Major stock market indexes closed in negative territory on the final trading day of 2023, despite clawing back from session lows. The Dow Jones Industrial was the big gainer for the week.
The Dow trimmed its loss to less than 0.1% and the S&P 500 fell 0.3%. Stocks on the Nasdaq gave up 0.56% on the stock market today. The Dow hit record highs this week, while the S&P 500 couldn't quite make it to a new high. The Nasdaq was off its 52-week highs.
The Nasdaq posted a 0.1% gain for the final week of 2023, while the S&P 500 rose 0.3%. And the Dow roared 0.8% higher after topping all-time highs. All three major indexes have risen for nine straight weeks.
And now that markets have finished trading for 2023, year-end statistics show that the Nasdaq jumped 43.4% since the end of 2022. The S&P 500 climbed 24.2% during 2023 and the Dow gained 13.7%.
Meanwhile, the small-cap Russell 2000 slid more than the major indexes Friday and dropped 1.5%, ending the week slightly down. The 10-year Treasury yield added 2 basis points to 3.87%.
The Invesco QQQ Trust, which tracks the Nasdaq 100, fell 0.4%. The Innovator IBD 50 ETF sank 1%.
Volume rose on the New York Stock Exchange and the Nasdaq vs. the same time on Thursday.
Stock Market Movers: GigaCloud Stock Jumps
Bitcoin miner Marathon Digital plunged 16.4% in heavy volume on top of Thursday's 9.5% decline, which also came in heavy trading. The stock had a fast and furious run-up to a 52-week high reached Wednesday, as the price of bitcoin rallied.
Hong-Kong based IBD 50 and IPO Leaders list stock GigaCloud Technology popped 1.6% in heavy trading and hit the 18.60 buy point of a deep cup base. The stock jumped 21.4% on Nov. 30 following the company's higher-than-expected results for the third quarter, and kept climbing to a 52-week high on Friday. Its global platform connects business-to-business suppliers and resellers.
IBD Leaderboard stock Nvidia closed unchanged for the day. Shares are nearing the 505.48 buy point of a flat base. NVDA is still considered to be in a 5% buy zone of a prior double-bottom base with a 476.09 entry. It launched a different version of the company's specialized gaming chip to comply with the U.S. government's China export rules, Reuters reported.
Nvidia also is the IBD Stock Of The Day.
Stock Market Shakers: Medical Device Stock Leads S&P
Lyft sank 3.5% after Nomura Securities downgraded the ride-sharing stock to reduce from neutral, though it raised its price target to 13 from 11.70. Shares are extended from a 12.79 buy point.
Rival Uber Technologies fell 2.5% after Nomura also downgraded the stock to neutral from buy and increased its price target to 62 from 59. Now extended, Uber recently topped the 20% profit zone from a 49.19 buy point.
Boston Scientific advanced 2.7% after reporting it now anticipates FDA approval of its Farapulse treatment for a heart condition in the first quarter of 2024. Shares are in a buy zone reaching to 59.75 from an alternate 56.90 buy point. Also, BSX was the biggest gainer on the S&P 500 Friday and tapped an all-time high.
TJX trimmed gains and closed 0.6% higher after reaching the 93.78 buy point of a flat base in light volume on the stock market. TJX also reached an all-time high Friday.
Dow Jones Movers: Health Stock Up On Deal News
UnitedHealth Group crept up 0.3%. The company will sell its Brazil business to a private investor in a deal expected to close in the first half of 2024.
The transaction includes a $7 billion noncash charge that UNH will absorb, largely due to the impact of foreign currency translation losses. It's unlikely to change UnitedHealth's adjusted earnings outlook, the company said. The health insurer sits below its 50-day moving average after undercutting it on Dec. 14. UNH also is forming a cup base that's part of a long, irregular consolidation.
Boeing edged 0.1% higher on news that about 100 of its 737 MAX planes in China are back in service. This follows Thursday's news its 737 MAX planes are being inspected for loose bolts in parts that control rudder movement.
Further, BA stock is extended from a 243.10 cup-base buy point in stock market action.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
