Stock market indexes were slightly higher, but off the highs of the day, to close out Friday's session. Earnings reports produced mixed results, while lithium stocks took it on the chin.
The Dow Jones Industrial Average, the Nasdaq and S&P 500 all eked out a 0.1% gain. The iShares Russell 2000 ETF edged up 0.2%.
NYSE volume fell and Nasdaq volume rose compared with the same time on Thursday, in preliminary numbers.
All three major indexes closed in the red for the week: The Dow lost 0.2% while the Nasdaq shaved off 0.4%. The S&P 500 slid 0.1%.
The Nasdaq 100-tracking Invesco QQQ Trust ETF crept up 0.1%. But the Innovator IBD 50 ETF held up better than the major averages, rebounding 0.7%.
Crude oil notched up 0.5% to $77.79 per barrel. Gold futures lost 1.3% to $1,993 per ounce. The SPDR Gold Trust ETF slid 1% along with the yellow metal.
Bitcoin continued its drop, losing 2.7% to $27,350. Cryptocurrency exchange Coinbase fell 2.4%. The 10-year U.S. Treasury yield added 3 basis points to 3.57%.
PMI Numbers Not Seen In Nearly A Year
The April flash Composite Purchasing Managers' Index (PMI) Output Index came in at 53.5, an increase from March's 52.3 and the quickest increase since May 2022, according to S&P Global. The move puts the indicator at an 11-month high.
The Flash U.S. Services Business Activity Index rose to 53.7 vs. the 51.5 forecast, and above March's 52.6, at a 12-month high.
The Manufacturing Index climbed to 50.4 vs. the 49.2 consensus, and over the key 50 threshold, indicating expansion. The Flash U.S. Manufacturing Output Index jumped to 52.8 from March's 50.2, another 11-month high.
New orders climbed at the steepest rate in 11 months.
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Stock Market Earnings: Insurance Stock Sinks
Property and casualty insurer W.R. Berkley plummeted 9.2% after missing its Q1 EPS estimates. Mining giant Freeport-McMoRan tanked 4.1% despite a beat on Q1 EPS and sales.
HCA Healthcare jumped 3.9% after reporting better-than-expected Q1 earnings per share and sales. The company also raised its full-year sales and EPS guidance.
Shares of the hospital operator are extended from the 269.19 buy point of a long, deep cup-with-handle base. HCA hit an all-time high and is the S&P 500's second biggest gainer today.
Railroad operator CSX popped 3.3% after beating Q1 top- and bottom-line estimates late Thursday.
Autoliv plunged 5.3% in heavy volume after reporting a miss on Q1 EPS and a beat on sales. Shares of the auto safety systems maker fell below the 50-day line, a warning sign as the stock continues working on a base.
Stock Market Movers: Medical Device Stock Takes Off
IBD 50 member Shockwave Medical soared 10.2% on a Bloomberg report of takeover interest by Boston Scientific, adding to Boston's cardiovascular device portfolio.
SWAV is building the right side of a cup base with a 320.64 buy point. Shares of BSX dropped 2.9% on the news.
Lithium stocks took a hit after Chilean President Gabriel Boric announced a plan to nationalize the country's massive lithium industry.
Charlotte, N.C. lithium and specialty chemicals producer Albemarle plunged 10% on the news. ALB is the biggest S&P 500 loser today. Chilean lithium and fertilizer company SQM fell 18.6%.
Livent tumbled 5.5%, along with its lithium-producing peers.
Fair Isaac gained 2.2% and broke out of a flat base, hitting the 711.95 buy point in weak volume. The buy zone goes to 747.55. Fair Isaac is best known for providing consumer credit scores, known as FICO scores.
Follow Kimberley Koenig for more stock news on Twitter @IBD_KKoenig.
