The Dow Jones Industrial Average and the other major indexes weakened in the final hours of trading and ended their four-day winning streaks. Texas Instruments plunged after the company gave a weak outlook in its earnings report while Tesla gave back earlier gains on the stock market today.
The Dow Jones index slid 0.3% Friday afternoon, after rising seven out of the last eight sessions. The Nasdaq composite fared the worst with a 0.5% drop, sending it back below the 20,000 level.
Meanwhile, the S&P 500 gave back 0.3%, but remained above the 6,000 mark. The Russell 2000 small-cap index reversed lower 0.4% after being positive earlier in the session.
Volume was higher on the Nasdaq and lower on the New York Stock Exchange vs. the same time Thursday.
Despite the sluggish index action, Nasdaq rising stocks narrowly topped falling issues, while on the NYSE, gainers beat losers by around 4-to-3.
Meanwhile, bitcoin climbed to sit above the $105,000 level. And crude oil edged lower to $74.60 a barrel Friday afternoon.
Stock Market Today: Palantir Ends Unchanged, Halts Win Streak
Palantir Technologies gave back the day's earlier 4% gain and ended the day unchanged. It had climbed for eight straight sessions. The stock was back below 80, a level it has bumped up to several times since early December. The software leader had quickly gotten extended from its 10-week moving average.
Boeing, meanwhile, tried to climb back from an early downdraft but ended the day 1.4% lower. Before the open, the aerospace giant preannounced a big fourth-quarter loss and weaker-than-expected revenue, as it was hurt by a two-month labor strike
Elsewhere, enterprise software firm HubSpot, rallied at first but gave up those gains and also ended the day down 1.4%. It was nearing the top of a flat base with a 762.47 entry. It had already topped a trendline entry around 723.
3:27 p.m. ET
Texas Instruments Is A Big Loser
Texas Instruments dropped sharply in heavy volume and was the biggest loser on the S&P 500 Friday. The stock fell below its 50-day and 200-day moving averages.
The chipmaker beat fourth-quarter adjusted earnings and revenue forecasts, but gave a first-quarter profit outlook that was below views. Its profit has declined for eight straight quarters with another decrease expected in the first quarter. Sales have shown similar action with eight consecutive sinking quarters.
Tesla reversed lower after earlier gains Friday. Late Thursday, Tesla launched the new Model Y in the U.S. and Europe after unveiling the vehicle in China earlier this month. Tesla bounced off its 10-week moving average last week and is still holding above that support level.
IBD 50 name Nvidia sank more than 3% and looks to end a four-day winning streak. Nvidia stock was the biggest loser on the Dow Jones index Friday.
Besides Tesla, several other Magnificent Seven stocks are on next week's earnings calendar, including Microsoft, Apple and Meta Platforms.
Meta extended gains and cleared a 638.40 buy point after Chief Executive Mark Zuckerberg said the company plans to spend $60 billion to $65 billion this year as it builds out its AI infrastructure.
1:55 p.m. ET
IBD 50, Bitcoin Stocks Jump
Cancer detection biotech and IBD 50 name Grail reached a record high on the stock market today. The stock is on pace for its fourth straight day of large increases totaling around 61%. Shares reached an all-time high Friday.
The stock is extended from a cuplike base with a 24.92 buy point. It also topped the 20% profit zone of a deep cup base with a 21.47 entry.
In mid-January, the company gave a full-year 2024 revenue outlook exceeding estimates. The Illumina spinoff specializes in multi-cancer early detection and started trading in June 2024.
Bitcoin mining stock Hut 8 popped in lighter-than-average volume, as the price of bitcoin climbed near $107,000. Shares are rising from support at the 10-week moving average.
12:10 p.m. ET
Broadcom Makes A Move
Broadcom gave an early buy signal by rising past resistance around the 247 price level. Broadcom shares rallied nearly 2% as they set up in a flat base with a 251.88 entry.
Inside the MarketSurge Growth 250, enterprise software firm Twilio gapped out of a flat base after the company's bullish comments at an investor conference Thursday. Among the highlights, the communications software maker predicted fourth-quarter revenue slightly ahead of estimates. Shares rocketed more than 20% in heavy trading.
10:32 a.m. ET
Stock Market Today: Verizon, Amex Earnings
Wall Street weighted earnings from American Express.
Amex fell despite a strong earnings report. But shares had rallied ahead of the results, including a 6.6% gain last week. The stock remained above a 307.82 buy point. CEO Stephen Squeri noted record levels of annual card member spending and record net card fee revenues.
Time The Market With IBD's ETF Market Strategy
Verizon was a top gainer in the Dow Jones index today after the company reported earnings and said wireless revenue increased 3% during the fourth quarter to $20 billion. But an early gain faded.
Walt Disney made a strong technical move by retaking its 50-day moving average.
Movers And Shakers
Broadcom gave an early buy signal by rising past resistance around the 247 price level. Shares were up and forming a flat base.
Intuitive Surgical gapped down to its 10-day moving average. Shares were down more than 4% after the stock rallied ahead of the earnings report late Thursday. Fourth-quarter earnings and revenue growth accelerated nicely from the third quarter, rising 38% and 25%, respectively.Biotech stock Grail soared higher Friday and is on track for its fifth straight day of gains.
Novo Nordisk, which has been sold hard by institutional investors for months, soared. The Danish drugmaker said an early-stage trial for its obesity drug resulted in average weight loss of 22% in obese and overweight patients. The trial spanned 36 weeks.
Gold producer Agnico Eagle Mines rose more than 1% with gold futures up to just below $2,800 an ounce. Agnico is a new member of IBD Leaderboard. The SPDR Gold Shares exchange traded fund also rose to the top of a shallow base, putting the ETF on breakout watch.
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.
