The major stock market indexes were lower Friday afternoon, weakening in the last hour and nearing the lows of the day. Small-caps led gains in the session, the last trading day of the third quarter.
The Nasdaq composite reversed lower 0.3%, while the S&P 500 was off 0.5%. The Dow Jones Industrial Average fared worse, down 0.9%. The Russell 2000 small-cap led the indexes, up 1.2% after yesterday's sell-off.
Stock Market Closing Third Quarter
Volume on the NYSE and the Nasdaq was lower vs. the same time on Thursday.
The Nasdaq 100-tracking Invesco QQQ Trust was down 0.6%. The yield on the 10-year U.S. Treasury was unchanged at 3.74%.
European markets rose slightly, with the German DAX stock index up 1.2%, Paris CAC 40 up 1.5% and London FTSE 100 up 0.2% to close out the trading day.
August personal income increased 0.3%, in line with expectations. Personal consumption expenditures, which includes durable and nondurable goods and services, rose 0.4%, slightly higher than the 0.2% expected, showing consumers have not scaled back their spending.
Consumer sentiment came in lower than economists' expectations, at 58.6 vs. the consensus estimate of 59.5, as Americans remain pessimistic about the economic outlook.
Crude oil lost 1.6% to $79.97 per barrel. The SPDR Select Energy ETF edged up 0.2%. Bitcoin popped 1.8% to $19,720.
Stock Market Gainers & Losers: Animal Health Leads S&P
Animal health specialist Charles River Labs lead the S&P 500, up 5.6% and rising above the 21-day exponential moving average on the MarketSmith chart. Shares rose after Jefferies upgraded the stock to buy from hold with a 240 price target. The stock is on pace for its largest one day increase since May 2020.
Aspen Technology gained 1% on light volume and is extended from a cup base with a buy point of 210.69. The relative strength line has steadily trended up since March. The company specializes in engineering, procurement and construction in the energy and chemical industries. Shares hold a high 98 Relative Strength Rating and a 96 Composite Rating.
World Wrestling Entertainment added 1.4%, reaching a new high on its relative strength line, as indicated by the blue dot on the MarketSmith chart. Shares are in a flat base with a 75.33 buy point on the chart. The company has a strong 97 EPS Rating and a 95 Composite Rating. WWE was Thursday's IBD Stock of the Day.
Amylyx Pharmaceuticals gave back morning gains, down 2.6% on heavy trading after its ALS drug was approved by the Food and Drug Administration on Thursday.
Nike plummeted 11.9% despite a beat on fiscal Q1 2023 sales and EPS. But Nike saw inventories up 44% and gross margin down 2.2%. Share price is currently below the low of April 13, 2020, when it closed at $84.46, according to Dow Jones Market Data.
Bear Market Hits Fresh Lows; Tesla, EV Rivals On Tap
IBD 50 Winners Include EV Charging, Fiber Optics Stocks
The Innovator IBD 50 ETF added 0.9%, adding more than the major indexes in today's stock market.
Solar and EV charging company Shoals Tech Group rose 4% on news it received certification of its aboveground eMobility charging solutions. Shares are testing resistance at the 21-day line. The stock has a 92 Relative Strength Rating.
Fiber optic components and systems manufacturer Clearfield rose 9%. The stock made a steep decline after peaking in late August, but is clawing its way back. Share price rose above its 50-day moving average today. The company holds the No. 1 spot in the Telecom-Fiber Optics group, which is ranked No. 51 out of the 197 industries IBD tracks.
Shockwave Medical rose 3% in lighter volume, and is above its 21-day exponential moving average. Shares earned a 98 Relative Strength Rating and a 96 Composite rating. Mutual funds own 71% of shares, showing institutional backing, which can be a positive signal for a stock.
Specialty trucking company Marten Transport was an IBD 50 loser as it dropped 3.3%, and is now trading below its 21-day line. The stock is forming a new base, however.
