Major stock indexes were mixed after giving back gains Thursday afternoon as losses mounted for Magnificent Seven chipmaker Nvidia. Meanwhile, two big earnings movers — Pure Storage and Nutanix — diverged on the stock market today.
The Dow Jones Industrial Average trimmed gains to 0.6%. The blue-chip index jumped nearly 500 points at one juncture during the day before retreating to about half those gains by the close. Still, the Dow's 243-point gain pushed it to an all-time high.
That wasn't the case for the Nasdaq. As Nvidia kept sinking, the tech-heavy index weakened and reversed, falling 0.2%. The Nasdaq dipped back below its 50-day moving average, near where it finished on Wednesday.
Finally, the S&P 500 gave back its earlier gains and closed with a marginal loss.
In small-cap stocks, the Russell 2000 outperformed and posted a 0.7% gain. In the bond market, the 10-year Treasury yield added two basis points to 3.87% Thursday. And U.S. crude oil finished at $76 a barrel.
Volume was higher on the Nasdaq and the New York Stock Exchange vs. the same time Wednesday. On the Nasdaq, rising stocks topped falling issues by slightly more than 3-to-2. NYSE gainers beat losers by more than 2-to-1.
3:34 p.m. ET
Stock Market Today: Data Storage Stock Tanks, Nvidia Losses Grow
Pure Storage plummeted more than 14% in heavy volume The company topped views with its fiscal second-quarter adjusted profit and sales, but its full-year 2025 revenue outlook came in below estimates. Shares sank far below the 50-day line, triggering a sell signal. Pure Storage makes data storage hardware and software products.
Nutanix popped nearly 20% in heavy action after the firm topped fiscal fourth-quarter adjusted earnings and revenue estimates. It also served up fiscal first-quarter and full-year 2025 sales forecasts ahead of views. The cloud software stock moved back above all its moving averages on the jump. Nutanix is on track for its largest increase since Oct. 14, 2022, when it rose 24.6%, according to Dow Jones Market Data.
Veeva Systems sprinted more than 9% higher after the software designer reported better-than-expected earnings and sales for its fiscal second quarter. It also issued forecasts for its third-quarter and fiscal-2025 adjusted earnings that were above views. Veeva makes cloud-based software for the global life sciences industry.
Nvidia stock deteriorated further with a loss of more than 6% despite topping its fiscal second-quarter adjusted earnings and sales estimates late Wednesday. The company predicted current-quarter revenue slightly above views and announced a $50 billion stock buyback.
Nvidia's quarterly profit increased 152% on 122% revenue growth, impressive by any standard. But that pales in comparison with Nvidia's gains of 400% or more over the last four quarters.
The IBD 50 stock is in a cup base with an official buy point of 140.76 with an early entry at 136.15. Shares fell below the 50-day line on the stock market today, a sign of weakness.
1:37 p.m. ET
Affirm Bolts Higher, Discount Retailers Tumble
Affirm Holdings catapulted 34% higher in giant volume after the payment solutions firm reported a smaller-than-expected loss for its fiscal fourth-quarter, with sales beating views. Management also provided fiscal first-quarter revenue that was ahead of projections.
Discount retailer Dollar General cratered around 30% after reporting lower-than-expected profit and revenue for the second quarter. Rival Dollar Tree plunged nearly 10% in sympathy with Dollar General.
Another discount retailer, Ollie's Bargain Outlet slid more than 5% on the stock market today after it reported in-line earnings for the second quarter and sales that were higher than expected.
11:57 a.m. ET
Teddy Bear, Eye Care Stocks Break Out
Build-A-Bear Workshop rocketed more than 21% higher in enormous volume and broke out of a cuplike base with a 32.47 buy point. Shares are in the buy zone up to 34.09. The retailer of custom-made teddy bears topped fiscal second-quarter profit and revenue forecasts and expects strong third-quarter web demand.
Cooper jumped around 11% and broke out of a double-bottom base with a 98.58 buy point in heavy volume. A more proper buy point would be 103.68, the high of the first five-minute price bar, with a buy zone up to 108.86.
The explosive move came after the contact lens maker beat fiscal third-quarter adjusted earnings and revenue expectations. Cooper also gave fiscal fourth-quarter and full-year profit and sales forecasts above views.
AppLovin broke out of a cup base with a 91.91 buy point. Shares of the mobile app developer trimmed gains to around 3.6% in recent trades.
American Eagle Outfitters trimmed losses but was still down nearly 3% in midday trades on the stock market today after the clothing retailer missed second-quarter sales but beat profit projections. Shares crossed below their 50-day line but bounced back above it.
10:36 a.m. ET
GPD Revision Higher Than Expected
In economic news, the second estimate of second-quarter gross domestic product showed a gain of 3% on an annual basis vs. the 2.8% consensus estimate. And the estimate for second-quarter Personal Consumption Expenditures, or PCE, rose 2.9%, vs. the 2.3% expected, on a year-over-year basis.
Initial weekly jobless claims for the week ended Aug. 24 came in at 231,000 vs. the 230,000 prediction from economists. It was slightly lower than the prior week's revised 233,000.
Best Buy Soars
Best Buy soared more than 17% following the company's better-than-expected fiscal second-quarter earnings and sales. Shares broke out of a double-bottom base and bypassed the 90.57 buy point in huge volume.
A more appropriate entry would be 102.68, the high of the first five-minute price bar with a buy range up to 107.81. Its relative strength line hit a 52-week high, according to IBD MarketSurge.
The electronics retailer was the biggest gainer on the S&P 500 on the stock market today.
Dow Jones stock Salesforce reversed lower after the company topped fiscal second-quarter adjusted profit and sales views but gave a current-quarter revenue prediction that was below forecasts.
Okta sold off nearly 18% in heavy volume after the cybersecurity provider gave a current-quarter profit outlook below expectations. Shares sliced through the stock's 50-day and 200-day moving averages, triggering sell signals.
Nasdaq Reverses Lower On Nvidia Sell-Off; Fed Inflation Data Due
Stock Market Today: CrowdStrike Lifts Higher After Earnings
CrowdStrike rallied more than 5% in active trading. The cybersecurity provider beat fiscal Q2 earnings and revenue estimates. The firm lowered its current-quarter earnings and fiscal 2025 profit and revenue outlook as a result of the widespread computer outage on July 19 caused by the company's faulty software update.
Birkenstock Holding tumbled 14% in heavy volume after the footwear maker missed profit and revenue forecasts. The plunge below the 50-day line triggered a sell signal on the stock market today.
Cava Group fell nearly 5% after Morgan Stanley downgraded the restaurant to equal-weight from overweight but raised its price target to 110 from 90.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
