The Dow Jones Industrial Average was down modestly near midday Friday, along with other major stock indexes. Chevron was an early leader in the Dow Jones, along with Cisco Systems[ticker symb=CSCO]. But Salesforce, JPMorgan Chase and Nike lagged with losses of at least 1%.
The Nasdaq composite also lost ground, dropping around 0.5%.
Small caps outperformed early, lifting the iShares Russell 2000 ETF to a gain of nearly 0.7%. But the small-cap ETF faded to a loss of around 0.4% at midday. The financial services group, which includes regional banks, is the fourth highest-weighted sector in IWM, at just over 13%.
Meta Platforms was an early gainer but it faded off highs. Late Thursday, the large-cap technology leader released new artificial intelligence tools to help advertisers build ad campaigns.
In the stock market today, Tesla rallied 3% and reversed lower after CEO Elon Musk said a new CEO will take over at Twitter in six weeks. Musk didn't name the person, but CNBC reported that NBCUniversal's advertising chief Linda Yaccarino is in advanced talks for the position. TSLA stock is bumping up against its 50-day moving average, a potential resistance level to watch.
The 10-year Treasury yield was up 3 basis points to around 3.43%. After key inflation data this week, federal funds futures traders widely expect the Fed to stand pat at the June and July meetings, leaving the interest rate unchanged at 5% to 5.25%. At the September meeting, traders think there's a 75% chance that the Fed will cut by 25 basis points to 4.75% to 5%.
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Gold edged lower to around $2,015 an ounce. Franco-Nevada is holding near its 21-day exponential moving average as it sits just below a 158.98 buy point.
Inside the Dow Jones
American Express was an early gainer in the Dow Jones, but the stock remains on a sharp downtrend. Sellers have hit AXP stock hard after its April 20 earnings report.
JPMorgan reversed slightly lower, continuing recently-volatile price swings. JPM stock showed bullish action when it rallied above its 50-day line last month. But sellers hit the May 1 gap-up hard, triggering a series of down days.
Outside the Dow Jones, several growth stocks made solid gains.
Inside the MarketSmith Growth 250, First Solar soared more than 20% after announcing the acquisition of Europe's Evolar. The small deal, worth up to $80 million, will strengthen First Solar's position in thin film photovoltaics used in solar panels. The buy will also give FSLR its first research and development facility in Europe.
Other top gainers included TriNet Group, Sprouts Farmers Market, Penumbra and Insulet.
Heavy-volume decliners in the MarketSmith Growth 250 included AngloGold Ashanti, TG Therapeutics and fitness chain Life Time Holdings.
Fluence Energy was a top gainer in the IBD 50, but the stock fell off highs. FLNC's weekly gain now stands at 25%. Earlier in the week, the provider of energy storage products reported $698.2 million in revenue, up 104% from a year ago.
Celsius was poised for its eighth straight gain after gapping up on earnings Wednesday. Adjusted profit surged 344%, while its revenue growth rate accelerated from Q4, rising 95% year over year to $259.9 million.
Chip firm Rambus also gained in the IBD 50. After a bullish accumulation week, Rambus will have a six-week base in place by Friday's close. RMBS stock is less than 5% off its high.
Please follow Ken Shreve on Twitter at IBD_KShreve for more stock market analysis and insight.
