The major stock market indexes closed mixed Friday after climbing well off session lows near the best levels of the day. The major indexes also posted mixed results for the week.
The Dow Jones Industrial Average held afternoon gains, rising 0.4%, while the S&P 500 trimmed a loss of 1% to 0.3%. The Nasdaq composite fared the worst, dropping 0.6% but cut its earlier loss by more than half. The small-cap Russell 2000 inched up 0.2%.
The Dow posted a 0.1% loss and the S&P 500 dipped 0.3% for the week. The Nasdaq composite eked out a 0.6% gain while the small-cap Russell 2000 rallied 1.5% going into the long weekend. The U.S. stock market will be closed on Monday in observance of Presidents Day.
Volume on the NYSE was lower and on the Nasdaq higher than on Thursday, in preliminary numbers.
The Dow held support at its 50-day moving average, while the S&P 500 fell below its 21-day exponential moving average. The Nasdaq remains above its 200-day moving average although it is testing the 21-day line. The tech-heavy Nasdaq 100-tracking Invesco QQQ Trust ETF gave back 0.7%.
Crude oil dropped 2.9% to $76.48 per barrel. The Energy Select Sector SPDR ETF gapped down 3.6%, to below its 21-day line.
Bitcoin futures rallied 1% to $24,880. The Innovator IBD 50 ETF fell 0.9%.
The 10-year U.S. Treasury yield trimmed 4 basis points to 3.82%.
European markets were down, with the German DAX and the Paris CAC down 0.3%. The London FTSE edged lower 0.1% to close out the trading week.
The higher-than-expected January Producer Price Index, lower-than-expected jobless claims and comments from St. Louis Federal Reserve President James Bullard urging a half-point rate hike sent jitters through the markets Thursday and Friday.
Stock Market Movers: Sports Betting Stock Jumps
Kinsale Capital Group gapped up 14.5% in heavy volume and broke out of a cup-with-handle base, hitting the 305.20 buy point, according to MarketSmith pattern recognition. Because of the breakaway gap, the buy zone goes from Kinsale's high point in its first five minutes of trading (328) to 344.40. So the stock is in buy range.
The property and casualty insurer reported better-than-expected Q4 earnings per share and sales Thursday after the close.
HubSpot gapped up 11.8% in heavy volume, after reporting better-than-forecast Q4 EPS and sales on Thursday after the market closed. Shares of the cloud-based customer relationship management platform hit the 399.65 buy point of a cup-with-handle base.
DraftKings gapped up 15.3% in heavy volume, following its smaller-than-expected Q4 loss, and higher-than-expected sales and monthly unique payer numbers. The online sports betting company also raised its 2023 revenue guidance.
Used car retailer AutoNation gapped up 11.4% in heavy volume, after reporting a beat on Q4 top and bottoms lines early Friday. Shares closed above the 20%-25% profit-taking zone from a cup base with a 125.47 entry.
Stock Market Action: Deere Led the S&P 500
IBD 50 stock Sociedad Quimica y Minera sold off 9.8% in heavy volume, dropping below its 50-day line, triggering a sell signal. The Chilean lithium and fertilizer producer fell in sympathy with peer Albemarle.
Lithium and specialty chemical producer Albemarle plummeted 9.7% in heavy volume, following Thursday's 4.7% gain on positive Q4 adjusted EPS numbers. The stock is trying to stop its slide at the 200-day moving average. ALB is on pace for its largest drop since exactly a year ago, when it fell 19.9%, according to Dow Jones Market Data. ALB was the S&P 500's biggest loser today.
Medical device firm Shockwave Medical rallied after reporting better-than-expected Q4 earnings per share and sales late Thursday. The 4.3% afternoon gain was considerably less than the spike in earlier in the trading session.
Heavy equipment maker Deere rallied 7.5% following a beat on fiscal Q1 top and bottom lines and an increase in its fiscal 2023 profit estimate. Deere rose above its 50-day moving average and was the S&P 500's biggest gainer today.
Short-term rental platform Airbnb pulled back 5.6% after two days of gains, following its Q4 earnings release late Wednesday. DoorDash dropped 8.8% after posting a larger-than-expected Q4 loss.
Follow Kimberley Koenig for more stock news on Twitter @IBD_KKoenig.
