The stock market shook off a morning lull and closed near the day's highs Thursday. The Dow Jones Industrial Average reduced its loss to 0.1% but closed below the 50-day moving average. Tesla closed nearly 3% higher but had been up as much as 7.7%.
After slumping at midday, the S&P 500 bounced back to climb 0.2% at the closing bell in the stock market today. The Nasdaq composite ended 0.3% higher.
Relative strength in the technology sector helped the Nasdaq outperform. Technology Select Sector SPDR rose 0.8%, the best showing among S&P sector indexes. Consumer discretionary and staples climbed modestly. Real Estate Select Sector SPDR rose 0.5%.
Volume on the NYSE and on the Nasdaq was lower compared with the same time on Wednesday. Decliners outnumbered advancers on both exchanges by about 2-to-1.
The small-cap Russell 2000 lagged throughout the session, ending 0.8% lower. But the index managed to close above the 50-day line for a second straight day.
The Innovator IBD 50 ETF rose 0.4%.
Updated 3:20 p.m. ET
Google parent Alphabet formed a four-weeks-tight pattern with a possible entry at 178.77. Shares hit an all-time high on Wednesday but were down nearly 1% Thursday afternoon.
Arm Holdings neared a breakout at 164 from a 17-week-old cup base, making it a stock to watch. Volume was tracking 70% higher than average. The relative strength line is already at new highs, a bullish sign that may help compensate for the deep base. Arm had already topped an early entry around 132 using a trend line.
Updated 1:51 p.m. ET
Warren Buffett Stock Could Exit Index
Sirius XM, a company in which Warren Buffett's Berkshire Hathaway has a stake, faces possible removal from the Nasdaq 100 index.
The stock is down 55% year to date while the Nasdaq is 17% higher. One of the conditions of the Nasdaq 100 is that a holding should have a market value of at least 0.1% of the index. If the value drops below it for two consecutive months, the stock may be replaced by another. According to a Barron's report, the Nasdaq's value is $23 trillion while Sirius XM's market cap is 0.05% of the index.
Updated 12:14 p.m. ET
Sarepta Therapeutics Rises On Pfizer News
Sarepta Therapeutics rose after news that Pfizer's final-phase trial for a treatment for a disease that results in muscle weakness failed. Sarepta's treatment is approved for children between 4 and 5 who can still walk. Shares of Serepta remain below the 50-day moving average, although a base appears to be forming.
The yield on the benchmark 10-year Treasury note fell 5 basis points to 4.24% as two pieces of economic data favored rate cuts.
The producer price index for May fell 0.2%, while economists had expected it to rise 0.1% from April. Excluding food and energy, the index remained unchanged vs. views for a 0.3% increase. Initial jobless claims for the week ended June 8 rose to 247,000 vs. views of 222,000 and up from 229,000 in the prior week, according to Econoday.
Magnificent Seven stock Tesla rose 4% as shareholders are reportedly on track to approve Musk's $56 billion pay package and a move to reincorporate the company in Texas.
Update 10:41 a.m. ET
Dow Jones Stocks Mixed
In the Dow average, Apple and Microsoft struggled to get past breakeven point. Other tech stocks saw small losses. Health care and most finance stocks were lower.
Among earnings movers, Broadcom soared 13% after second-quarter results came in above estimates. The company, which plans a 10-for-1 stock split, expects strong demand for artificial intelligence chips.
Although it does not compete with Nvidia's graphics chips, its strength in networking gear makes it a rival to Nvidia, which recently launched its own Ethernet to handle AI workloads. Broadcom was the top gainer in the IBD MarketSurge Growth 250.
Futures: Tesla Rises On Musk Pay Vote; Adobe Soars Late
Retailers Fall In Stock Market Today
Signet Jewelers plunged through its 50-day moving average, according to IBD MarketSurge, after earnings beat views but same-store sales fell more than expected.
In restaurants, Dave & Busters tumbled after Q1 sales and earnings declined from the prior year.
Planet Fitness rose near a 52-week high after the company announced a $280 million accelerated share repurchase program with Citibank.
Adobe reports its second quarter results at market close. Shares fell and remained below the 50-day moving average.
Please follow VRamakrishnan on X/Twitter for more news on the stock market today.
