The Dow Jones Industrial Average closed higher while other major indexes fell Friday to cap a mostly positive week. Small caps and the IBD 50, however, outperformed.
The Dow rose as much as 1.1% to a record high after Friday's inflation data came in mild. But the industrials pared gains to close 0.3% higher.
The S&P 500 closed with a 0.1% loss in the stock market today.
Nvidia and Broadcom weighed on the Nasdaq, which fell 0.4%. Nvidia fell 2.1% in light volume, breaking a four-day win streak. Broadcom lost 3% on a weak day for chip stocks. The PHLX Semiconductor index fell 1.8%.
The broader Technology Select Sector SPDR fell 0.9%, the weakest of the S&P sector ETFs.
All three major indexes rose for a third straight week. The S&P rose 0.6%, the Nasdaq 1% and the Dow 0.6%.
Volume on the NYSE and on the Nasdaq fell, according to early figures. Despite the Nasdaq's loss, advancers led decliners by a 7-5 ratio. On the NYSE, winners topped losers by 8-5.
The small-cap Russell 2000 gained 0.7%, although it closed well off session highs and down slightly for the week. The index is holding above the 2,200 level.
The Innovator IBD 50 ETF added 0.5% in the stock market today, and also outperformed the main indexes.
3:20 p.m. ET
Nvidia, Economic Data Friday
Nvidia pulled back while Tesla rose ahead of Q3 deliveries next week. Trump Media & Technology rallied and is up more than 7% for the week.
Trump Media & Technology surged over 5% on Friday even after a filing showed that co-founder Andrew Listinsky sold most of his shares. The lockup period for the new issue expired last Friday.
The yield on the benchmark 10-year Treasury note fell four basis points to 3.75%.
Early Friday, the Fed's preferred inflation gauge for August reassured investors. In other economic news, the University of Michigan's consumer sentiment survey's final reading for September rose to 70.1 vs. views of 69.
The CME FedWatch Tool projects a 56.8% chance of a 50-basis-point rate cut at the next Fed meeting on Nov. 7.
On Tuesday, the job openings and labor turnover survey report for August will be released followed by September's payroll data on Friday. Economists expect the economy to have added 142,000 jobs in September, with 7.67 million job openings forecast for August.
1:57 p.m. ET
Dow Jones Stocks
Amgen and Chevron added to the Dow's gains.
Amgen made up some of its recent sharp losses as the stock climbed more than 2%. It is now testing potential resistance at the 50-day moving average.
Amazon.com and Microsoft fell while Salesforce, Apple and Cisco Systems were slightly higher.
Earnings moved retailer Costco. Shares were in a buy zone but have fallen over 1% after fiscal fourth-quarter results were announced. Shares remain above the 50-day moving average, according to IBD MarketSurge.
Among other Magnificent Seven stocks, Tesla rose 2% as it forms a cup-without-handle base that has a buy point of 271. Tesla's third-quarter deliveries will likely be released Wednesday. Tesla's robotaxi event is Oct. 10 with third-quarter results also due next month.
Wynn Resorts gapped up above its 200-day moving average after analysts at Morgan Stanley upgraded the stock to an overweight from equal weight.
Bristol-Myers Squibb cleared resistance around 51 and continued to rebound from the 10-week line after the FDA approved its drug to treat schizophrenia in adults.
China stocks continued to gain after this week's announcement of a stimulus program to boost the economy. Retailer JD.com rose 5% and is extended from a 35.69 buy point, while internet content provider Baidu added to gains after clearing the 200-day moving average on Thursday.
12:18 p.m. ET
Stock Market Today: Chips Slump, Health Care Jumps
Elsewhere, sellers hit Taiwan Semiconductor Manufacturing. Shares dropped 5% after four straight days of gains. TSMC cleared a cup-with-handle base last week with a 175.45 buy point.
In the health care sector, TransMedics jumped above its 50-day moving average in strong volume on news it's being added to the S&P SmallCap 600 effective Oct. 1.
Fast-growing Oscar Health also outperformed on the stock market today with a gain of around 4.5% After five straight declines, the stock is making a stand at its 21-day exponential moving average as it forms a cup-with-handle base.
10:37 a.m. ET
Visa, Intel Help The Dow
The Dow was helped by strong early gains from Visa and Intel. The blue-chip index has rallied powerfully since a bullish upside reversal on Sept. 11. It's a leading index now, along with the S&P 500, which marked another all-time closing high Thursday.
Casino operators with exposure to China rose sharply in the S&P 500. Wynn Resorts, Las Vegas Sands and MGM Resorts showed gains of at least 4%.
Bristol Myers Squibb was a top gainer on the S&P 500, up more than 1%. The drugmaker broke out over the 51 level but fell sharply off highs. Sentiment was positive after the Food and Drug Administration approved the company's Cobenfy as a schizophrenia treatment for adults.
Stock Market Today: China Fund At Nosebleed Levels
After soaring 11.5% Thursday, the Crane CSI China Internet exchange traded fund was up another 4% on the stock market today, bringing its weekly gain to more than 25%. The fund is at nosebleed levels at this point, more than 25% above its 50-day moving average.
Stay In Sync With The Market With IBD's ETF Market Strategy
Chinese indexes soared again overnight. The Shanghai composite jumped another 2.9% and the Hang Seng Index surged 3.5%. Earlier in the week, China announced a round of new stimulus measures. Reports Thursday said that China is also considering injecting more than $100 billion into the country's top banks.
Trip.com, Bilibili and Baidu showed gains of 3% to 9%.
Personal Income Weak, But Inflation In Line
In economic news, personal income came in weaker than expected, rising 0.2% in August. That was below the 0.4% consensus. But inflation data inside the personal income and spending report didn't sound any alarms. On a year over year basis, the core personal consumption index increased 2.7%, in line with views but slightly above July's reading of 2.6%.
Inside the MarketSurge Growth 250, Ensign Group was down more than 2% on the stock market today amid news it's moving to the S&P MidCap 400 from the S&P SmallCap 600 effective Oct. 1. The MidCap 400 isn't as widely held as the SmallCap 600. Ensign's price decline is a result of more small-cap funds selling shares than midcap funds buying.
Follow Ken Shreve on X @IBD_KShreve for more stock market analysis and insight.
