Stocks closed off session highs Friday but still climbed to record highs. Small caps led while the Nasdaq composite lagged the stock market today amid weakness in tech and internet stocks.
The Dow Jones Industrial Average rose 0.6%. In its first day in the industrials, Nvidia fell 1.5%. Nvidia replaced Intel on the 30-stock index. Sherwin-Williams also made its debut on the Dow with a 0.8% gain. It replaced Dow Inc..
The Dow narrowly missed closing above the 44,000 level after piercing it for the first time Friday. It climbed to another all-time intraday high.
The Nasdaq rose 0.1% while the S&P 500 bumped up 0.4% and almost closed above the 6,000 level. The S&P also climbed to a record high. The small-cap Russell 2000 advanced 0.7%.
Volume fell on the New York Stock Exchange and Nasdaq, according to preliminary data. Gainers beat losers by around 12-to-7 on the NYSE and by 8-to-7 on the Nasdaq.
The 10-year Treasury yield shed three basis points to 4.31%.
3:29 p.m. ET
Stock Market Today: Pinterest Plunges
Pinterest tumbled 15.5% even after the idea-sharing app operator reported third-quarter earnings and sales that beat expectations. Shares sliced through their 50-day moving average and fell further below the 200-day moving average. The severe drop in enormous volume triggered a sell signal. The stock plummeted 27.5% in July and has never recovered. It holds a weak 32 IBD Relative Strength Rating.
Fluor plunged more than 14% in giant volume and undercut its 50-day line. The heavy-construction company missed third-quarter adjusted profit and revenue estimates and lowered its full-year earnings outlook. Shares gave back a 19% gain from a breakout of a double-bottom base with a 50.48 buy point, triggering a round-trip sell signal.
But Vertex Pharmaceuticals popped 3.2% and broke out of a flat base with a 510.63 buy point. Shares are in the buy zone up to 536.16. The drugmaker was added to IBD Leaderboard Friday.
1:59 a.m. ET
Earnings Movers In Opposite Ways
IBD 50 stock Affirm plunged more than 9% in heavy volume despite the company's smaller-than-expected fiscal first-quarter loss and higher sales than forecasts. The stock pulled back to its 50-day moving average, seeking support.
Shares had climbed to highs in October after the company announced in September its pay-over-time options would be available to Apple Pay customers.
Dow Jones stock Apple fell 0.3% on the stock market today.
Graham rocketed around 17% after the company easily topped fiscal second-quarter earnings and revenue estimates. It also raised its fiscal 2025 gross margin guidance. Shares of the oil industry equipment maker broke out of a late-stage base with a 33.64 buy point. Shares are far extended and soared to a 10-year high.
11:58 a.m. ET
Dow Stocks Outperform
The Dow Jones Industrial Average outperformed in the stock market Friday, helped by strength in McDonald's and Procter & Gamble. Over on the Nasdaq, Tesla's market capitalization topped $1 trillion as shares jumped 6%. Tesla stock is up more than 25% for the week.
Trump Media reversed sharply higher after Thursday's plunge. Shares jumped more than 7% after soaring more than 30% Wednesday on Donald Trump's presidential election victory.
The Dow Jones industrials outperformed with a gain of 0.7% and rose past the 44,000 level for the first time ever. The S&P 500 and Russell 2000 small-cap index added 0.3% to 0.4%. The Nasdaq composite was mostly flat, hurt by modest selling in the semiconductor sector.
The VanEck Semiconductor ETF gave back 0.6% after a breakout attempt Thursday.
Growth stocks outperformed again as the MarketSurge Growth 250 served up plenty of big winners. Small-cap American Superconductor, with a market capitalization of $1.3 billion, jumped out of deep cup base, rising more than 15% in strong volume. The strength comes after the maker of programmable power electronic converters reported strong earnings late last month.
Over in the IBD 50, profitable biotech ADMA Biologics soared more than 15% to an all-time high after the company reported profit of 15 cents a share, sharply higher from 1 cent earned in the year-ago period. Revenue jumped 78% to $119.8 million.
After a sharp, post-Fed meeting drop, the 10-year Treasury yield fell nearly five basis points to around 4.3%. Federal Reserve Chair Jerome Powell's news conference was widely regarded as dovish after the Fed, as expected, cut its key lending rate by 25 basis points to a range of 4.5% to 4.75%. Another quarter-point cut is expected at the December meeting.
Deckers looked poised to extend its win streak to five sessions. Shares were up nearly 3%. It's still in a buy range from a 172.57 cup-with-handle entry.
Retail leader Costco gained just over 2%. It's still in buy range after clearing a flat base with a 923.83 entry this morning.
10:25 a.m. ET
Chip Stocks Steady In Stock Market
Semiconductor stocks like Nvidia weren't moving much despite news of strong October sales at Taiwan Semiconductor Manufacturing. After a modest breakout Thursday, the VanEck Semiconductor ETF was mostly flat.
TSMC is the world's largest chip foundry and is well positioned for growth in artificial intelligence. TSM shares were up 1% in the early going after the company said October revenue increased 29% in local currency.
Broadcom also edged higher after joining the Leaderboard model portfolio Thursday.
Stock Market Today
Security software firm Fortinet was a top gainer on the Nasdaq in the stock market today, while Axon Enterprise and Expedia outperformed in the S&P 500. The latter two were rallying on earnings reports.
Stay In Sync With The Market With IBD's ETF Market Strategy
As usual there were some gold mines and land mines on the earnings front.
Fortinet jumped more than 4% after reporting a 13% rise in revenue. Investors shrugged off sluggish billings guidance.
Leaderboard stock Axon soared more than 10% after gapping up in price for two straight sessions. Late Thursday, the maker of Taser devices reported a 38% jump in quarterly profit, with revenue up 32% to $544.3 million.
Doximity Surges
Other earnings winners included Toast, Expedia and medical software provider Doximity. Doximity soared more than 30% after the company reported its second straight quarter of accelerating revenue growth. But the stock is quite extended after a bounce off the 10-week moving average.
Toast, which operates a technology platform for restaurant management, soared more than 5% in the stock market today, helped by a 26% jump in revenue. But Toast is still far from its all-time high of 69.93 set in early November 2021.
Online travel firm Expedia rallied more than 8%. It's now more than 10% above an alternate entry of 164.65. A key IBD buy rule says to avoid buying stocks that have moved more than 5% past a proper buy point. Group peer Airbnb slumped 9% on disappointing earnings.
China stocks sold off hard Friday after China's parliamentary meeting ended, and the country announced a $1.4 trillion debt package to help debt-ridden local governments. The news was disappointing because it was unclear how the move would spur economic growth in the world's No. 2 economy.
Crane CSI China Internet ETF, which counts Tencent and Alibaba as top holdings, slumped 5%. Tencent and Alibaba report earnings next week.
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.
