The Dow Jones Industrial Average and the other major indexes increased losses Friday as investors grew jittery after a bombardment of perplexing economic news. Among the concerns on the stock market today were recurring inflation worries and word that more tariffs are on the near-term horizon.
The Dow fell 444 points, or 1%, to finish the trading day. The S&P 500 dropped 1% but held slightly above its 50-day moving average. Meanwhile, the Nasdaq composite took the biggest blow of the major indexes, as it fell 1.4% and sank below its 50-day line.
The Russell 2000 small-cap index also was punished, and bond yields jumped. The index lost 1.2%, as the 10-year Treasury yield climbed around four basis points to 4.49%. The yield topped 4.51% earlier in the session.
Breadth was around 5-to-2 negative on the Nasdaq and roughly 3-to-1 on the New York Stock Exchange. Preliminary results showed volume was considerably higher on Nasdaq and slightly lower on the NYSE compared with the same time Thursday.
Meanwhile, bitcoin initially popped but then retreated and was just above the $96,000 level. After five straight daily losses, the iShares Bitcoin Trust exchange traded fund tried to reclaim its 50-day line. But it ended the day 1.2% lower.
And in stocks, Palantir Technologies started off strong, but ended the day down 0.4%. Still, Palantir remains quite extended as it now stands 38% above its 10-week moving average. Shares jumped 10% on Thursday.
Economic News, Tariff Threats
Data from the U.S. Labor Department showed lower-than-expected job growth in January. The economy added 143,000 jobs during the month, below estimates of 168,000, according to Econoday. And December job growth was revised higher to 307,000 from 256,000.
The unemployment rate unexpectedly ticked lower to 4%. But average hourly earnings increased 0.5% from December, above the 0.3% consensus view. On a year-over-year basis, average hourly earnings increased 4.1%, above the 3.8% forecast.
Stocks also appeared to weaken after consumer sentiment dropped unexpectedly and inflation expectations jumped on tariff worries as seen in the February University of Michigan consumer sentiment survey.
Further, President Donald Trump said Friday he plans to impose reciprocal tariffs on a number of countries next week, escalating the administration's trade war, reports said. Tariffs on autos could be on the table, the reports say.
3:33 p.m. ET
Stock Market Today: Two Big Earnings Sell-Offs
IBD 50 name Bill Holdings cratered in giant volume despite the financial platform operator topping fiscal second-quarter profit and sales projections. But investors beat down the stock after the fintech offered a weak outlook.
Shares recently attempted to break out of a cup base with a 97.86 buy point, but failed. Bill stock tumbled well below the 50-day line and now seeks support at the 200-day line. The giant drop under the 50-day line flashed a sell signal.
Graham plunged more than 16% in huge volume as energy transfer company missed estimates on fiscal third-quarter sales, though profits were higher than forecasts. Shares plunged below the 50-day moving average, triggering a sell signal.
Construction Partners rallied after the road infrastructure company exceeded fiscal first-quarter sales estimates, but posted an unexpected loss. Investors were delighted, however, as it raised fiscal 2025 revenue outlook.
Tesla losses mounted to more than 3% after news that the company's electric-vehicle sales in China dropped 11.5% in January, according to the latest data from the China Passenger Car Association. Tesla stock is now more than 9% below its 10-week moving average.
2:18 p.m. ET
Pinterest Pops, Ackman Drives Uber Higher
Pinterest rallied in heavy volume, after the idea-sharing platform missed fourth-quarter earnings estimates but topped revenue views. It also gave a robust first-quarter sales outlook.
Pinterest stock reclaimed its 200-day moving average on the stock market today. But the stock has been a laggard, as reflected in its weak IBD Relative Strength Rating, which stands at 26 out of a best-possible 99.
Uber Technologies bolted higher in hefty volume after influential investor Bill Ackman announced on social media platform X that his hedge fund started gobbling up shares of Uber stock in January. The position grew to 30.3 million shares.
Frontier Group sprinted higher following the airline's better-than-expected earnings and sales for the fourth quarter. Shares topped the 20% profit zone of a choppy undefined base with a 7.32 buy point.
Neurocrine Biosciences plummeted nearly 19% in enormous volume, after the biotech topped fourth-quarter profit estimates but missed sales forecasts. Shares knifed below the 200-day line, triggering a sell signal.
12:04 p.m. ET
Palo Alto Moves Higher
In the security software group, Palo Alto Networks gained nearly 4%. It's close to breaking out of a cup-with-handle base with a 197.74 buy point. A Relative Strength Rating of 69, however, points toward laggard price performance. Group peer Fortinet was well off session highs after popping early on earnings.
Axon Enterprise and Samsara also outperformed Friday and are near the top of cup bases. Both names are on the IBD Leaderboard Watchlist.
10:38 a.m. ET
Amazon, Expedia Among Earnings Movers
After earnings reports, Amazon.com fell while buy-now-pay-later firm Affirm, Expedia and Cloudflare rallied.
Cisco Systems and IBM were top performers in the Dow Jones index, while Expedia and Take-Two Interactive led the S&P 500, also helped by strong earnings.
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Expedia gapped out of a flat base with a 192.34 entry. Take-Two also gapped up to a new high after a period of tight, sideways trading.
Amazon.com lagged in the Dow Jones index today with a decline of 3.5%, and the stock has dipped below the 21-day exponential moving average. Earnings and revenue topped expectations for Amazon, but the company offered up a soft first-quarter revenue outlook.
Stock Market Today: Affirm Breaks Out
Affirm, meanwhile, broke out of a cup base after the company reported an unexpected profit. Affirm also lifted its full-year revenue outlook. The stock topped its 73.34 buy point.
Doximity, which operates a cloud-based platform for medical professionals, surged out of a 13-week consolidation. Late Thursday, fiscal third-quarter earnings and revenue growth accelerated nicely from the second quarter, rising 55% and 25%, respectively.
In the IBD 50, Cloudflare also jumped after the company reported a 25% increase in earnings and revenue.
Follow Ken Shreve on X @IBD_KShreve for more stock market analysis and insight. And Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
