Stocks climbed off session lows during afternoon trading on the stock market today but the major indexes each lost more than 1% by the closing bell. Earnings season began Friday with big banks reporting, but the first round of results for 2024 didn't impress investors.
Big losers after reporting first-quarter earnings included JPMorgan Chase, Wells Fargo and Citigroup. All three were lower by Friday's close.
The Dow Jones Industrial Average finished the session down 1.2%, or slightly more than 475 points, tumbling further below its 50-day moving average. The S&P 500 lost 1.5% and found support at its 50-day line.
The Nasdaq plummeted 1.6%, or just over 267 points, after closing at a record high on Thursday. That tech-heavy index slipped below its 21-day exponential moving average. The small-cap Russell 2000 was the hardest hit and slid 1.9% on the stock market today.
For the week, the Dow Jones index sank 2.37% while the S&P 500 dropped 1.55%. Stocks held up best on the Nasdaq, which shed 0.45%. Preliminary numbers show volume rose on the New York Stock Exchange and fell on the Nasdaq vs. Thursday's action.
Among exchange traded funds, the Invesco QQQ Trust sank 1.6%. The Innovator IBD 50 ETF fared worse than the major indexes and tumbled 2.6%.
West Texas intermediate crude oil rose near $85.50 a barrel. The benchmark 10-year yield dipped to 4.52%.
Stock Market Today: Arista Plunges, Uranium Stock Hits A High
Arista Networks skidded nearly 8.6% in heavy volume, plunging below its 50-day line and triggering a sell signal, according to MarketSurge. The giant move came after Rosenblatt Securities cut its rating on Arista to sell from buy.
Uranium stock Cameco broke out of a cup base and hit a 51.33 buy point, but the breakout failed as the gloom of the market squashed its enthusiasm. Shares reached a 52-week high before retracing below the buy point. Cameco stock fell 1.7% on Friday.
Trump Media & Technology rebounded in the final 30 minutes of trading and closed 0.6% higher, ending its recent sell-off. The media stock has lost nearly 20% this week. In all, shares have lost nearly 60% of their value from their peak at 79.38. The stock closed at 32.59 on the stock market today.
Bank Stocks Fall After Earnings
Dow component JPMorgan Chase sold off nearly 6.5% in heavy volume and sank below its 50-day line. The financial leader beat expectations on its first-quarter adjusted earnings and net revenue, but the stock plunged anyway.
JPMorgan had its largest one-day percentage decrease since June 11, 2020, when it fell 8.34%, according to Dow Jones Market Data. It was the worst performer among Dow Jones blue chips on the stock market today.
Wells Fargo gave back early gains and fell 0.4% after the bank topped first-quarter adjusted earnings and revenue. But net interest income dropped more than projected.
Citigroup reversed and closed 1.7% lower in heavy volume, even after it beat sales and profit estimates. The bank also gave a full-year 2024 revenue outlook between $80 billion and $81 billion, topping analyst views.
How Will Markets Respond To Iran Attack Vs. Israel?
China Targets Intel And AMD
Outside of bank news, South Korean e-commerce giant Coupang soared 11.5%, breaking out of a cup-with-handle base in huge volume. The company announced it will raise its membership fees by 58%. Shares gapped up to a 52-week high on the stock market today.
Zoetis gapped down 7.8% after a Wall Street Journal report suggested the company's arthritis shots could have sickened pet dogs and cats.
Dow stock Intel and its chip rival Advanced Micro Devices sank on news that China is looking to eliminate American chips from its telecom networks, according to the Wall Street Journal. Intel toppled 5.2%, falling further below its 200-day moving average, while AMD shares sank 4.2% on the stock market today.
Finally, Magnificent Seven and Leaderboard stock Nvidia gave back 2.7% after Thursday's 4.1% pop. Shares tested support at their 21-day line.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
