The Dow Jones Industrial Average and other major indexes charged sharply higher leading into the close Friday, finishing near session highs ahead of the Labor Day weekend. It seems July inflation numbers emboldened investors after all, and helped market mover Nvidia (NVDA) head back toward its 50-day moving average on the stock market today.
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S&P 500 Enters Power Trend; Broadcom, Comfort Systems, NextEra Energy In Focus
The Dow jumped in the last few minutes of trading, notching a gain of 228 points, or 0.6% for another record high. Stocks on the S&P 500 made a similar last-minute push, and ultimately surged 1% higher at the close. The Nasdaq composite continued to lead, and it posted a 1.1% jump, while adding nearly 200 points in the process. The tech-heavy index finished just above its 50-day moving average.
Small caps on the Russell 2000 added 0.5%, while the Innovator IBD 50 (FFTY) exchange traded fund jumped 0.8%. Further, the yield on the benchmark 10-year Treasury note climbed four basis points to 3.91%.
Volume on the New York Stock Exchange was lower compared with the same time on Thursday but slightly higher on the Nasdaq. Advancers led decliners on both exchanges on the stock market today.
Frontline (FRO) reported its second-quarter results Friday. Sales grew 8% to $556 million but earnings of 62 cents per share declined for the fourth straight quarter. Shares gapped up to the 50-day moving average but finished slightly lower.
3:12 p.m. ET
Stock Market Today: Inflation, Consumer Sentiment Meet Views
In economic news, consumer sentiment as measured by the University of Michigan’s Consumer Survey Center met views for August and rose to 67.9 after July’s 66.4 reading.
The personal income and outlays index for July hit the mark and came in at 0.2%, meeting estimates, according to Econoday. Annually, the PCE index rose 2.5%, in line with views. Without the more volatile food and energy prices, the index rose 2.6% annually, slightly below expectations of 2.7%.
The data comes a day after investors welcomed stronger-than-expected GDP data, which showed 3% growth during the second quarter vs. estimates of 2.8%.
Shares of Birkenstock (BIRK) fell below the 200-day moving average in heavy volume. Shares had triggered a sell signal Thursday by falling below the 50-day moving average and undercutting their base after third-quarter results disappointed Thursday.
1:40 p.m. ET
Dow Jones: Intel Soars On New Plans
Dow component Intel (INTC) gained 8% on the stock market today after news that the chip company may split its design and manufacturing businesses. The company may also cancel some factory projects and some merger and acquisition plans.
Apple (AAPL) remained near a buy point of 237.23 ahead of its Sept. 9 event.
Among Magnificent Seven stocks Amazon (AMZN) held its early gains while Microsoft (MSFT) pared back and was unchanged.
12:27 p.m. ET
Markets Face More Tests Before Fed Meet
Four more economic tests remain ahead of the Sept. 18 Fed meeting. The Purchasing Managers’ Manufacturing Index for August is due for release on Tuesday with July’s factory orders expected Wednesday.
Then, August’s payroll data follows next Friday. And just ahead of the Fed meeting, markets also face Consumer Price Index numbers for August, which are due Wednesday, Sept. 11.
While a rate cut in the September meeting seems to be a certainty, traders are divided on the extent of the cut. According to the CME FedWatch Tool, there is a 67.5% chance of a 25-basis-point cut with a 32.5% possibility of a 50-basis-point cut.
10:53 a.m. ET
Stock Market Today: Buffett Stock Plunges
Ulta Beauty (ULTA) fell 4% after earnings missed analyst estimates. The company also lowered its full year outlook. Earlier in August, Warren Buffett’s Berkshire Hathaway (BRKB) disclosed it purchased 690,000 shares of the cosmetics maker.
Shares of Lululemon (LULU) fell in volatile action on the stock market today after its second-quarter results. Though sales were mostly in line with estimates while earnings beat, shares struggled to break a downtrend since February and remained below the 50-day moving average on Friday.
S&P 500 Enters Power Trend; 7 Stocks In Buy Zones
Dell Gets Its Own AI Boost
Dell (DELL) rose on strong artificial intelligence server demand during its second quarter. But the stock has a lot of work to do to get back to the 50-day line.
Amid software plays, MongoDB (MDB) soared more than 15% and rose above its 50-day line after its second quarter report. Sales rose 13% to $478 million, though earnings declined.
Autodesk (ADSK) rose after beating both sales and earnings estimates. Shares also rose on the computer design software maker’s higher outlook for the year. Shares pulled back into a buy zone from a 256.05 entry in afternoon trades.
Elastic (ESTC) plummeted more than 25% and fell below the 50-day line on first-quarter results.
Finally, Emergent BioSolutions (EBS) gave up early gains on the stock market today and fell after its vaccine for mpox got clearance from the Food and Drug Administration.
Please follow VRamakrishnan on X/Twitter for more news on the stock market today.
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