After a fast start, gains for major indexes turned into mild losses Thursday as an early upbeat mood and the effects of positive economic data dissipated by closing time. Meanwhile, Warren Buffett's Berkshire Hathaway hit an all-time high. And Nvidia clung to early gains on the stock market today.
The Dow Jones Industrial Average edged slightly lower at the finish Thursday, in sharp contrast with its strong midday performance. S&P 500 issues weakened in the afternoon and fell 0.2%, also erasing the morning's gains. The Nasdaq also continued to reel under selling pressure and posted a 0.3% loss.
Small caps on the Russell 2000 also saw gains vanish as the index fell 0.4% while the Innovator IBD 50 exchange traded fund dropped 1%.
Volume ran higher on the New York Stock Exchange but was lower on the Nasdaq compared with the same time on Wednesday. Advancers lagged decliners on both exchanges — another reversal from the morning's action. On the NYSE, decliners slightly outnumbered advancers. On the Nasdaq the ratio was 3-to-2.
The yield on the benchmark 10-year Treasury note fell two basis points to 4.23%.
In stocks, Berkshire Hathaway "B" shares hit an all-time high of 530.61 before settling back for a gain of 0.6% to 528.34, a new closing high. Shares broke out of a cup base Feb. 24 at a buy point of 491.67 and now are extended.
And on the Dow Jones index, Nvidia also gave up strong early gains but managed to rise 0.9% Thursday after Chief Executive Jensen Huang said the artificial intelligence chip leader plans to manufacture several hundred billion dollars' worth of chips and electronics in the U.S. over the next four years.
3:21 p.m. ET
Stock Market Today: Blue Chips, Insurance Stocks
The Dow's biggest gainers included Goldman Sachs and UnitedHealth Group, but both were only able to post gains of around 1%.
On the downside, IBM was the worst performer, falling more than 3%. Nike and Walt Disney were also notable laggards.
The stock market didn't offer many buying opportunities on Thursday. But two insurance stocks broke out: Bowhead Specialty cleared a buy point of 37.81, while Loews moved past an entry at 88.29. For both stocks, their relative strength lines are at new highs.
1:56 p.m. ET
Darden Hits All-Time High As Stock Market Faces Next Test
In earnings movers, Olive Garden-parent Darden Restaurants gapped up to an all-time high, bucking the larger gloom in the stock market today, but then shares gave back some gains. Darden stock was up more than 5% on Thursday.
A mixed earnings report and news of a new pilot delivery program with Uber moved Darden stock. Earnings of $2.80 per share for Darden met estimates but sales of $3.16 billion missed views of $3.21 billion. Uber stock was up nearly 2%.
On Friday, stock and index options and index futures contracts are set to expire in what is commonly called the triple-witching event.
12:14 p.m. ET
Surprises On Jobless Claims, Existing-Home Sales
In economic news, the U.S. Labor Department said Thursday that initial jobless claims for the week ended March 15 came in at 223,000. Economists had estimated claims from 225,000, according to Econoday.
Also, the National Association of Realtors said existing-home sales in February came in at 4.26 million vs. 4.09 million in January. That was well ahead of estimates for 3.95 million, Econoday figures show.
On Wednesday, the Federal Reserve left interest rates unchanged and indicated there would be two cuts in 2025. Fed Chairman Jerome Powell said the economy remained healthy, but policymakers lowered their economic growth outlook.
11:13 a.m. ET
Outside Dow Jones: Accenture Falls, PDD Trims Gains
Outside the Dow, Accenture fell on its earnings. The company reported profits of $2.82 per share on sales of $16.66 billion that edged past estimates of $2.81 a share on sales of $16.6 billion. For the current quarter, the company gave a midpoint sales outlook of $17.2 billion, meeting views. Shares have fallen below the 50- and 200-day moving averages, and fell more than 7% on Thursday.
PDD Holdings rose after mixed results. Earnings beat views but sales came up short. The Chinese e-commerce company and Temu parent reported earnings of roughly $2.79 a share on sales of $15.3 billion with currency conversion.
Estimates had called for earnings of $2.74 a share on sales of $15.7 billion. PDD's chart is bearish with the 200-day moving average stacked above the 50-day moving average. Shares are clearing the 200-day line on Thursday.
Earnings For Jabil, FedEx And Micron
Jabil rose more than 3% after reporting earnings on Thursday. Sales of $6.7 billion and earnings of $1.94 per share beat views of $1.83 in earnings per share and sales of $6.4 billion. Shares had pulled back to the 200-day moving average and rose after results.
FedEx saw gains fade ahead of its third-quarter results, due later Thursday. Analysts polled by FactSet estimate a sales increase of 1% to $21.9 billion and earnings of $4.56 per share. FedEx stock is also in a downtrend.
In tech stocks, Micron climbed as it heads into earnings on Thursday after the market close. Analysts estimates sales of $7.9 billion and earnings per share of $1.43 for the second quarter.
Micron shares have been facing resistance at the 200-day moving average in a bearish setup that goes back to September when the 50-day moving average crossed below the 200-day line.
Stock Market Today: Cathie Wood Picks Seven Stocks
Elsewhere, reports say investor Cathie Wood recently turned to health care plays. Intellia Therapeutics, Illumina, Veeva Systems, Crisper Therapeutics and 10x Genomics were the most recent purchases, according to a website that tracks trades in Wood's Ark Invest portfolios.
Intellia, Illumina, Crisper and 10x Genomics are in downtrends. Veeva Systems is in a cup-with-handle base with a buy point of 247.62.
Spot Bases And Buy Points With Pattern Recognition
Other purchases included wireless telecom stock Iridium Communications and software stock UiPath. Both are below their 50-day moving averages.
Chinese stocks Alibaba and Futu Holdings were laggards on the stock market today and fell more than 4% and 5%, respectively. Both stocks recently posted big gains amid China stimulus plans.
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