscal first quarter adjusted earnings and revenue forecasts. The office furniture maker also gave a second-quarter profit outlook below views. The stock fell from a choppy base and plunged further below its 50-day and 200-day lines, triggering sell signals.
Meanwhile, Nvidia fell 1.5% on the stock market today after rising nearly 4% Thursday. The IBD 50 and Leaderboard stock pulled back to its 50-day line, seeking support.
10:52 a.m. ET
Nike Jumps While FedEx Tanks
Dow Jones component Nike trimmed larger gains to around 5% in heavy volume on news its Chief Executive John Donahoe will retire on Oct. 13. Returning will be longtime company veteran Elliott Hill to take over as CEO.
The stock has fallen from its November 2021 high of 179.10 to around 86 in recent trades. Forecasts call for four more quarters of declining earnings and sales.
Nike is on pace for its largest increase since Dec. 21, 2022, when it rose 12.2%, according to Dow Jones Market Data. The footwear and apparel stock was the biggest gainer on the Dow Jones index Friday.
FedEx tumbled nearly 15% in huge volume following the company's miss on fiscal first quarter adjusted earnings and revenue late Thursday. The shipping stock fell below the bottom of its flat base with a 313.84 buy point.
Shares knifed through their 50-day and 200-day moving averages on the stock market today, triggering a sell signal. FedEx also was the biggest loser on the S&P 500.
Meanwhile, Lennar lost more than 4% despite reporting better-than-expected profit and sales for its fiscal third quarter. Shares reached an all-time high on Thursday.
Bulls In Control With 3 Titans In Buy Areas; What To Do Now
Other Stock Movers: Energy Provider Teams Up With Microsoft
Constellation Energy popped more than 13% on news it made a deal with Microsoft to provide energy from its Three Mile Island nuclear power site.
The energy provider will restart a closed nuclear unit and provide low-carbon energy to Microsoft for the next two decades. Constellation broke out of an undefined base with a 236.30 buy point and hit an all-time high before retracing below the buy point.
Microsoft dipped 0.5% in heavy volume. Shares are in a cup base with a 468.35 buy point, according to MarketSurge pattern recognition.
Online pet supply retailer Chewy tumbled 5% on the stock market today. The company announced a public offering of $500 million of its common stock, but plans to purchase $300 million of that. Shares are in a cup base with a 39.10 buy point.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
