The major stock indexes closed higher Friday after the stock market had a favorable reaction to Fed Chair Jerome Powell's comments on the U.S. economy.
The Dow Jones Industrial Average reversed higher 0.5%, making a stand above the 42,000 level and the 40-week moving average. The S&P 500 climbed nearly 0.6% and, perhaps most important, found support at its 200-day moving average.
The Nasdaq composite rebounded 0.7% but remained below its 200-day line. The small-cap Russell 2000 posted a 0.4% gain.
Volume rose on the NYSE and Nasdaq, according to early data. Advancers topped declines by a 7-to-5 ratio on the NYSE and by abo0ut 6-to-5 on the Nasdaq, according to FactSet.
Innovator IBD 50 ETF lost nearly 1% but closed well off session lows.
The market opened higher after the February employment report showed the labor market softening. But index gains quickly faded and indexes remained lower until Powell gave remarks at a monetary policy forum.
The Fed chair called the job market "solid" and was generally positive about the economy. He said the Fed is watching the impact of trade tariffs and other policy changes by the Trump administration. "We do not need to be in a hurry, and are well positioned to wait for greater clarity," Powell said.
3:19 p.m. ET
Stock Market Today: Hewlett Packard Plunges, Nvidia Rises
Hewlett Packard Enterprise cratered nearly 14% in heavy volume following its mixed fiscal first-quarter earnings report. Management also gave fiscal second-quarter and 2026 profit and revenue guidance that sorely missed estimates.
The company also announced it would cut jobs as part of cost-cutting measures, but didn't specify how many. Shares dug deeper below the 200-day moving average. The server and networking stock was the biggest loser on the S&P 500 Friday.
Meanwhile, Tesla remained well below its 200-day line, down nearly 1% in late trading. The stock is on pace for its seventh straight week of losses. Shares have lost 35% so far this year.
Nvidia reversed higher to a 1.1% gain on the stock market today. But shares remain well below the 50-day and 200-day lines.
2:09 p.m. ET
Samsara Plummets After Earnings
Samsara plunged around 15% in heavy volume despite topping fiscal fourth-quarter profit and revenue estimates. Investors were disappointed by its inline fiscal 2026 sales guidance. Shares fell further below the 200-day moving average.
Palantir Technologies gained around 4% after sinking 10.7% Thursday. Shares remain below the 50-day moving average.
12:15 p.m. ET
Defensive Names Lead Stock Market
The market's defensive posture was on display in the Dow Jones index, with Verizon, Merck, Amgen and McDonald's up at least 2%.
McDonald's broke out with conviction, going past a 314.55 buy point. Verizon, meanwhile, reclaimed a 44.73 entry after a breakout from a double-bottom base. Verizon offers a nifty dividend yield of nearly 6%.
Among China stocks, electric-vehicle maker Li Auto is holding gains well after the stock broke out powerfully last week. Earnings are due next week.
Meanwhile, artificial intelligence titan Broadcom pared early gains, but still rallied strongly on the stock market today after reporting solid earnings.
Sellers Taking It In Stride; Broadcom Surges
Inside the MarketSurge Growth 250, sellers finally went after Stride. It was one of the last leaders left standing, but Stride flashed a sell signal after a sharp drop through its 50-day line. Shares plunged more than 11%.
Highflier Waystar also broke badly below its 50-day line. Shares swooned nearly 12%.
Broadcom, one of the main data center infrastructure vendors at this point, jumped nearly 5% after the company reported strong fiscal first-quarter results and issued a bullish revenue outlook for the second quarter. Revenue jumped 25% to $14.9 billion.
AI-related revenue soared 77% to $4.1 billion. Broadcom bounced off its 200-day moving average, but it'll have some overhead supply to work through with the stock nearly 30% off its recent high ahead of the results. Bullish results from Broadcom come ahead of Oracle's earnings report, due Monday after the close. Oracle is another AI stock to watch.
10:44 a.m. ET
Stock Market Today: Jobs Report Comes In Light
In economic news, the U.S. added 151,000 jobs in February, while estimates called for 160,000, according to Econoday. The unemployment rate unexpectedly ticked higher to 4.1%, while average hourly earnings increased 0.3% month over month, in line with estimates. Job growth in January was revised lower to 125,000 from 143,000.
Gap Surges, Costco Plunges
After a six session sell-off, retailer Gap surged more than 12% after the company reported a 10% rise in quarterly profit. Sales edged lower to $4.15 billion, but that was ahead of the $4.07 billion consensus.
But Costco slumped nearly 7% after earnings missed expectations, even though revenue was slightly better than expected. Costco plunged below its 50-day moving average, a key sell signal.
Among Chinese stocks, Alibaba rebounded nearly 2% after the stock reversed slightly lower Thursday, while Bilibili extended gains and approached a 24.77 buy point.
Find The Best Long-Term Investments With IBD Long-Term Leaders
The iShares China Large-Cap exchange traded fund joined Leaderboard earlier in the week, and Investor's Business Daily increased the position Thursday. The ETF is still in a buy zone from a 36.82 entry.
Stock Market Today: Bitcoin News
President Donald Trump signed an order late Thursday creating a Bitcoin Strategic Reserve, funded by seized coins, not new purchases. Bitcoin slipped fractionally to around $88,300, while the iShares Bitcoin Trust ETF slipped by 1%.
The first-ever Crypto Summit will be held today at the White House. Coinbase Chief Executive Brian Armstrong is expected to attend, along with Robinhood CEO Vlad Tenev.
Coinbase and Robinhood have been hit hard by institutional selling in recent days. But Robinhood still has the potential to be a stock market leader after shares nearly tripled last year. Currently, Robinhood is trying to firm up around its 50-day moving average.
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, the platform formerly known as Twitter, @IBD_KKoenig.
