The stock market weakened in the final hour of trading on Friday, with major indexes posting mixed results after some wavering afternoon action.
Stocks on the Dow Jones Industrial Average ended trading 0.2% higher on Friday. The 30-stock blue chip index finished Friday's session solidly above the 38,000 level after tapping a fresh high intraday.
The S&P 500 also touched another all-time high, but retreated to close the day down 0.1%. Meanwhile, the Nasdaq dipped 0.4% on the stock market today. Small caps on the Russell 2000 edged 0.1% higher.
Elsewhere, the Invesco QQQ Trust fell 0.1%, while the Innovator IBD 50 ETF crept up 0.1%.
Volume fell on the New York Stock Exchange and the Nasdaq vs. the same time on Thursday. The 10-year Treasury yield added 1 basis point to 4.14%.
In economic news from earlier in the day, the Commerce Department's December PCE price index rose 0.2% as expected, with the annual increase rising 2.6% vs. estimates for 2.7%.
Stock Market Action: Warren Buffett Stocks Hit New Highs
Warren Buffett's Berkshire Hathaway class-B and class-A shares rallied through buy zones to hit new highs on Friday.
Although the B-shares are extended from a cup-with-handle base, investors get two other opportunities to buy shares. Its bullish three-weeks-tight pattern shows a 5% buy range from 369.37 to 387.84, while a test of its 10-week moving average offered a buy range from 359.76 to 395.74.
Berkshire's high-priced class-A shares also moved just beyond the buy zone. After closing at 582,300, the company's premium shares now are extended from a cup-with-handle base with a buy point of 553,258.40. The stock jumped 6,089 on Friday. Yes, that's per share.
Magnificent seven stocks Apple and Nvidia both fell around 1% while Tesla bumped up 0.3%
KLA sank 6.6% after the semiconductor equipment maker topped analyst views for its fiscal second quarter but guided well below forecasts for the current period. The sell-off came after shares reached an all-time Thursday.
Fair Isaac tumbled 6.9% after the financial services software company reported lower-than-expected fiscal first-quarter earnings and sales late Thursday. It also gave a fiscal 2024 outlook below analysts' forecasts. The undercut its 21-day exponential moving average. Shares are coming off an all-time high reached on Wednesday.
IBD 50 stock The Bancorp, stylized as The Bancorp Bank, soared 7.8% and was extended from the buy zone of a 40.46 buy point of a cup-with-handle base. Shares popped following the financial services company's fourth-quarter earnings that were in line, and higher-than-expected sales numbers. Management also reiterated its 2024 earnings forecast of $4.25 per share.
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Dow Payment Stocks See Mixed Results
Among Dow Jones stocks, Intel gapped down 11.9% in heavy volume. The chip giant reported higher-than-expected fourth-quarter earnings and sales, but offered a first-quarter outlook that missed Wall Street forecasts. Intel stock fell below its 50-day moving average, and was the worst performer on the Dow and the S&P 500 Friday.
In other blue chip action, Visa sank 1.7% from Thursday's all-time high. The payment processor reported fiscal first-quarter earnings that beat views but saw payment volume slowing. Visa is extended from a mid-November breakout from a 250.06 buy point out of a cup base. The stock found support at its 21-day line.
And fellow Dow component American Express gapped up 7.1% on the stock market after the credit card company reported fourth-quarter profit and sales that came in below views. But the company gave a full-year 2024 revenue outlook that topped analysts' expectations. AXP stock was the biggest gainer on the Dow and the S&P 500 Friday.
Outside the Dow, Booz Allen Hamilton gapped up 13.6% from a flat base with a 13.28 buy point. Shares rallied after the defense consulting company beat views on fiscal third-quarter results. Its relative strength line reached a 52-week high as shown by blue dots on MarketSmith charts.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
