The Nasdaq and S&P 500 extended their rallies for a seventh-straight day Friday. Meanwhile, a retail stock jumped again on news that Warren Buffett bought shares in the company. And Nvidia held on for a fifth straight gain on the stock market today.
The Nasdaq composite edged 0.2% higher as the tech-heavy index hugged its 50-day moving average, seeking support. The S&P 500 also gained 0.2%. The benchmark index remained above its 50-day line on the stock market today.
The Dow Jones Industrial Average added 0.2% as well, holding on to its fourth consecutive day in positive territory. The 30-stock index held above the 40,000 level and is about 2.6% above its 50-day line.
In small caps, the Russell 2000 reversed and moved 0.3% higher on the stock market today. Volume was lower on the Nasdaq and the New York Stock Exchange vs. the same time Thursday.
In the bond market, the 10-year Treasury yield shed four basis points to 3.88% Friday. U.S. crude oil dropped to $76.60 a barrel.
On the Nasdaq, rising stocks topped falling issues by roughly a 5-to-3 ratio. On the New York Stock Exchange, gainers beat losers by 2 to 1.
3:50 p.m. ET
Stock Market Today: Retail Stock Adds To Buffett Boost
Ulta Beauty bolted nearly 3% in heavy trading and reclaimed its 50-day line. The follows Thursday's 11.2% surge in heavy volume on news that Warren Buffett's Berkshire Hathaway initiated a position of more than 690,000 shares of Ulta in the second quarter.
Ulta Beauty was the biggest gainer on the S&P 500 Friday. Berkshire Hathaway rose 0.8% and is on track for a fourth straight day of gains. Berkshire shares are in a buy zone up to 451.50 of a long, flat base with a 430 buy point.
IBD SwingTrader stock Dick's Sporting Goods broke out of a double-bottom base with a 227.25 buy point, but retreated below the entry, and slipped 0.3% Friday afternoon. Dick's reports its second-quarter results on Sept. 4.
Dick's move follows Thursday's 4.8% lift in which retail stocks rose in sympathy with Walmart.
Walmart topped fiscal second-quarter earnings and revenue forecasts and raised its fiscal 2025 profit outlook Thursday, sprinting 6.6% higher. Walmart gapped above its 50-day line Thursday is extended from its prior double-bottom base with a 60.89 entry.
The big box retailer added 0.3% Friday.
1:35 p.m. ET
Cybersecurity Stock Breaks Out
IBD 50 name Fortinet bolted 1.6% higher and reached the 73.91 buy point of a cup base as it adds to its post-earnings gap-up. Shares are in a buy zone up to 77.61.
Fortinet stock jumped 25.3% in heavy volume on Aug. 7, following the company's second-quarter adjusted earnings and sales results that beat views. Shares reclaimed the 50- and 200-day lines on the giant leap and have advanced for eight out of the last nine sessions. The network security solutions stock reached a 52-week high on the stock market today.
Chipotle Mexican Grill gave back 2.3% of Thursday's 4.5% gain and fell back below its 200-day moving average. The stock plummeted on Tuesday's news that it would lose Chief Executive Brian Niccol to Starbucks.
Meanwhile, Starbucks notched up 0.4% on the stock market today. Shares catapulted nearly 25% Tuesday on the news of Niccol coming aboard, and are hovering around that higher level.
11:59 a.m. ET
Palantir Pops
Sphere Entertainment trimmed morning gains to around 6% in heavy trading. The stock is in buy range from a 46.70 alternative buy point. The stock previously hit a 44.99 buy point, but the breakout failed. Shares also show another buy point at 51.83 seen on the MarketSurge weekly chart.
JPMorgan upgraded the stock to overweight from neutral and raised its price target to 57 from 37 Friday. The stock continues to rise following the entertainment company's higher-than-expected revenue and narrower-than-expected loss reported Aug. 14.
IBD 50 stock Palantir Technologies leapt around 3% to above 32 as it powers further above a buy zone from a 27.50 cup entry. The stock has been on a roll since it exceeded second-quarter EPS and sales estimates on Aug. 5. Palantir stock has climbed 87% so far this year and reached a more-than-three-year high on the stock market today.
IBD Leaderboard stock Nvidia, which had been up more than 1%, reduced its gain to 0.4% at midday. If it closes higher, it would be its seventh gain in eight sessions. Shares are above the 50-day moving average.
10:41 a.m. ET
Stock Market Today: Earnings Movers
Applied Materials sank more than 2% after the company beat fiscal third-quarter earnings and sales estimates but gave current-quarter and fiscal 2024 revenue and profit estimates that came up light. The semiconductor equipment stock tested its 21-day exponential moving average and looks to end a six-day win streak. Shares remain below their 50-day line on the stock market today.
H&R Block gapped up more than 18% in huge volume. The move came after the company topped fiscal fourth-quarter earnings and revenue and gave fiscal 2025 profit guidance above views. It also announced it authorized a $1.5 billion share repurchase and a 17% dividend increase. The tax preparation provider hit the 20% profit zone of a flat base with a 54.21 buy point. Shares reached a record high on the stock market today.
Coherent jumped 2.1% following the company's beat on profit and revenue. It also provided current-quarter and fiscal 2025 earnings and sales forecasts above estimates. The stock retook its 50-day line Thursday. The stock at one time erased all gains from a 61.74 buy point, but could be forming a new base. Coherent makes networking equipment, lasers and fiber optic devices.
Mpox vaccine maker Emergent surged nearly 25% on news the World Health Organization declared a global health emergency on a new, more dangerous strain of Mpox that appeared in Sweden.
Amcor gapped down more than 6% in heavy volume after the company missed fiscal fourth-quarter sales estimates. The stock gave a gain of about 5% from the 10.36 buy point of a double-bottom base and is now below the entry. Shares are on track for their largest decrease since May 3, 2023, when they fell 8.3%, according to Dow Jones Market Data. The stock is the biggest loser on the S&P 500 today.
Magnificent Seven Movers
Tesla popped 2.5% and climbed further above its 50-day line. Meta Platforms gave back 1.5% on the stock market today but remains in a buy zone up to 539.71 from a 514.01 buy point.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
