The Dow Jones Industrial Average was an outlier and showed positive action in Friday afternoon trades as the tech sell-off deepened and the S&P 500 fell below a key psychological level in the stock market today. Indexes were mixed after Israel launched a retaliatory attack on Iran. Nvidia, Meta Platforms and Amazon fell below the 50-day moving average as Super Micro Computer took a dive.
X
Bitcoin held near $64,000 ahead of the fourth halving event.
The Dow industrials added 0.5% while the S&P 500 fell 0.6% after adding yet another distribution day on Thursday. The index is losing a key psychological level at 5,000. Among the S&P sectors, utilities, energy, financials and health care fared well while communication services, technology and consumer discretionary fell.
The Nasdaq suffered the deepest losses and fell 1.5%.
Volume on the NYSE and on the Nasdaq was higher compared with the same time on Thursday. Nonetheless, breadth belied the weak action as advancers tracked ahead of decliners by nearly 3-to-1 on the NYSE. On the Nasdaq, they had a slight edge in the stock market today.
However, fewer stocks are making new highs, confirming mounting signs of a market under pressure.
The small-cap Russell 2000 rose 0.2%, giving up some early gains. The Innovator IBD 50 ETF (FFTY) fell 1.7%.
The yield on the benchmark 10-year Treasury note fell 3 basis points to 4.61%.
Bitcoin held near the $64,000 level as the countdown to the halving began on Friday with just a handful of blocks remaining. The halving will reduce miners’ rewards to 3.125 per block, effectively reducing the number of new bitcoins that will enter circulation over time.
Dow Jones Stocks
American Express (AXP) rebounded in strong volume after first-quarter sales met views and earnings per share came in higher at $3.33 per share versus estimates of $2.98. The stock found support at the 10-week moving average.
UnitedHealth (UNH) also helped lift the Dow while Amazon.com (AMZN), Intel (INTC), Microsoft (MSFT) and Apple (AAPL) weighed it down.
Stocks Market Today
Netflix (NFLX) fell 9% after first-quarter results were strong, but the Q2 sales outlook from the streaming giant did not meet estimates. Shares have triggered a sell signal by falling below the 50-day moving average in huge volume. Netflix was the worst performer in the Nasdaq and among the worst performers in the IBD MarketSurge Growth 250.
Intuitive Surgical (ISRG) soared at the open until it hit resistance at its 50-day moving average. First-quarter results were released late Thursday. Sales rose 11% to $1.9 billion while earnings of $1.50 per share were 22% higher. Shares are back near Thursday’s closing price.
Among the Magnificent Seven, earnings are due for Tesla (TSLA) on Tuesday next week. Shares have been trending lower and below the 50-day moving average since January.
Nvidia (NVDA), Amazon and Meta Platforms (META) broke a key level of support at the 50-day line. That’s a sell signal. Nvidia fell 4% and slid below its 50-day line, which also should be considered a sell signal.
With that, six of the Mag-7 are under their 50-day moving averages.
Google parent Alphabet (GOOGL) is holding just above a 153.78 buy point in the stock market today.
Among other top AI plays, Super Micro Computer (SMCI) plunged 18%. The stock gapped down, sinking further below the 50-day moving average, which is a sell signal. Volume is running well above average. It is another one of the leaders of the market uptrend that have broken down.
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