Markets closed higher on Friday, with the S&P 500 and Nasdaq setting records and the Dow Jones Industrial Average edging up on the stock market today. All three posted weekly gains despite losing a trading session due to the July 4 holiday.
The Dow was the weakest of the three major indexes, posting a modest 0.2% gain on Friday. But the S&P 500 rose 0.5% and the Nasdaq gapped up 0.9%, with both closing at record highs for the third straight day.
The Nasdaq posted a healthy 3.5% gain for the first week of the new quarter. The S&P 500 climbed roughly 2% while the Dow added 0.7% for the week.
Meanwhile, the small-cap Russell 2000 showed weakness and ended the day with a 0.5% drop. It sank 1% for the week.
Volume was higher on the Nasdaq and the New York Stock Exchange compared with the same time Wednesday, in preliminary numbers.
Elsewhere, the Innovator IBD 50 exchange traded fund bumped up 0.5%. It is holding support at its 21-day exponential moving average and is above its 50-day moving average.
In bonds, the 10-year Treasury yield shed seven basis points to 4.28%. And U.S. crude oil prices dipped near $83.15 a barrel.
Updated 3:23 p.m. ET
Stock Market Today: JPMorgan Falls On Fee News
Dow Jones component JPMorgan Chase fell back below a flat base buy point of 205.88 after a recent breakout. The stock felt pressure on news that its banking customers may be hit with fees for services that used to be free, including checking accounts and wealth-management tools, according to The Wall Street Journal.
Chase's possible new fees would be geared toward passing on additional costs due to regulations. These regulations would put caps on such charges as late fees and overdraft tolls.
JPMorgan will be one of the first big banks to report second-quarter earnings next Friday, along with Wells Fargo and Citigroup.
Wells Fargo dropped 2% Friday. Shares are testing their 50-day moving average while in a cup base with a 62.55 buy point.
Citigroup lost 0.8% on the stock market today. It is back below a 64.98 entry out of a flat base after knocking on the buy zone's door Wednesday.
Updated 2:04 p.m. ET
Jobs Report, Netflix Hits New Highs
In economic news, the June jobs report came in a little stronger than expected. The Labor Department said nonfarm payrolls increased 206,000 during the month, a little above the Econoday forecast for 189,000. Labor officials revised job growth in April and May lower by a combined 111,000. June's unemployment rate unexpectedly ticked higher to 4.1%.
IBD SwingTrader stock Netflix added more than 1% and climbed further above the buy zone of a cup base with a 639 buy point. The streaming entertainment titan reached a 52-week high and has more than doubled since its 52-week low set in October. Netflix stock is closing in on its all-time high of 700.99 from November 2021.
Another SwingTrader position, Apple, also powered up nearly 2% and reached a record high on the stock market today. The Magnificent Seven player also is extended from a cup base buy zone from a 199.62 entry.
IBD 50 stock Camtek notched a 2.6% gain as it also reached an all-time high. The stock has risen for seven out of the last eight trading sessions. The company designs, develops, and manufactures inspection and metrology equipment for the semiconductor industry.
Updated 12:14 p.m. ET
Meta Platforms was a top gainer in the Nasdaq 100, along with Arm Holdings and Advanced Micro Devices.
Meta reclaimed a 514.01 entry with conviction after initially moving past the buy point last week in light volume. After moving above a 164 entry Wednesday, Arm crossed an alternate entry of 177.31, soaring more than 6%. AMD jumped 5%, but the stock is still more than 20% off its high after a recent sell-off.
Elsewhere, Palantir Technologies was another solid gainer, up nearly 4%. The stock moved above a 26.57 entry.
Updated 10:33 a.m. ET
Stock Market Today: Tesla, Nvidia Sink
Among other individual stocks, Tesla briefly topped the 250 level before reversing lower. Nvidia was down nearly 1% after jumping 4.6% Wednesday.
After soaring 8% in the final trading week of June, Tesla shares soared another 24.5% last week, helped in part by better than expected second-quarter delivery data.
Nvidia, which had been holding support at its 21-day exponential moving average, had jumped more than 4% Wednesday on a half day of trading. After several months of outperformance, Nvidia is less than 10% off its all-time high.
Market Risks Rise, Palantir Breaks Out; Powell Looms
Cryptocurrency, Growth Stocks On The Move
In cryptocurrency, bitcoin sold off hard again, down another 5% and approaching the $55,000 level after breaking below the $60,000 level last week. The iShares Bitcoin Trust ETF tumbled 8%, while crypto exchange operator Coinbase gave back roughly 5% on the stock market today. Watch for support near the 200 level.
Inside the MarketSurge Growth 250, AppLovin broke out of a flat base in solid trading. Shares jumped around 4% in strong volume, topping an 88.50 buy point.
Agnico Eagle Mines extended gains in the stock market today after joining the Leaderboard model portfolio Wednesday. Shares rallied another 2.1% Friday as it forms the right side of a cup base.
Follow Ken Shreve on X @IBD_KShreve for more stock market analysis and insight and Kimberley Koenig for stock market news on X/Twitter @IBD_KKoenig.
