The Dow Jones Industrial Average held a modest gain in afternoon trading Friday after giving back nearly all of a 1.3% intraday gain Thursday. Sellers hit technology stocks again, knocking the Nasdaq composite further below its 50-day moving average.
Early gainers in the Dow Jones today included Walmart. WMT stock is trading near its all-time high ahead of next week's earnings report. It's a busy week of retail earnings, with names like Home Depot, Target, TJX Cos. and Ross Stores set to report.
Merck and Chevron also outperformed in the Dow Jones index, but Microsoft lagged, down around 0.7%.
Nvidia was a notable mover in the stock market today, down around 3%, on news that two of Cathie Wood's ARK funds trimmed their positions in Nvidia, according to Benzinga.
The Autonomous Technology & Robotics ETF and Ark Genomic Revolution ETF together sold 9,898 Nvidia shares valued at $4.2 million as of Thursday's closing price of 423.88.
Sellers continued to dictate the action in Tesla, which undercut Wednesday's low, falling another 1.5%.
Outside The Dow Jones
In economic news, the latest reading on wholesale inflation showed the June producer price index up 0.3% month over month, a little above the 0.2% consensus. Year over year, prices were up 0.8%, just above the 0.7% consensus. Excluding food and energy, prices were up 0.3% month over month and 2.4% year over year, also slightly above expectations.
The 10-year Treasury yield jumped another 8 basis points to around 4.16% after reversing sharply higher Thursday. The yield hit a low of 3.96% Thursday after the latest reading on consumer prices was mostly in line, or even a little better than expected.
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West Texas intermediate crude oil futures added nearly 1% to around $83.55 a barrel. As money flows out of technology stocks in general, it's been finding a home in oil and gas, retail and some financial stocks.
The Energy Select Sector SPDR ETF picked up another 1% and is shooting for its fifth straight weekly gain. XLE is a new addition to the Leaderboard model portfolio, along with Costco, which is just below a 571.16 entry.
The Nasdaq composite also erased a big gain Thursday and was down 0.7% Friday. The index is being weighed down by a high distribution-day count, with six higher-volume declines since July 20 as well as a stalling session on July 19.
Technology stocks in the Dow Jones average like Intel and Microsoft lagged with losses of less than 1%.
The S&P 500 edged lower as the benchmark index holds just above its 50-day line. Distribution has been much less pronounced in the S&P 500, with only three higher-volume declines since July 27. Only one of those declines showed a drop of more than 1%. The S&P 500 also showed a stalling session on July 19.
Early gainers in the S&P 500 include IBD parent News Corp, which was up nearly 4% after reporting fiscal Q4 earnings that topped expectations.
Chinese stocks were under pressure after a real estate giant in China, Country Garden, warned of a $7.6 billion first-half loss. The KraneShares CSI China Internet ETF was down more than 4%.
Weakness in China stocks was one reason the Innovator IBD 50 ETF was down 0.9%.
Growth Stocks On The Move
While the Dow Jones index served up plenty of gainers, several growth stocks showed notable action.
Inside the MarketSmith Growth 250, China-based retailer Miniso Group slumped below a 19.48 handle entry. The stock was down 6% but holding above its 50-day line.
In the oil and gas space, Oceaneering is bouncing nicely off its 10-week moving average this week. Shares were up 2% but remain below a cup-base buy point at 22.26. The support comes after OII flashed a sell signal when it fell more than 7% below the 22.26 entry.
Oil driller Noble continues to trade tightly near highs after a breakout from a consolidation last month. SLB added 1% and is still in buy range from a 58.70 handle entry. Helmerich & Payne is just below a 45.46 handle entry.
Inside the IBD 50, Chinese EV maker Li Auto gapped below its 21-day exponential moving average, falling 6% in heavy volume.
Chip-equipment stocks were particularly hard hit, with the group down around 3%. Lam Research slumped 4%, closing in on another test of its 50-day line. Applied Materials slid 3% and is now below its 50-day line.
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