The S&P 500 hurdled safely over a key milestone while the Nasdaq outperformed other indexes at the closing bell Friday. The Dow Jones Industrial Average couldn't emerge from negative territory on the stock market today. Meanwhile, spot purchases of Bitcoin exchange traded funds lifted the cryptocurrency.
The Dow fell in late action and ended 0.1% lower. The S&P 500 remained near session highs as it added 0.6%. The index cleared the 5,000 level out of the gate Friday, and remained above that threshold until the close.
Tech stocks lifted the Nasdaq, which outperformed the other major indexes with a 1.3% gain. Applied Materials was a big gainer, jumping nearly 7% as the chip gear maker is due to report earnings on Thursday. And small caps on the Russell 2000 showed a 1.5% gain.
Volume was lighter on the New York Stock Exchange, but higher on the Nasdaq compared with the same time Thursday. Participation was healthy as advancers beat decliners by 2-to-1 on both exchanges.
The Innovator IBD 50 ETF climbed 1.5% and shot beyond a buy range from a 24.95 buy point. And the SPDR S&P 500 Trust ETF ended the day up 0.6%.
The yield on the benchmark 10-year Treasury note rose marginally to 4.17%.
Bitcoin topped $47,000 Friday as fund flows into spot Bitcoin ETFs rose to $400 million on Thursday. According to reports, Bitcoin spot ETFs had their best day on Thursday since Jan. 17.
In economic news, the Labor Department said that Friday's revisions to CPI data did not change the most recent three-month annualized rate of 3.3%. The data over six months changed slightly, showing inflation at 3.25%, compared with earlier calculations of 3.21%.
Dow Jones Stocks
Turning to Dow Jones components, tech companies took the lead on the stock market today. Apple, Microsoft and Intel all rose. Apple added 0.4% while Microsoft advanced 1.6%. Intel surged 1.9% by the close.
Salesforce, however, gave up morning gains and fell 0.2% at closing bell.
Disney gave back some of the earnings-fueled gains it won Thursday and fell nearly 2% Friday. Shares are working their way up the right side of a cup base.
And Amgen continued to fall after earnings, losing 1.3%.
Stock Market Today: Pepsi Loses Fizz
Outside the Dow Jones index, shares of Pepsi fell 3.6% after sales declined for the first time in nearly four years. According to a report, Chief Executive Ramon Laguarta said "part of that is a slowdown due to pricing and (consumers') disposable income situation" as interest rates stayed high.
But the iconic soft drinks maker managed 7% earnings growth. Shares are testing the 50-day moving average.
In tech news, Cloudflare surged nearly 20%. The maker of enterprise software, a recent new issue, has seen sales and earnings grow at a steady pace over seven quarters.
In cybersecurity, Tenable rose 2.3% after earnings more than doubled. Shares are still in a buy zone from a 49.77 entry.
Shares of Expedia plummeted nearly 18%, diving below its 50-day moving average and triggering a key sell rule. Weaker bookings during the quarter and a soft outlook dragged the stock down.
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Breakouts: Stellantis, Allegion, Braze
Also in the stock market today, several companies broke out of bases or built on recent breakouts.
Automaker Stellantis gained another 1.5% Friday after it broke out from a flat base with a buy point of 23.66 Thursday. Security software maker Allegion also emerged from a flat base Thursday. It rose 1.1% Friday.
In enterprise software, Braze broke out with a 1.7% gain Friday, and climbed above a buy point of 58.67. Metal fabricator Worthington Enterprises surged through a buy zone from a cup with handle with an entry point of 59.15. Its relative strength line is at a new high.
Supplier of pet and garden products Central Garden & Pet surged out of a flat base and hovered above its entry of 40.47 in recent action. The company declared its fiscal first-quarter results on Wednesday.
Further, door manufacturer Masonite International shot more than 35% past a handle entry of 105.44. Owens Corning is buying all outstanding shares of Masonite at $133 apiece in cash.
SPS Commerce soared nearly 15%, moving past a flat-base entry of 198.35. The software maker that provides supply management services for businesses reported fourth-quarter results.
Finally, specialty insurer Kinsale worked its way above a handle entry of 411.32 on the stock market today. Fourth-quarter results are due next Friday.
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