Major indexes came off the day's highs at the closing bell but still finished above their 50-day moving averages Friday. A soft October payrolls report boosted stocks. The Dow Jones Industrial Average held a gain of 0.7% while the S&P 500 rose 0.9% in the stock market today. The Nasdaq led, rising 1.4%.
Nonfarm payrolls for October came in at a 150,000 increase, below consensus estimates of 179,000, according to Econoday. September's payroll data was also revised lower to 297,000 from 336,000.
Volume on the NYSE was lower and on the Nasdaq higher, according to preliminary data. Advancers outnumbered decliners by more than 3-1 on the Nasdaq and by nearly 5-1 on the NYSE.
The small-cap Russell 2000 outperformed and surged 2.7%, while the Innovator IBD 50 ETF rose nearly 2%.
The yield on the benchmark 10-year Treasury note eased further by 11 basis points and fell to 4.55% after Friday's economic data.
Dow Jones Stocks
Most of the 30 Dow components gained Friday. Apple was one of eight Dow stocks that lagged. Apple reported its results for the quarter ended Sept. 30 late Thursday. Sales declined for the fourth quarter in a row. The company expects sales to stay flat in the holiday quarter. Shares had climbed up to the 50-day line on Thursday but closed at the line Friday.
Walt Disney rebounded above the 50-day line ahead of earnings next week.
What To Do Now After Huge Market Week
Stocks Moving Today
Outside Dow Jones, Cardinal Health gapped up and broke out of a cup with handle after fiscal Q1 earnings. The relative strength line is at a new high as well. Sales grew 10% and earnings per share of $1.73 showed a 44% increase. The company saw profit grow in both its pharmaceutical and medical segments and raised its midpoint earnings guidance for the full year to $6.88 per share from $6.63.
Ferrari gapped up from its 50-day line and added 2.5% Friday after its earnings report. The relative strength line is at a new high. Shares rose above a buy point of 329.88 in 54% higher-than-average volume.
Gaming software maker NetEase also broke out of a flat base, rising past a 110.82 buy point in above-average volume. Also in gaming stocks, DraftKings is nearing a buy point of 34.49. It is among the latest additions to IBD Leaderboard.
Elsewhere, Digital Realty Trust broke out of a cup base but closed just below the 133.39 buy point. The RS line is at new highs.
In the travel sector, Expedia gapped up above its 50-and 200-day moving averages after Q3 earnings grew 34%. Sales of $3.9 billion grew 9%. The stock rocketed nearly 19% in heavy volume.
In building and construction, Fluor gapped up above its 50-day line after posting strong results and raising its earnings outlook for the year. FLR shares are approaching a buy point of 38.87 in an undefined base.
Shares of Insulet soared after a beat-and-raise quarter. Shares of the insulin pump maker gapped up above the 50-day line but remain well off prior highs.
Fortinet plunged more than 12% after sales and earnings decelerated for the second quarter in a row. The company gave a Q4 midpoint sales outlook of $1.41 billion.
Warren Buffett's Berkshire Hathaway will report quarterly results over the weekend. Operating earnings likely rose amid the high interest-rate environment. Shares have risen to the 50-day line as the stock forms a flat base with a buy point of 373.34.
Several stocks in the IBD 50 are near buy points. Copart is near a buy point of 47.38 in a flat base. Medpace is breaking out of a cup with handle with a buy point of 272.88, but volume is light. Adobe is near a buy point of 570.24.
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