Indexes gave up gains in the stock market today after running positive a good portion of the day. The stock market closed near session lows after weak afternoon trading. GameStop lost about 39% Friday but ended 21.5% higher on the week.
GameStop investor Keith Gill, also known as "Roaring Kitty," held a live online event Friday in which he gave bullish comments about the retailer and CEO Ryan Cohen. Trading was temporarily halted multiple times, according to NYSE.
The Dow Jones index closed down 0.2%, although it held above its 50-day moving average. The S&P 500 fell 0.1% after reaching a new high, and the Nasdaq gave back 0.2%.
But the small-cap Russell 2000 slid 1.1% and fell below its 50-day line, as support appears to be slipping.
The major indexes rose for the week despite Friday's modest losses. The Dow Jones index ended the week 0.4% higher and closed just above its 10-week moving average. The S&P 500 added 1.4% and the Nasdaq stole the show with a 2.4% gain. The Russell 2000 sank 2%.
Volume fell on the Nasdaq and rose on the New York Stock Exchange, according to early data. The Innovator IBD 50 ETF fell 0.6%.
Updated 12:25 p.m. ET
The benchmark 10-year Treasury yield added 15 basis points to nearly 4.43% after a surprisingly strong May jobs report.
Mining and metals stocks were weaker, with the gold and silver mining industry group down more than 5%. It was the second-worst group in today's trading. Gold prices lost 2.8% and silver lost 6.1%, its worst day since June 17, 2021. Silver futures have fallen for three straight weeks. Copper sank 4.2%.
IBD 50 stock Pan American Silver sank nearly 8%. The silver miner has erased all gains from a 20.60 alternative buy point and is testing a 19.84 buy point. Shares broke out to new highs May 9 after the company reported a surprise profit and higher-than-projected first-quarter sales.
Updated 1:41 p.m. ET
Stock Market Today: GameStop Tanks
GameStop plunged nearly 40% in heavy volume after initially jumping Friday morning. Shares were halted multiple times Friday amid volatile action. One of the halts occurred as investor Keith Gill, known as Big Kitty online, commented on the stock in a YouTube livestream today.
Early Friday, the mall-based video game retailer reported its first-quarter earnings days earlier than scheduled and announced a share offering.
Fellow meme stock AMC Entertainment also cratered in heavy trading in sympathy with GameStop.
Chip stock Semtech plummeted in huge volume on news that CEO Paul Pickle got fired after less than one year on the job over disagreements with the board. The chip stock knifed through its 50-day moving average and triggered a sell signal.
DocuSign pared losses. The company topped fiscal first-quarter adjusted earnings and revenue estimates. The digital document and signature stock sank below its 200-day moving average in the stock market today.
Updated 12:07 p.m. ET
Nike and Travelers were top gainers in the Dow Jones today, up around 2% each, while Nvidia held near highs after Thursday's downside reversal. Nvidia will split its stock 10-for-1 after the close today. Inside the Dow Jones, JPMorgan Chase outperformed with a gain of 1.7%. The banking giant is getting support at its 50-day line.
Chubb outperformed in the S&P 500, up more than 1%. The insurance giant is a large holding for Warren Buffett. The stock is still holding in a buy zone from a 260.58 entry.
Declining stocks outnumbered advancers on the Nasdaq by about 2-to-1. The ratio was nearly 3-to-1 negative on the NYSE.
Published 11:50 a.m. ET
Stock Market Today: Jobs Report
Before the market open today, the Labor Dept. said the economy added 272,000 jobs in May, well ahead of the 182,000 consensus forecast. The unemployment rate came in at 4%, slightly above the 3.9% consensus. Wage growth on a month-over-month and year-over-year basis was also stronger than expected. The new data comes after a weak April jobs report that showed job growth of 175,000, well below the 243,000 consensus. Hiring gains in March and April were revised lower by a combined 15,000 jobs.
Bitcoin Rises, Gold Falls
Bitcoin continued its upward trajectory but was well off highs, trading just below $71,000. Crypto trading platform Coinbase was off highs as it shapes the right side of a cup base. The iShares Bitcoin Trust ETF added 0.7% as it tries to clear a 40.67 cup-with-handle buy point
After a nice day of outperformance Thursday, sellers hit gold stocks hard. Agnico Eagle Mines, Eldorado Gold and Wheaton Precious Metals showed losses of around 5%. August gold futures were down 2.5% to around $2,300 an ounce.
Inside the MarketSurge Growth 250, MoneyLion is getting support at its 21-day exponential moving average after retesting a prior 87 entry. The small cap is thinly traded with a market capitalization below $1 billion, but the fintech shows strong top-line growth in recent quarters and is on the verge of profitability.
After gapping up last week on strong earnings, Dick's Sporting Goods looks poised to end a four-session slide. Shares were up more than 2% as the stock finds support at its 10-day moving average.
Fast-casual restaurant chain Sweetgreen hit another all-time high early in the session, but shares reversed lower. Restaurant stocks continue to be a pocket of leadership in the stock market today. Leaderboard stock Cava also performed well in the group.
Follow Kimberley Koenig for more stock market news on X, the platform formerly known as Twitter, @IBD_KKoenig.
