The stock market indexes closed mixed after a valiant climb back from large morning losses, closing near the highs of the day. The Nasdaq was the hardest hit earlier in the day as it struggled with Big Tech earnings reports, but significantly trimmed losses.
The S&P 500 and Dow Jones Industrial Average closed nearly unchanged. The Nasdaq shed 0.2% for the day after being down more than 2%. The small-cap Russell 2000 fared the best, up 0.3%. Volume on the NYSE and Nasdaq was higher vs. the same time on Tuesday.
The Dow traded near its 50-day and 21-day exponential moving averages. The S&P 500 found support at its 200-day moving average. The Nasdaq held above its 50-day line. The tech-heavy Nasdaq 100-tracking Invesco QQQ trust ETF dropped 0.2%.
Crude oil rose 0.5% to $80.50 per barrel. The Energy Select Sector SPDR ETF was unchanged as it also came back from a 2%-plus drop.
Bitcoin futures pulled back 0.5% to $22,950. The Innovator IBD 50 ETF held up better than the major stock market indexes, adding 0.2%.
The 10-year Treasury note yield shed 1 basis point to 3.46%.
Power Stock Plunges After Earnings Miss
Electricity energy provider NextEra Energy tumbled 8.7% in heavy volume after reporting lower-than expected Q4 sales numbers. The move sent the stock below its 200-day line, making it the S&P 500's biggest loser today.
Walt Disney rose 2% as the Dow's biggest gainer today. It's been climbing above the 200-day line this week.
Dow component Boeing climbed back from morning losses, up 0.3% in heavy volume after reporting a surprise Q4 loss. Analysts were looking for a profit. Shares are in the 20%-25% profit-taking zone from a cup base with 173.95 buy point. The stock found support at its 21-day exponential moving average.
AT&T rose 6.6% after reporting increased wireless subscribers in Q4, but the telecom company gave lower adjusted 2023 earnings guidance before the market's open. The move put shares in the 5% buy zone (extending to 20.60) from a cup-with-handle base with a 19.62 buy point.
Tesla fell 0.4% in extended trading after its Q4 earnings came in above views but sales missed estimates.
Education services provider Stride soared over 25% after reporting a beat on fiscal Q2 sales and earnings after Tuesday's market close. The gap-up sent shares above its 200-day moving average.
Intuitive Surgical gapped down 5.5% in heavy volume after reporting a miss on Q4 top and bottom lines. The maker of the da Vinci robotic surgical system is an S&P 500 big loser today.
Kimberly-Clark fell 1.9% after reporting worse-than-expected Q4 sales numbers. But the personal care products maker found support at its 200-day line.
General Dynamics dropped 3.6% in heavy volume, despite reporting a beat on top and bottom Q4 numbers. The aerospace and defense stock dropped back below its 200-day line.
Futures: Tesla Sales Miss After Market Shows This Bullish Trait Again
Stock Market: Drilling Equipment Stock NOV Breaks Out
NOV rose 4% and broke out of a cuplike base with a 24.35 buy point in nearly double its average daily volume. Shares of the energy equipment and technology company are in a buy zone reaching to 25.57.
Royal Gold rose 2.4% and topped the 129.32 buy point of a long cup-with-handle base, according to MarketSmith pattern recognition. Shares of the precious metals royalty company are in a buy zone reaching to 135.79.
Cloud networking company Extreme Networks plunged 14.6% in heavy volume. The company beat on top and bottom lines, but announced its CFO resigned. The drop sent shares below the 50-day moving average, triggering a sell signal.
Follow Kimberley Koenig for more stock news on Twitter @IBD_KKoenig.
