The major stock market indexes closed mixed Friday afternoon, but off the lows of the day. Investors were disappointed by earnings reports and guidance, and it showed in the weekly overall performance of the indexes.
The Dow Jones Industrial Average led the day, adding 0.4%, and the S&P 500 inched up 0.1%. The Nasdaq composite lost 0.7% while the small-cap Russell 2000 was ahead 0.2%.
Volume on the NYSE and Nasdaq was slightly higher compared with the same time on Thursday, according to unconfirmed data.
The Dow held support at its 50-day moving average, while the S&P 500 held above its 21-day exponential moving average. The Nasdaq remains above its 200-day moving average and its 21-day line. The tech-heavy Nasdaq 100-tracking Invesco QQQ Trust ETF gave back 0.7%.
The Nasdaq broke a 5-week winning streak, down 2.4% for the week. The S&P 500 shed 1.2% for the week, and the Dow held up the best, trimming 0.2%.
Crude oil gained 2.2% to $79.78 per barrel. The Energy Select Sector SPDR ETF climbed 3.9% and rose above its 21-day line.
Bitcoin futures dipped 1.4% to $21,710. The Innovator IBD 50 ETF was unchanged.
The preliminary February University of Michigan Consumer Sentiment survey came in at 66.4 versus the 65.0 expected. The preliminary reading is an estimate based on 420 households on their assessment of current economic, personal finance and buying conditions, and future expectations.
The 10-year U.S. Treasury yield added 8 basis points to 3.74%.
How Did Your Online Broker Do In IBD's 2023 Best Online Broker Survey?
Stock Market Losers: Salesforce Was Dow's Biggest Loser
Salesforce gapped down 3.8%. Several activist investors took a stake in the customer relationship management company, The Wall Street Journal reported Wednesday. Salesforce also got a negative report from UBS detailing unfavorable comments from partners about the firm.
Doximity tumbled 12.9% in heavy volume after reporting lower fiscal Q3 2023 EPS than prior year, and cutting its fiscal 2023 revenue guidance late Thursday. The digital medical platform provider sank below its 50-day and 200-day lines, triggering the 7%-8% sell rule from a 38.09 buy point.
Tesla dropped 5% on a Bloomberg report that General Motors could take an interest in the metals business of Vale, a company that supplies metal products to Tesla. Vale is said to be dividing its metals and iron ore businesses.
Chipmaker Nvidia sank 4.8% as select tech stocks sold off and investors took profits.
Ride-hailing service Lyft tumbled 36.4% after reporting an unexpected Q4 earnings per share loss and lower-than-expected Q1 revenue guidance late Thursday.
Alteryx spiked over 4.7% in heavy volume after beating analysts' Q4 revenue expectations, but the stock pared gains. Shares are building the right side of a deep cup base. The data analytics software stock is up a whopping 34% in 2023 so far.
Cloudflare rose 3.3% following a small beat on Q4 top and bottom lines Thursday after the bell. The cloud network services provider also gave modestly higher full-year revenue guidance.
Medical Stock Led the S&P, While Travel Stock Was A Loser
Glucose monitoring company Dexcom gapped up 9.9% in heavy volume after reporting better-than-expected Q4 EPS and sales, Thursday after the close. The medical device stock rose above its 50-day line, and is the S&P 500 biggest gainer today.
How Did Your Online Broker Do In IBD's 2023 Best Online Broker Survey?
Dexcom is today's IBD Stock of the Day. It closed above the 117.64 buy point of a double bottom pattern, and is also forming a consolidation with a 125.65 entry.
Electricity and hydrogen provider Bloom Energy rose 1.7% after posting better-than-expected adjusted Q4 EPS and revenue Thursday after the bell.
Newell Brands reversed course from earlier in the session, and closed up 1.2% following its Q4 earnings release. The company said it expects a loss in Q1 and gave a disappointing full-year outlook.
The consumer goods company also announced Chief Executive Ravi Saligram will retire. Shares dipped below the 50-day line, but rebounded.
Online travel company Expedia sank 8.6% after reporting worse-than-expected Q4 EPS results. Shares fell below the 21-day line, finding support at the 200-day line. The stock was one of the S&P biggest losers today.
Follow Kimberley Koenig for more stock news on Twitter @IBD_KKoenig.
