Indexes jumped in late trading Friday, the last trading day of May. The Dow Jones Industrial Average rose 1.5% while other indexes reversed higher or erased losses. Among the Magnificent Seven, Nvidia fell but remained near a record high as it approached Apple's market cap.
The S&P 500 rose 0.8% and found support near the 50-day moving average. The Nasdaq was the worst performer but it closed flat after being down about 1% in the stock market today.
The personal consumption expenditure price index met views, rising 0.3% in April from March and 2.7% for the year, according to Econoday. Core inflation also met estimates as it rose 0.2% after March's 0.3% increase, and climbed 2.8% on an annual basis.
The yield on the benchmark 10-year Treasury note fell after the report and was down 4 basis points to 4.51%.
Volume rose on the NYSE and the Nasdaq, according to early data. Advancers outnumbered decliners on both exchanges: by about 7-2 on the NYSE and 7-to-5 on the Nasdaq.
The Russell 2000 rose 0.7%. The small-cap index is testing support at the 50-day moving average for the second day in a row.
The Innovator IBD 50 ETF held a bigger loss of 1.2%. One reason for the ETF's underperformance was Powell Industries. The stock slid nearly 13% and triggered a round-trip sell signal by falling back below a buy point of 183.49 after gaining 14% from it.
Stocks End Week On Bullish Note; Tesla Rivals, Nvidia CEO On Tap
Dow Jones Stocks Mixed
Salesforce was a top gainer in the Dow. Shares are recovering from an earnings sell-off on Thursday. Health stocks fared well in the Dow, while techs stocks were mixed with Apple eking out a gain and Cisco Systems rising 0.8% while Microsoft rose 0.2%.
Federal Signal broke out at a buy point of 88.47. The relative strength line is at a new high, according to IBD MarketSurge chart analysis tools. The company makes heavy-duty vehicles, fire trucks and other equipment for local governments and industrial customers.
Matson broke out at 122.99 and hit an all-time high. The stock holds a Composite Rating of 92. Sales and earnings reversed several quarters of declines in the first quarter.
Shares of Dell plunged 18% after the company's outlook for the current quarter disappointed. Sales edged past views while earnings were in line with estimates. The stock is finding support at the 50-day moving average.
Costco, Gap Among Earnings Movers In Stock Market Today
Earnings moved several other stocks, including Zscaler, Gap and Costco.
Costco's quarterly results exceeded analysts' expectations. Shares fell over 0.7% but remained in a buy zone from a 787.08 entry. In retail, Gap and Ulta Beauty surged. Gap broke out at 28.59 with a 28% jump in the stock. Ulta pared gains to 2.5% after being up as much as 9%.
In the semiconductor sector, Marvell Technology fell below its 50-day line despite reporting stronger than expected sales and earnings that met estimates.
Among software security plays, SentinelOne fell 13% on a weak outlook. Zscaler, another cybersecurity company, rose to the 50-day moving average but pulled back in afternoon trades. Earnings and sales beat lowered analyst expectations while guidance met views.
Magnificent Seven stock Nvidia fell but remained near its all-time high, with its market cap approaching that of the second most valuable company, Apple. Currently, Nvidia's market cap is at $2.715 billion. Apple's is $2.927 billion, according to MarketSurge.
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