Carvana was a big winner in the stock market today, with the Dow Jones Industrial Average up 0.3% near noon ET. Amgen was an early leader in the Dow Jones today, while Nvidia pared gains after an initial burst over the 800 level.
Carvana stock soared out of a cup-with-handle base despite reporting another quarter of declining revenue. Investors chose to focus on a strong outlook. Shares vaulted more than 35%.
Nvidia extended gains in the stock market today after Thursday's earnings surge. But a 5% intraday gain faded to less than 1%. After a pullback to its 21-day exponential moving average this week, Nvidia stock spiked 16.4% Thursday after the company reported another quarter of triple-digit earnings and revenue growth, helped by still-booming demand for the company's artificial intelligence chips.
Fellow AI stock Super Micro Computer cratered 13% after jumping 33% Thursday as it continues a volatile phase. Super Micro showed classic topping action when it reversed sharply off its high last week.
Despite a market capitalization north of $45 billion, Super Micro is a member of the Russell 2000 small-cap index, which slipped less than 0.1%. The Innovator IBD 50 ETF pared a 1.3% early gain to 0.4%.
Stock Market Today
Amgen added 2% in the Dow Jones today, but the biotech is still mired below its 50-day line after an earnings sell-off earlier this month. Other top gainers in the blue-chip index included Goldman Sachs. Goldman Sachs is trading tightly above its 10-week line as it eyes a breakout over the 400 level.
The S&P 500 edged higher by 0.1%, but Live Nation shot 4% higher after the company reported a 36% jump in revenue, helped by strong concert demand during the holiday season. Live Nation topped the 95.07 buy point of a long handle.
The Nasdaq composite reversed lower and was down 0.2% after coming close to its November 2021 high of 16,212. The Nasdaq 100 fell by the same amount. Inside the Nasdaq 100, Palo Alto Networks rallied more than 3% after an earnings sell-off earlier in the week. Group peer and Leaderboard stock Zscaler rebounded more than 2% ahead of next week's earnings report.
It's a busy week of earnings in the software sector with other top stocks like Snowflake, Workday, Salesforce and Nutanix set to report.
Volume in the stock market today was lower compared to the same time Thursday. Advancing stocks has a slight edge over decliners on the Nasdaq. Winners beat losers on the NYSE by nearly 2-to-1.
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The Nasdaq composite gapped up and closed above the 16,000 level Thursday. The S&P 500 and Dow Jones marked all-time closing highs Thursday. It was a bullish accumulation day for the major stock indexes as volume rose from Wednesday's levels.
The 10-year Treasury yield slipped 6 basis points to around 4.27%. Federal funds futures traders have dialed back rate-cut expectations by the Fed. For now, traders think there's a 67% chance that the first quarter-point hike will come at the June meeting.
Stocks On The Move
Other earnings movers in the stock market today included Square parent Block, up more than 18% after the company reported a 105% surge in quarterly profit. Revenue increased 24% to nearly $5.8 billion.
In the health-care space, Collegium Pharmaceutical rallied more than 4% after reporting strong fourth-quarter earnings. It's in a good technical setup as it eyes a 34.96 entry. Earnings and revenue growth accelerated from Q3, rising 45% and 16%, respectively.
Collegium is a pain management firm that markets Xtampza ER, an abuse-deterrent alternative to oxycodone. Biotech Vertex Pharmaceuticals also has a non-opioid painkiller in development.
In the building sector, Comfort Systems was a top gainer in the MarketSmith Growth 250, up around 10%. Sector peer and Leaderboard stock Trex reports earnings next week.
But online travel giant Booking slumped 9% despite reporting better-than-expected earnings and sales. It is testing its 50-day moving average.
MercadoLibre crashed below its 50-day line despite reporting its second straight quarter of accelerating revenue growth.
Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.
