Major indexes closed out their fifth-straight winning week with sizable gains Friday as the the Dow Jones Industrial Average and S&P 500 finished with record closes. Big movers on the stock market today included Tesla, which fell on the downside, and JPMorgan Chase, a winner with a robust earnings report.
The Dow jumped more than 400 points with a gain of 1%, leading the major indexes. Blue chips now are closing in on the 43,000 mark. The biggest Dow winner was JPMorgan, which jumped more than 4% and is finding support at its 50-day moving average.
The S&P 500 added 0.6%. The benchmark index finished close to its intraday high of 5,822, set earlier in the session.
Stocks on the Nasdaq composite lagged with a 0.3% gain. The Nasdaq beat a recent peak of 18,327, but is still short of its record high of 18,671, set on July 11.
Meanwhile, small caps on the Russell 2000 beat the three major indexes, surging 2%.
Volume was slightly higher on the New York Stock Exchange and lower on the Nasdaq vs. the same time Thursday. Gainers beat losers by nearly 4-to-1 on the New York Stock Exchange and around 3-to-1 on the Nasdaq.
The 10-year Treasury yield dipped one basis point to 4.09%. After soaring 23 basis points last week, the yield is up another 11 basis points this week as the market dials back Fed rate-cut expectations.
3:32 p.m. ET
Stock Market Today: Water Heater Stock Sinks
AO Smith stumbled more than 6% after the company reported preliminary third-quarter earnings below views and cut its full-year 2024 profit outlook, also below Wall Street projections.
The stock knifed through its 50-day and 200-day moving averages in heavy volume. Shares were in a cup-with-handle base before the plunge. AO Smith makes water heaters and boilers for residential and commercial customers.
IBD Big Cap 20 name Broadcom dropped more than 2% early and retreated from the buy zone of a late-stage consolidation pattern with a 185.16 buy point. Broadcom stock broke out in light volume Wednesday and hit an all-time high. The stock's relative strength line hit a 52-week high as shown by the blue dot on the weekly MarketSurge chart.
Meanwhile, IBD 50 name Powell Industries jumped more than 6% and hit a record high on the stock market today.
1:54 p.m. ET
Ferrari Races Higher
Ferrari advanced 3% and retook its 50-day line and 21-day exponential moving average on the stock market today. Shares of Ferrari stock got a lift after JPMorgan upgraded the sports and luxury auto stock to overweight from neutral and raised its price target to 525 from 385.
Also, Aehr Test Systems rocketed more than 19% in huge volume after the company topped fiscal first-quarter adjusted earnings and sales estimates. Aehr Test Systems makes semiconductor test and burn-in equipment.
IBD 50 name Affirm Holdings soared more than 12% in above-average volume. The giant move came after Wells Fargo upgraded the stock to overweight from equal-weight and raised its price target to 52 from 40. This follows Thursday's upgrade from Morgan Stanley to equal-weight from underweight and a 37 price target.
The Morgan Stanley analyst said Affirm started using strategies to entice higher income users to use its "buy now, pay later" service. The stock is not in a proper base but an entry at 47.98 can be seen.
Fellow IBD component Celestica rose more than 3%, bumping up near the 63.49 buy point of a consolidation pattern on the stock market today. The stock is on pace for its eighth-straight day of gains.
11:56 a.m. ET
Wells Fargo Leads S&P 500
Wells Fargo was a top gainer in the S&P 500, up 5%, also on strong earnings. The bank's adjusted earnings fell to $1.42 per share, but still beat analyst estimates for a 13.5% decline to $1.28.
Revenue slid about 2% to $20.37 billion, a touch below the $20.4 billion estimate. Wells Fargo lowered its credit loss provisions to $1.07 billion from $1.2 billion last year.
Along with JPMorgan, other Dow Jones components making strides Friday were American Express and Goldman Sachs.
Both stocks are near all-time highs, but AmEx is extended after a test of its 10-week moving average last month. Goldman, meanwhile, broke out over a trendline Thursday and is still in a buy zone. Both companies report earnings next week.
Tesla slumped on the stock market today after its robotaxi event late Thursday fell flat with Wall Street analysts and company watchers. Shares tumbled 8%.
But Uber jumped more than 8% as the Tesla robotaxi wasn't seen as much of a threat to the ride-hailing giant. Uber gapped out of a 32-week consolidation.
Growth Stocks On The Move
The MarketSurge Growth 250 served up several technical breakouts. Fastenal surged more than 7% after reporting strong earnings. It's already near the top of the 5% buy zone from a 72.49 entry.
Small cap Radware also broke out of a base with a 23.05 buy point. Shares jumped 4.5%. The 5% buy zone goes up to 24.20.
Several financial stocks rode JPMorgan's coattails higher. The Bancorp rallied nearly 5% and is still in a buy zone from a 54.97 entry.
Western Alliance Bancorp gained more than 4%. The stock has ridden its 10-week moving average higher after a breakout from a base in July.
10:45 a.m. ET
Stock Market Today: Nvidia Shrugs Off Goldman Call
Leaderboard stock Nvidia didn't move much on the stock market today despite positive comments from Goldman Sachs, which lifted Nvidia's price target to 150 from 135. Nvidia broke out of a downtrend earlier in the week and crossed a 131.26 buy point. It's closing in quickly on its all-time high of 140.76.
Bank of America was also among those outperforming in the S&P 500, up nearly 4%. BofA reports early Tuesday, along with Goldman Sachs.
Gauge Market Health With IBD's ETF Market Strategy
Leaderboard stock DoorDash was a top gainer in the Nasdaq 100, up 3%. IBD increased its position in the model portfolio after DoorDash stock moved bullishly above its recent high of 146.36.
In economic news on the stock market today, the latest reading on wholesale prices came in mixed. On a year-over-year basis, headline prices were up 1.8%, a little higher than the 1.6% consensus. But core prices increased 2% year over year, much cooler than the 2.7% consensus.
Follow Ken Shreve on X @IBD_KShreve for more stock market analysis and insight and Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
