Stocks were mixed at the close Thursday, as the S&P 500 and Dow Jones Industrial Average tested critical thresholds ahead of Friday's jobs report. Two tech players had divergent paths on their earnings reports after the close. And Tesla surged on the stock market today amid its plans for self-driving cars.
The S&P 500 shed early gains and dipped 0.3% in a test of its 50-day moving average. A decisive move below that threshold by the benchmark index is considered an important short-term signal for the market.
The Dow, meanwhile, fell 0.5% Thursday afternoon. While blue chips touched their 21-day exponential moving average, the index remains well above its 50-day line.
But stocks on the Nasdaq composite managed to cling to a gain of 0.3% into the close. The tech-dominated index is trying to recover from a steep sell-off on Tuesday and further losses Wednesday.
Volume was higher on the New York Stock Exchange and lower on the Nasdaq compared with the same time Wednesday. Advancers lagged decliners by roughly 4-to-3 on both the Nasdaq and the NYSE.
The small-cap Russell 2000 fell 0.7% while the Innovator IBD 50 exchange traded fund sank 0.6% on the stock market today.
Among the S&P 500 sectors, communication services and consumer discretionary gained while others lagged.
Stock Market Today: Smartsheet Up While Broadcom Falls
Smartsheet, which got a 4.3% bump in the regular session on the stock market today, continued upward after the close on its earnings report.
The enterprise software maker reported second-quarter sales of $276.4 million that edged past views. But earnings of 44 cents per share soundly beat views of 29 cents.
But Broadcom plunged after hours on its earnings report. The artificial intelligence chip maker said fiscal third-quarter earnings came in at $1.24 a share on sales of $13 billion, just slightly ahead of estimates.
Broadcom stock plunged nearly 5% on the news in recent action.
3:10 p.m. ET
Security Firm Plummets Further
Napco Security Tech triggered a sell signal with a double-digit plunge well below its 200-day moving average in heavy volume. Its chart has showed weakening action since its fourth-quarter report on Aug. 26.
2:03 p.m. ET
Nvidia Starts To Push Back
Magnificent Seven stock Nvidia moved higher, erasing some of Wednesday's losses and a sharp sell-off on Tuesday. But the stock remains below the 50-day line.
Nvidia apparently got a lift from Broadcom's earnings report.
Tesla held the bulk of its early winnings and was up 5%. The electric-vehicle maker plans to roll out its full self-driving in China and Europe in the first quarter of 2025. According to a post on X, the plans await regulatory approval. Shares are back above the 50-day moving average, according to IBD MarketSurge.
Tesla rival Nio soared more than 13% after second-quarter results showed that losses narrowed, thanks to strong sales and higher margins.
Elsewhere, earnings moved Credo Tech Group on the stock market today. Shares fell amid a four-day losing spree and are below the 50-day moving average on Thursday. First quarter sales and earnings decelerated.
12:12 p.m. ET
Job Data Mixed Ahead Of Payrolls Report
Employment data from Automatic Data Processing showed a softening in the job market with an increase of 99,000 jobs in August after a 122,000 increase in July. Economists had expected a 140,000 increase, according to Econoday.
But initial jobless claims for the week ended Aug. 31 came in lower than estimates for 227,000. Economists had expected 230,000. For the previous week, claims were revised to 232,000 from 231,000.
Friday's employment data for August is another important economic report, with estimates of 160,000 additions in nonfarm payrolls.
Leading indicators from the Purchasing Managers Composite Index showed a 54.6 reading for services in August. Economists' consensus were lower at 54.1. The Services Index rose to 55.7 against estimates of 55.2.
The Institute of Supply Management services index also came in above views for August, at 51.5 vs. views of 51.1 and was little changed from July's 51.4.
10:45 a.m. ET
Stock Market Today: Fed Rate Cut Debate
With 13 days to go for the Fed meeting, investors are debating on the pivot that will start an easing cycle for the Fed rate. The CME FedWatch Tool is projecting a 55% chance of a 25-basis point rate cut. Odds of a 50-basis point cut stand at 45%.
The yield on the benchmark 10-year Treasury note fell two basis points to 3.75%.
Market Fights For Support With Jobs Data Due; Two Big AI Movers Late
Dow Jones Stocks
Verizon Communications fell 0.5% on the stock market today and added to Wednesday's losses after news that the company will acquire Frontier Communications for $20 billion in cash including debt.
Apple rose nearly 1% ahead of its product event on Monday. Shares are holding support at the 50-day moving average as the stock forms a base with a buy point at 237.23. A handle appears to be forming, though.
Merck led with a gain of over 2%. Amazon.com also led Dow stocks.
Stock Market Today: Copart's Sell Signal
Copart flashed a sell signal by falling below the 50-day and 200-day moving averages in heavy volume. The auto auction company's July-quarter earnings declined while sales growth decelerated.
AeroVironment fell 5% in volatile trading on the stock market today after July-quarter results beat views while its earnings outlook missed expectations. The drone maker reported its results late Wednesday.
Among AI plays, C3.ai plunged 8% in the stock market today even after beating views. Shares continue to trade below the 50-day moving average amid a downtrend.
Shares of Applied Digital soared more than 60% on news that Nvidia and other companies are participating in a $160 million funding to build its data centers.
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