The Dow Jones Industrial Average salvaged a small gain Wednesday after indexes faded from earlier gains.
The Dow Jones industrials closed 0.2% after rising more than 1%. The index is on track to close lower for its fifth straight week. The Nasdaq closed practically flat after it also gained more than 1% while the S&P 500 ended 0.2% higher. The small-cap Russell 2000 lagged the major indexes, down 0.3% in a downward reversal.
Volume was lower on the Nasdaq and the NYSE, according to early data.
Be on the lookout for a follow-through day, which has been seen at every single market bottom in the past. While investors should be mostly in cash right now, there are still stocks worth keeping an eye on for when the next uptrend begins.
The Innovator IBD 50 ETF, a benchmark for growth stocks, faded to a 0.3% gain. The index remains deep below its 50-day and 200-day moving averages as the market has been especially damaging to growth stocks.
But one stock in the MarketSmith Growth 250 index scored a breakout on Wednesday, indicating there are still signs of life in some industry groups. Biotech Alkermes broke out from a 30.12 cup-with-handle buy point. The stock gapped up and launched over 12% in heavy volume. The drug therapy developer reported 9% earnings growth year-over-year on 11% sales growth Wednesday.
Microsoft Pops As Google Drops On Earnings
Microsoft, a Leaderboard stock, rose around 5% Wednesday. Shares are close to reclaiming their 10-week line, which would be a bullish sign for the stock's recovery.
Late Tuesday, the company beat expectations for its March-ended quarter on strong cloud computing growth. Its sales guidance for the current quarter met expectations.
Meanwhile, shares of Alphabet lost 3.7% in today's market. The tech giant missed first-quarter earnings and revenue expectations late Tuesday while its YouTube advertising growth was disappointing. Earnings fell 6% to $24.62 per share.
But Facebook parent Meta Platforms, which fell in regular hours, soared nearly 19% after the close. The company's Q1 earnings beat views, although revenue missed targets.
Dow Jones Today
Stocks outperforming in the Dow Jones included Visa, which rose 6.5%. The credit card company beat March-quarter earnings estimates. Meanwhile, Boeing led the downside with losses of 7.5%, reaching the lowest point since November 2020. The company reported a disappointing first-quarter on Wednesday, showing a loss and weaker-than-expected revenue.
Follow Rachel Fox on Twitter at @IBD_RFox for more Dow Jones and stock market commentary.
