Stocks closed up slightly Thursday, with the Dow Jones Industrial Average and S&P 500 slightly higher and the Nasdaq posting a beefier gain. Meanwhile, IBD 50 player Nvidia fell on the stock market today.
The Dow eked out a 0.1% gain by the close as did the S&P 500. But the Nasdaq climbed 0.3% on the stock market today and ended the day just below an all-time closing high.
The small-cap Russell 2000 posted a 0.8% gain but remained under its 50-day moving average.
Volume rose on the Nasdaq and the New York Stock Exchange vs. the same time on Wednesday, in preliminary numbers. The 10-year Treasury yield shed 3 basis points to 4.29%.
The Innovator IBD 50 exchange traded fund inched up 0.3% but remained below its 21-day exponential moving average on the stock market today.
Updated 3:20 p.m. ET
Stock Market Today: Chipotle Sells Off
Chipotle Mexican Grill tumbled nearly 6% and undercut its 50-day moving average. The fast-casual Mexican restaurant company gave back the gains it saw before its first-ever stock split. The 50-for-1 split took effect Wednesday before the open.
IBD Big Cap 20 stock Super Micro Computer rallied more than 6% and reclaimed its 50-day and 21-day lines. Super Micro Computer develops and manufactures server and artificial-intelligence storage products.
Chewy spiked more than 30% to a high of 39.10 before quickly retreating. Shares of the pet food maker were up about 2% in recent trades.
The stock was the latest to get caught up in meme action as trader Keith Gill — also known as Roaring Kitty on the X social media platform — posted an image of a dog on his social media page. Investors apparently interpreted the meme as a signal to buy shares.
Updated 1:54 p.m. ET
Telehealth Stock Topples
IBD 50 stock Hims & Hers skidded nearly 9% in heavy volume Thursday on top of Wednesday's 6.9% drop. On Thursday, Hunterbrook Media issued a short report on the telehealth and online prescription provider. The report accuses the company of "giving weight-loss prescriptions to patients without the supervision of a doctor," according to The Wall Street Journal.
The company has gained negative attention on its planned practices for selling weight-loss drugs intended to rival those of pharma giants like Novo Nordisk and Eli Lilly.
Dow stock Salesforce blasted up nearly 6% and is on pace for its sixth day of gains out of the past seven sessions. The customer relationship management stock bumped up to its 200-day moving average but fell short of its 50-day line. The stock was the biggest gainer on the S&P 500 and the Dow Jones on the stock market today.
Salesforce stock has underperformed, dropping 2% so far this year.
Palantir Technologies bolted nearly 5% on news of its partnership with space exploration company Voyager Space. Voyager will use Palantir's artificial intelligence technology in its flight and testing data for fuel thrusters and other systems. Palantir stock is in an undefined base with a 27.50 buy point and has a trendline of resistance around 25.50.
Updated 12:13 p.m. ET
Meta Breaks Out
Meta Platforms broke out of a cup-with-handle base after reaching the 514.01 entry. Shares are in the 5% buy zone up to 539.71. The stock is setting up for its fourth straight day of gains.
Shares got a lift following a report Meta may be in talks with Apple to provide the iPhone maker with AI models. Shares of Apple fell modestly and remain extended from the 199.62 buy point.
Jefferies Financial Group soared and broke out of a stage-two flat base with a 47.87 buy point. The investment banking and capital management firm reported mixed fiscal second-quarter results with sales topping estimates and adjusted earnings falling short of views.
Shares are in the buy zone up to 50.26. The relative strength line also hit a 52-week high, as shown by the blue dot on the MarketSurge charts.
IBD 50 stock Camtek popped nearly 6% in heavy volume and reached a record high on the stock market today. The Israel-based company makes inspection equipment for the semiconductor industry.
Updated 10:41 a.m. ET
Stock Market Today: Nvidia Sinks With Micron
Nvidia stock gave back around 1% after rebounding the past two days from a three-day, 16% sell-off. But the IBD 50 and Leaderboard stock is above its 21-day line and remains far extended from its 50-day line.
Micron sank 5% after the company topped fiscal third-quarter adjusted earnings and sales estimates but gave fiscal fourth-quarter revenue guidance that underwhelmed.
Micron is one of only a few companies that make a chip called high-bandwidth memory, or HBM. The specialty chip is used in AI accelerators that speed up machine learning and AI applications. And Nvidia uses these chips in its AI processors.
On May 20, Micron stock hit a buy point of 130.54 out of a cup base. Despite a weak breakout, the stock picked up traction in mid-June.
Shares jumped to a record high and hit a 20% profit target last week, according to IBD MarketSurge pattern recognition. Micron has been sliding since then, getting back near the 130.54 buy point.
Economic News: Consumers Spend Less
In economic news, weekly initial jobless claims for the week ended June 22, were 233,000 vs. the 236,000 expected and below a revised 239,000 from the prior week.
The Labor Department's final first-quarter GDP reading came in as expected at 1.4% on a quarter-over-quarter annual rate. On the other hand, Personal Consumption Expenditures came in at a surprisingly low 1.5% vs. the 2% consensus estimate, as consumers tighten their belts.
Stock Movers: Amazon Hits New High And Milestone
Dow Jones stock Amazon.com added more than 1% to Wednesday's 3.9% breakout move. The Leaderboard stock is in a 5% buy zone up to 201.29. Shares reached an all-time high on Wednesday. The SwingTrader and Magnificent Seven stock broke the $2 trillion market cap barrier on Wednesday, too.
AeroVironment gapped down in heavy volume after the company reported better-than-expected April-quarter profit and revenue but gave a fiscal 2025 earnings outlook that was below views. The drone maker knifed through its 50-day line, triggering a sell signal.
Simply Good Foods reversed lower following the healthy snack maker's mixed fiscal third-quarter results. The company also reaffirmed its fiscal 2025 net sales outlook. The stock popped near the 38.83 buy point of a cup-with-handle base before retreating.
Stock Market Today: These Companies Fall Hard
Levi Strauss plummeted more than 16% in heavy volume following lower-than-expected quarterly sales.
The apparel company gave an earnings forecast for the fiscal year ending in November that disappointed Wall Street. Further, the stock tumbled below its 50-day line and triggered a sell signal on the stock market today.
Former Dow stock Walgreens Boots Alliance cratered 24% after the pharmacy chain missed adjusted quarterly earnings estimates. It also slashed its fiscal 2024 profit outlook.
The stock hit a 52-week low on Thursday and is deep below its 50-day line. Walgreens stock was the biggest loser on the S&P 500 Thursday.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
