The Dow Jones Industrial Average and other major indexes trimmed losses into the close Thursday. Tesla extended losses in the stock market today following its fourth-quarter delivery report.
The Dow trimmed losses to 0.4%, down for a fourth straight day. Apple was the worst performer in the Dow with a drop of nearly 3% that put the stock farther away from a $4 trillion market cap.
The S&P 500 shaved losses to 0.2% and remained below the 50-day moving average. The Nasdaq composite was also off 0.2% after seesaw trading. The index is below its 21-day exponential moving average and closed just above its 50-day moving average.
The Russell 2000 ended 0.1% higher in another day of bumpy action. Earlier, the small-cap index was up about 1%.
Volume rose on the New York Stock Exchange and fell on the Nasdaq from Tuesday's totals, according to early data. The stock market was closed Wednesday for New Year's Day.
On the Nasdaq and NYSE, rising stocks modestly outnumbered decliners, even as the major indexes sank.
Bitcoin rose around 3% and was just over the $97,400 level, while the 10-year Treasury yield was nearly unchanged at 4.57%. U.S. crude oil rose 2% to $73.13 a barrel.
3:15 p.m. ET
Stock Market Today: Apple Add To Losing Streak
Apple sank 3.2% and is on pace for its fourth straight loss, after the iPhone maker reached a record high on Dec. 26.
Shares retreated to the buy zone of a flat base with a 237.49 buy point, but the stock undercut its 21-day exponential moving average.
Nvidia lifted 2.4% and led the Dow Jones industrials Thursday. Shares are finding resistance at the 50-day line. Nvidia is forming a double-bottom base with a 146.54 buy point. The Dec. 24 high of 141.90 shows a possible early entry.
Gorilla Technology Group catapulted 30% in heavy volume and reached a level not seen since July 2023.
The stock rebounded after sinking 19.4% Tuesday following an explosive run-up in December. Taiwan-based Gorilla Technology provides artificial intelligence solutions for network security systems and video applications for facial recognition.
1:58 p.m. ET
Nuclear Names Bolt Higher
Adtalem Global Education broke out of a flat base with a 92.93 buy point, but retreated below the entry as stocks weakened Thursday afternoon. Shares held onto a 1.2% gain Thursday afternoon.
The health care education provider reached a new high on the stock market today before giving up some gains. Its relative strength line hit a 52-week high as shown by the blue dot on its IBD MarketSurge charts.
Adtalem was the IBD Stock Of The Day Tuesday. On Thursday, the company announced it will report its second-quarter earnings results Jan. 30.
Constellation Energy sprinted 5%, following news it was awarded a 10-year federal government contract for nuclear energy valued at $840 million. Shares are trying to climb back above the 21-day line but found a ceiling at the 50-day line.
Other uranium stocks and ETFs are rising after Canadian producer Cameco said output from its Inkai joint venture in Kazakhstan was unexpectedly halted.
Vistra also rallied 5%. Shares reclaimed the 50-day line Thursday. The energy stock is extended from an irregular base with 107.24 buy point.
12:09 p.m. ET
Palantir Stock Keeps Sliding
Palantir Technologies trimmed morning losses to 0.7% and is on track for its fifth straight drop. Shares appear to be finding support at the 21-day exponential moving average. The IBD 50 and Big Cap 20 name is about 11% below its record high reached on Dec. 24 but so far no sell signals have surfaced.
CyberArk Software notched a 2.5% gain, on top of Tuesday's 4.2% jump. The cybersecurity stock reached an all-time high on the stock market today. Shares are rising from support at the 10-week moving average. Wells Fargo boosted its price target to 410 from 350 and maintained its overweight rating on CyberArk stock.
SoFi Technologies dropped nearly 6% and was the biggest loser on the IBD 50 in the stock market today. Keefe, Bruyette & Woods downgraded the stock to underperform from market perform, saying its valuation is too high, but lifted its price target. The stock was around 14.40 in recent trading. SoFi stock trimmed morning losses and tested its 50-day line.
10:43 a.m. ET
Unemployment Claims Hit 8-Month Low
Initial weekly jobless claims for the week ended Dec. 28 came in at 211,000 and lagged the 225,000 consensus estimate. Claims fell from the prior week's revised 220,000. The latest tally was the lowest weekly reading in eight months.
The final December Purchasing Managers' Manufacturing Index rose to a higher-than-expected 49.4 vs. the 48.3 forecast, but was below November's 49.7 reading.
Stock Market Today: Tesla Slides After Delivery Numbers
Tesla sank 4.4% after the company reported lower-than-expected fourth-quarter deliveries. It delivered 495,570 vehicles, below the more-than 500,000 expected.
Shares extended a four-day rout on the stock market today, and fell further below the 21-day exponential moving average Thursday, according to MarketSurge.
Tesla edged higher in early morning trading on news the Tesla Cybertruck became eligible for tax credits, but shares faded after the delivery report. Tesla is on the IBD Leaderboard watchlist.
Nasdaq Tests Key Level To Start 2025; Tesla, Apple Tumble
Big Stock Movers: Cloudflare Gets Double Upgrade
Cloudflare popped 6% after Goldman Sachs upgraded the stock from sell to buy and raised its price target from 77 to 140. Shares are extended from a 99.17 buy point and reclaimed the 21-day line. Cloudflare stock is on the IBD 50 and Big Cap 20.
Synaptics rose around 6% on news it's working with Alphabet's Google to speed up the development of artificial intelligence on the Internet of Things for wearable devices and appliances. Synaptics tested its 200-day moving average and holds a dismal 21 IBD Relative Strength Rating after a prolonged slump.
Alphabet bumped up 0.4% and is in a buy zone up to 191.61 from a 192.49 entry. In separate news, JMP Securities downgraded the Magnificent Seven name to market perform from market outperform and held its price target at 220.
IBD Big Cap 20 stock Broadcom rose 3.1% and is holding above the 20% profit target of a double-bottom base with a 185.05 buy point.
Stock Market Today: Bitcoin Names Rebound
Bitcoin-related stocks rose in sympathy with the increase in the cryptocurrency.
MicroStrategy, the largest corporate holder of bitcoin, looked to end a four-day losing streak with a 3.5% jump on Thursday.
Coinbase Global acted in similar fashion with a 2.5% increase. The cryptocurrency exchange platform stock is firmly below its 50-day line.
Bitcoin miner Mara Holdings rebounded around 2.5% while Riot Platforms advanced 1.8%. All those stocks trimmed opening gains.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
