The major indexes finished mixed as the Dow Jones Industrial Average closed above 40,000 for the first time ever. Meanwhile, Fed Chair Jerome Powell tested positive for Covid 19. Nvidia fell as rival Advanced Micro Devices scored a deal with Microsoft.
The Dow closed 0.3% higher at 40,003.59 Friday. On Thursday, it briefly topped that level but closed below it. The Dow rose for the fifth straight week.
The S&P 500 rose 0.1% in the stock market today. After the Nasdaq successfully staged a follow-through day on Wednesday, the tech-dominated index ended 0.1% lower. Nonetheless, both indexes made it higher for four straight weeks.
Volume on the NYSE and on the Nasdaq was lower, according to early data. Advancers and decliners were roughly even on the Nasdaq and NYSE.
The small-cap Russell 2000 fell a fraction, while the Innovator IBD 50 ETF lost 0.3%, giving up early gains. In the IBD 50, PDD was a top gainer, up 2% ahead of its earnings report next week.
The yield on the benchmark 10-year Treasury note rose 4 basis points to 4.41%. On Friday, Powell tested positive for Covid-19. It is the second time the 71-year old Fed chief contracted the virus. He is working from home until he recovers.
Gold stocks rallied in the IBD MarketSurge Growth 250. Newmont, the latest addition to IBD Leaderboard, rose 2%. Alamos Gold was also a top gainer, up 5% to the highest point since September 2013.
The iShares Silver Trust gapped up to the top of a buy zone from a buy point of 27.24. The price of silver jumped nearly 10% to $2.7720 per ounce — the highest price since Feb. 8, 2013, according to Dow Jones Market Data.
Also in metal stocks, Southern Copper climbed to an all-time high. Copper and gold prices made record highs Friday.
Dow Jones Closes Above 40,000; All Eyes On Nvidia Earnings
Dow Jones Stocks
Caterpillar and JPMorgan were top gainers in the Dow, up more than 1% each, while techs underperformed.
Salesforce rose 0.3% as it works on a base with a buy point of 318.71, according to IBD MarketSurge. The stock is testing possible resistance at the 50-day moving average.
Amgen and Intel were the worst performers on the Dow. Both were down less than 1%.
Applied Materials attempted to move past a buy point of 214.91. Shares initially rose back above the entry after the firm beat April-quarter views and gave guidance for the current quarter that was also higher than estimates. But the stock reversed lower in the afternoon.
Also in semiconductors, Advanced Micro Devices got a lift on news that Microsoft will offer AMD AI chips to customers using its cloud platform, Azure. Artificial intelligence applications require multiple graphics chips (GPUs) and Nvidia's own GPUs are in high demand.
Meme stock GameStop plummeted nearly 20% after preliminary results disappointed investors and the company made a stock offering. The company expects sales in the first quarter to fall to $882 million at the midpoint, below views of $1.05 billion and lower than the prior year's $1.24 billion. The company says it will sell 45 million common shares at market prices.
Meanwhile, new issue Reddit soared 10% after it stepped up its footprint in artificial intelligence through an agreement with OpenAI.
Elsewhere, famed investor Cathie Wood's ARK Invest fund holding Robinhood surged over 12% after analysts at BofA Securities upgraded the stock to buy from outperform and raised the price target to 24 from 14.
In the security and safety group, Brink's held in a buy zone from a buy point of 93.25.
Nvidia Earnings On Wednesday
Nvidia will report its fiscal first quarter results on Wednesday. Analysts expect sales of $24.6 billion with earnings per share of $5.22 per share. Shares are in a base with a proper buy point of 974, having crossed a handle buy point of 922.20 this week. The stock fell 2% Friday.
Insurance stock Palomar Holdings is breaking out of a flat base at a buy point of 86.25.
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