The major stock market indexes posted small gains after fading Friday, while the S&P 500 closed just a hair below a key level. IBD 50 cloud connectivity stock Samsara gained over 19% this week.
The Nasdaq rose 0.2% after being up around 1% earlier today. The Dow Jones Industrial Average edged up 0.1%. The S&P 500 trimmed its gain to 0.1% and closed slightly below the 4,300 level.
The Russell 2000 lagged the major stock market indexes once again, losing 0.8%.
The Nasdaq eked out a 0.1% gain while the Dow Jones added 0.3% for the week. The S&P 500 led with a 0.4% weekly increase. The Russell 2000 was the big winner as it rose 1.9% on the week.
The Nasdaq 100-tracking Invesco QQQ Trust ETF added 0.4% as some major techs showed strength. But that strength didn't carry over to the rest of the composite: First Trust Nasdaq 100 Equal Weighted ETF crept up 0.2%.
The Innovator IBD 50 ETF gave back 0.1%.
NYSE volume rose and Nasdaq volume fell slightly from Thursday, according to preliminary numbers.
Crude oil fell 1.3% to $70.36 per barrel. Gold futures edged 0.2% lower and remained below the psychological $2,000-per-ounce level. The price of Bitcoin shed 0.5% to $26,530. Coinbase tumbled 3%.
The 10-year U.S. Treasury yield added 3 basis points to 3.75%. The CME FedWatch tool now shows over 70% odds for no rate hike at this month's Federal Reserve meeting, and the remainder expect a quarter-point hike.
Stock Market Movers: AI Company Hits All-Time High
Symbotic climbed another 4.6% to an all-time high. Several analysts raised their price targets on the AI-focused robotics stock lately. The stock has gained over 260% this year. The company focuses on AI-enabled technology for supply-chain operations, such as warehouses.
Etsy got a 4.2% boost after JPMorgan Chase reiterated its outperform rating on the online marketplace stock, with a 130 price target.
Well Fargo wasn't as impressed. It initiated coverage with an underweight rating and a 70 price target.
Samsara jumped 4.4% in heavier-than-daily average volume. The stock had already reached a 20% profit zone from a 22.59 buy point.
The provider of cloud connectivity and Internet of Things (IoT) applications for businesses earned a Power from Pivot flag on its MarketSmith chart. The flag represents a stock's move of at least 20% from its buy point within 15 days, which is often the mark of a big winner.
General Motors pared earlier gains and closed up 1.1%. The stock opened sharply higher on news its electric vehicles will use Tesla's Superchargers starting next year.
Tesla popped 4.1% on the news and climbed for an 11th consecutive day. Shares have gained over 97% this year so far. TSLA shares also hold a Power from Pivot flag.
Meanwhile, EV charging company ChargePoint Holdings tanked 13.2% in heavy trading, while Blink Charging and Plug Power also sold off on the GM news.
Bullish Market Trend, But Fed Looms; 7 Stocks To Watch
Adobe Gets In On AI Craze
Adobe gapped up 3.4% in heavy volume as it topped a 451.15 buy point. The relative strength line hit a 52-week high.
The digital media software company announced its new artificial intelligence (AI) software on Thursday. Its beta version launched in March and it will be available to customers in the second half of this year.
Wells Fargo upgraded the stock to overweight from equal weight and raised its price target to 525 from 420. Several other analysts raised their price targets on the stock.
Braze gapped up 16.2% in heavy volume, after reporting a smaller-than-expected loss and higher sales for the April-ended quarter.
Management raised its July-ended quarter and full-year 2024 sales and EPS guidance, and that exceeded analyst projections. BRZE also has a Power from Pivot flag in the MarketSmith chart.
Several analysts upgraded the customer interaction platform provider on the strong report.
Netflix Benefits From Password Sharing Crackdown
Netflix rose 2.6% after a report in the Wall Street Journal said the streaming giant added more new subscribers in a four-day period in late May than any other four-day period.
The increase came after the company started enforcing its new policy to prevent password sharing. It is charging an extra $7.99 per month for each additional member added to an account. The new plan was created to combat the more than 100 million users that borrow other members' passwords.
Shares have reached the 20% profit target from a cup-with-handle buy point at 349.80.
DocuSign closed down 2.5% despite a better-than-expected April-ended quarter. Management gave July-quarter and full-year EPS and revenue guidance above analysts' estimates.
Follow Kimberley Koenig for more stock market news on Twitter @IBD_KKoenig.
