The Dow Jones Industrial Average and other major indexes closed near session highs Friday in a rebound from losing streaks. Market leaders such as Tesla performed well in the stock market today.
The Dow bounced back for a 0.8% gain to break a four-day losing streak. The S&P 500 advanced nearly 1.3% and came a few points away from regaining its 50-day moving average. The Nasdaq composite rallied 1.8% after finding support at its 50-day moving average. The index also regained its 21-day exponential moving average.
The S&P 500 and Nasdaq both ended five-day losing streaks. The Russell 2000 jumped 1.7% and remained within a two-week price range.
Volume fell on both the New York Stock Exchange and the Nasdaq, according to early numbers. That diminished the market's strength somewhat.
But breadth was positive. Advancers led decliners on the Nasdaq by better than 13-to-5 and by more than 3-to-1 on the NYSE, according to FactSet.
Innovator IBD 50 outperformed with a 3.3% increase. The ETF also climbed back above its 50-day line.
Bitcoin added 1.2% to rise above the $98,500 level, while the 10-year Treasury yield bumped up two basis points to 4.596%. U.S. crude oil increased more than 1% to $73.96 a barrel.
3:23 p.m. ET
Stock Market Today: AI Stock Soars On Nvidia News
Cerence more than doubled in enormous volume on news that it widened its partnership with Nvidia by using the Nvidia AI Enterprise software platform in cloud-based and embedded automotive language models. Cerence stock is extended from a low-price base with a 4.09 entry.
SoundHound AI jumped 7.8% in sympathy with its rival. SoundHound stock has had a tremendous run since it broke out of a cup-with-handle base with a 6.25 buy point in early November. The stock holds a best-possible 99 Relative Strength Rating. Its revenue is growing sharply, but the company is not yet profitable.
Both Cerence and SoundHound sell voice-recognition software that uses artificial intelligence.
Nvidia bolted 4.4% and handily reclaimed its 50-day line. Shares topped a 141.90 early entry from the Dec. 24 high. Nvidia is also nearing the 146.54 buy point of a double-bottom base. Nvidia was added to IBD SwingTrader and was the biggest gainer on the Dow Jones index.
1:46 p.m. ET
Palantir Bounces After Losing Streak
IBD 50 stock Palantir Technologies sprinted 5.7% higher after five straight days of losses. Palantir took a break after a robust 2024 in which it rallied 340%. The stock was in IBD's Best Companies Of 2024 list.
TechnipFMC popped 4.9% and regained the 29.85 buy point of an erratic base. It is in the buy zone up to 31.34. The oil and gas services company was added to IBD Leaderboard Friday. CEO Doug Pferdehirt will speak at the Goldman Sachs Energy, CleanTech & Utilities Conference Tuesday in Miami.
IBD SwingTrader name GE Vernova notched a 2.7% gain as it sits in a flat base with a 357.09 buy point. Its relative strength line reached a 52-week high, as shown by the blue dot on its MarketSurge chart.
12:14 p.m. ET
Nuclear Stocks On A Roll
IBD 50 name Rocket Lab USA surged 10% after four straight days of losses. The rocket developer and launch services provider is back near its all-time high reached on Dec. 26.
Another IBD 50 component, Dutch Bros, climbed 0.6% following Thursday's 7.5% boost and reached a level not seen since April 2022. Shares are above the profit zone of a base with a 43.49 buy point.
Constellation Energy climbed 4% after several analysts had positive remarks about the stock. The move follows Thursday's 8.4% jump on news that Constellation landed a 10-year government power contract valued at $840 million.
Another nuclear stock, Vistra, added 8.4% on top of Thursday's 8.5% gain. UBS raised its price target to 174 from 161 and held a buy rating on the stock.
Carvana fell 6.4% in heavy volume following Thursday's Hindenburg Research negative report questioning its accounting and loan activity. The online auto dealer fell further below its 50-day line and had already triggered a sell signal.
In an email to news organizations, Carvana called Hindenburg's claims "intentionally misleading and inaccurate and have already been made numerous times by other short sellers seeking to benefit from a decline in our stock price."
The December Institute for Supply Management Manufacturing index rose to 49.3 vs. the 48.5 projected and topped November's 48.4.
10:37 a.m. ET
Magnificent Seven Movers
Magnificent Seven stock Tesla recouped 0.8% of Thursday's 6.1% drop that capped a five-day sell-off. The electric vehicle maker is below its 21-day line but above its 50-day line.
Apple was modestly lower and is on pace for its fifth straight drop. The dip followed Thursday's 2.6% loss on news it cut iPhone prices in China. Apple stock is in the buy zone of a flat base with a 237.49 buy point, but the stock fell below its 21-day line this week.
Market Rally Rebounds; Nvidia Leads New Buys With CEO Due
Stock Market Today: Rivian Soars On Delivery Numbers
Rivian popped more than 17% in heavy trading, after the electric vehicle company's fourth-quarter vehicle deliveries came in well above expectations. The stock has a mediocre 69 IBD Relative Strength Rating, according to MarketSurge, but it could soon improve.
Block rose more than 5% after Raymond James upgraded the stock to outperform from market perform and set a price target of 115. Shares retook the 21-day line. The financial services software maker found support at the 10-week moving average, where a new entry around 87 emerged.
Chewy got a 5.4% lift following an upgrade from Wolfe to outperform from peer perform and a 42 price target. The online pet products retailer topped the buy zone (up to 34.84) from a 33.18 buy point.
Las Vegas Sands climbed 1% following Thursday's 2.8% drop after Jefferies upgraded the stock to buy from hold and raised its price target to 69 from 60. The resort operator is finding resistance at its 50-day line and a breakout at 54.39 is struggling.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
