The major stock market indexes all closed down after weak action on Friday. All major indexes posted weekly losses on this holiday-shortened trading week.
The Nasdaq losses increased to 1%, and it was down for the last four out of five trading sessions. The Dow Jones Industrial Average lost 0.7% making it a 5-day losing streak.
The S&P 500 fell 0.8%, and also was down for the last four out of five trading days. The Russell 2000 pulled back 1.4%, making it the fifth consecutive down day.
The Dow fell below its 21-day exponential moving average but found support at its 50-day moving average. The Russell also fell below its 21-day line.
The Nasdaq closed down 1.4% for the week. The Dow Jones lost 1.76% and the S&P 500 dropped 1.4% on the week.
The Nasdaq 100-tracking Invesco QQQ Trust ETF fell 1%. First Trust Nasdaq 100 Equal Weighted ETF shed 1.2%.
Innovator IBD 50 ETF dropped 1.6%. NYSE volume and Nasdaq volume were higher compared with the same time on Thursday, in preliminary numbers.
The 10-year U.S. Treasury yield shed 6 basis points to 3.74%. The CME FedWatch Tool showed over 70% odds for a quarter-point hike at the July Fed meeting.
Crude oil sank 0.3% to $69.32 per barrel. The price of bitcoin rallied 2.3% to $31,075.
The June flash Purchasing Managers' Index (PMI) Composite Index came in at 53.0.
The June Manufacturing Index came in at 46.3 vs. the 48.5 consensus, while the Services Index was 54.1 vs. the 53.5 projected. Readings above 50 show expansion, while below 50 indicates contraction.
The flash Composite Purchasing Managers' Index (PMI) provides an early estimate of current private sector output by combining information obtained from surveys of around 1,000 manufacturing and service sector companies.
Stock Market Movers: CarMax Jumps After Earnings Beat
Enterprise AI provider C3.ai tumbled 10.8% following its Investor Day on Thursday. Deutsche Bank reiterated its sell rating on the stock with a price target of 30.
Shares fell below its 21-day line. AI sold off for its fifth day in a row and posted a 25% loss this week.
CarMax gapped up 10.1% in heavy volume after reporting higher-than-expected May-ended quarterly earnings and sales.
Shares of the used car retailer are above the buy zone of a cup-with-handle base with a 73.57 buy point. CarMax is on pace for its highest close since Sept. 28, and led the S&P 500 as the biggest gainer Friday.
Apogee Enterprises catapulted 7.1% in heavy volume after reporting better-than-expected fiscal first-quarter EPS and revenue, and raised its full-year fiscal EPS outlook but reiterated flat to slightly lower sales. Apogee makes architectural glass and aluminum windows.
IBD Swing Trader stock Floor & Decor rallied 1.4% after Truist Securities initiated coverage on the flooring retailer with a buy rating and a 120 price target.
Shares are in a cup-with-handle base and nearing the 101.39 buy point.
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IBD 50 Movers: Robotics Stock Tanks Again
Celsius Holdings rose 1.5% after Stephens initiated coverage on the fitness beverage stock with an overweight rating and a 180 price target. In addition, MKM raised its price target on the stock to 160 from 130.
Shares are in the 20% profit zone of a cup base with a 122.24 buy point.
Symbotic shares sold off another 5.9% in heavy volume and closed down nearly 23% this week. The warehouse management robotic systems maker sold off for its fourth day in a row.
Shares plunged below the 21-day line on Friday, flashing a warning sign to investors.
Tesla dropped 3% after DZ Bank downgraded the stock to a sell from a buy rating. Shares are in the 20% profit zone of a cup base with a 207.79 buy point.
Follow Kimberley Koenig for more stock market news on Twitter @IBD_KKoenig.
