Stocks closed modestly mixed in a quiet session Friday as the Dow Jones Industrial Average was the only major index to post a gain, and the S&P 500 and the Nasdaq were down narrowly. Meanwhile, IBD 50 stock Nvidia improved from larger losses but couldn't climb back into positive ground on the stock market today.
The Dow rose marginally, holding support at its 50-day moving average while the S&P 500 and the Nasdaq both ended the day 0.2% lower. The small-cap Russell 2000 was flat. It remains under its 50-day moving average.
Volume fell on the Nasdaq and the New York Stock Exchange vs. the same time on Thursday, in preliminary numbers. The 10-year Treasury yield was unchanged at 4.25%.
The Innovator IBD 50 exchange traded fund sank another 1.2% following Thursday's 2.5% plunge. The fund fell from the 5% buy zone of a cup base with a 28.35 buy point on Thursday and undercut its 21-day exponential moving average on the stock market today.
Nvidia trimmed larger losses of more than 5% earlier in the session to finish down 3.2%. Shares reversed sharply lower in heavy volume Thursday. Like the Nasdaq, Nvidia is far extended from its 50-day moving average, raising the likelihood of a pullback.
Updated 3:18 p.m. ET
Stock Market Today: Hewlett Packard Gives Up Gains
Hewlett Packard Enterprise sank more than 4% on top of Thursday's 1.7% drop. The cloud data storage and networking stock had gapped up after the company beat fiscal second-quarter earnings and sales estimates on June 4. Shares climbed for eight out of 10 sessions and reached a record high on Tuesday. Hewlett Packard stock was the biggest loser on the S&P 500 Friday.
Bitcoin mining stock CleanSpark plunged nearly 9%. The price of bitcoin sank around 1.9% and was under $63,900. CleanSpark found support at both its 21-day and 50-day lines. But the stock was the biggest loser on the IBD 50.
Cryptocurrency exchange operator Coinbase Global skidded more than 5% in sympathy with the drop in bitcoin. The stock fell below its 50-day line and undercut the handle of a cup-with-handle base.
Updated 2:14 p.m. ET
Telehealth Stock Sinks Again
Online prescription provider Hims & Hers sank another 3% on the stock market today after Thursday's 9.7% drop. The plunge started after Eli Lilly announced it was suing entities that have sold unapproved products claiming to contain the active ingredient in its diabetes drug, Mounjaro.
"Lilly is filing several legal actions against med-spas, wellness centers, and other entities selling unapproved compounded products containing what they claim is tirzepatide," according to an Eli Lilly release. Hims & Hers has said it hoped to sell a form of tirzepatide in the future.
Thursday's plunge came after the stock hit a 52-week high on Tuesday. Eli Lilly stock rose fractionally.
FactSet Research Systems climbed more than 3% in heavy volume after the company beat fiscal third-quarter adjusted earnings estimates with mostly in-line sales. The financial data provider lowered its fiscal 2024 revenue outlook but raised its forecast for fiscal 2024 earnings. The stock found resistance at its 50-day line.
IBD 50 stock Comfort Systems skidded nearly 8% in heavy volume and sliced through its 50-day line, triggering a sell signal. The ventilation, heating and air conditioning systems stock trimmed losses to around 3.8% in recent trades.
Updated 12:03 p.m. ET
Drone maker AeroVironment fell hard for the second straight session on the stock market today ahead of Wednesday's earnings report. The stock is down more than 12% this week as it makes a test of its 10-week moving average.
Palantir slumped another 5%, one day after Starlab Space said it will use Palantir's artificial intelligence software to enhance operations and reduce costs for the commercial space station. Terms weren't disclosed. But Friday, an analyst at Monness, Crespi, Hardt & Co. downgraded Palantir to sell from neutral with a 20 price target.
Meanwhile, volatile trade continued in On Holding, with shares down more than 5%. Shares slumped nearly 7% Monday before paring the loss to less than 5%.
Updated 10:45 a.m. ET
AI Stocks Continue To Fall
Besides Nvidia, other AI-related stocks sold off sharply Thursday, including Broadcom, Taiwan Semiconductor and Arm Holdings. TSMC is a Leaderboard stock. All three fell again Friday.
Meanwhile, it's a quadruple witching day. That means options and futures expire today, which could cause volume to surge and result in some volatility near the close.
Stock Market Today: Bitcoin Dips
Bitcoin was down 2% to around $63,600. The iShares Bitcoin Trust slipped 2.5%. It's still below its 50-day line after giving up the support level Tuesday.
The selling was a little more intense in crypto exchange operator Coinbase, with shares down 4.5%. Coinbase is still forming a cup-with-handle base with a 263.80 entry, but the stock is struggling to hold support at its 50-day line.
Market Pauses As Nvidia Skids; Two Titans Near Buy Points
Stocks On The Move
Nike outperformed on the stock market today ahead of next week's earnings report. Shares of the Dow Jones stock rallied nearly 1%, helped by an upgrade from Oppenheimer to outperform from market perform. Nike stock remains on a downtrend after two weak earnings reports in a row.
Apple edged higher in the Dow Jones index after Bernstein maintained an outperform rating and lifted Apple's price target to 240 from 195.
In the biotech sector, Sarepta Therapeutics soared more than 30% after the Food and Drug Administration approved an expanded label for Sarepta's gene therapy for Duchenne muscular dystrophy. The stock gapped above a base in heavy volume.
Biotech Gilead Sciences extended gains on the stock market today after shares soared above their 50-day moving average Thursday. Sentiment was positive after the company said an HIV-prevention shot showed efficacy in a late-stage trial.
Inside the MarketSurge Growth 250, insurance broker Ryan Specialty soared past an alternate entry of 57.09. Insurance stocks were among the day's top performers Thursday, along with energy, utility and financial stocks.
Follow Ken Shreve on X @IBD_KShreve for more stock market analysis and insight and Kimberley Koenig for stock market news on X/Twitter @IBD_KKoenig.
