Major stock indexes ended Thursday's session flat to down, as the Dow Jones Industrial Average finished slightly above the break-even point but a sell-off in technology pulled the Nasdaq lower for the fifth-straight day.
Dow Jones stocks had climbed 0.3% in late trades but in the end managed a gain of only 10 points, while the S&P 500 gave up positive ground and fell 0.3% at closing bell on the stock market today. The Nasdaq dropped another 0.6% despite venturing into positive ground earlier in the session.
The same was true for the small-cap Russell 2000. The Russell was in the black earlier but gave up that territory and inched downward by the closing bell.
Meanwhile, volume on both the New York Stock Exchange and the Nasdaq was lower compared with the same time Wednesday.
The Innovator IBD 50 exchange traded fund shone with a 0.9% gain. And the yield on the benchmark 10-year Treasury note rose 8 basis points to 3.99%.
In economic news, December's report from ADP showed that the economy added 164,000 jobs, well above views of 115,000 from economists surveyed by Econoday. Further, the U.S. Labor Department said initial unemployment claims came in at 202,000 for the week ended Dec. 30, also below consensus of 217,500.
The department's payroll data for December is due Friday. According to Wall Street estimates, the economy added 164,000 jobs in December.
Dow Jones Stocks: Apple Keeps Falling
Among stocks in the Dow Jones index, Walgreens Boots Alliance gapped down below its 50-day moving average after the drug retailer reported a drop in earnings. The company's chart already was bearish with its 200-day line tracking above the 50-day line for roughly a year.
The company said sales grew 10% while earnings declined 43%. Further, it reduced its quarterly dividend by 48% to 25 cents. Walgreens Chief Executive Tim Wentworth said the reduction would help the company's "long-term balance sheet and cash position and will ultimately improve shareholder value."
Shares pared back some losses but Walgreens closed 5% lower on Thursday.
Merck climbed nearly 2% and was a top Dow gainer. The company's CEO reportedly said Merck is seeking to develop GLP-1 treatments with benefits beyond weight loss.
Tech stocks on the Dow lagged, however. Apple dropped more than 1%, and fell further below its 50-day moving average on another analyst downgrade.
Stocks Moving Today
Coinbase Global climbed 2% after a steep three-day sell-off. Crypto stocks are turning volatile as investors await the approval of a spot crypto ETF in 2024.
That could happen as early as Friday, ahead of the expected Jan. 10 deadline. Crypto plays Marathon Digital and Riot Platforms also rose.
Outside the Dow Jones index, Eli Lilly was on watch as it hovered near a buy point of 629.97 Thursday, but ultimately ended the session 0.5% lower. The drug giant stepped up its direct-to-customer marketing pitch and launched a website for its burgeoning weight-loss treatments, calling it LillyDirect.
Meanwhile rival drug company Novo Nordisk struck two separate deals with Omega Therapeutics and Cellarity for weight loss and liver disease treatments. NVO stock broke out from a flat base with a buy point of 105.69 and is in a buy zone.
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Mobileye Plummets On Outlook
In tech news, Mobileye plummeted nearly 25% and crashed through its 50-day moving average on a weak preliminary sales outlook for the fourth quarter and full year. A chipmaker for driver-assistance systems in vehicles and recent Intel spinoff, Mobileye says it has to work through excess inventory.
The news triggered a sell-off in other chip stocks in driver assistance technologies, including Analog Devices and STMicroelectronics.
Also outside the Dow Jones index, Peloton surged nearly 14%. It was reported Peloton struck a partnership with TikTok to provide fitness classes and other content.
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