Major indices of the stock market closed mixed on Friday afternoon, but remained below the day’s low levels. Investors were disappointed with the earnings report and guidance, and it showed in the index’s weekly overall performance.
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The Dow Jones Industrial Average led the day, adding 0.4%, and the S&P 500 added 0.1%. The Nasdaq Composite declined 0.7% while the small-cap Russell 2000 was up 0.2%.
According to unconfirmed data, volumes were slightly higher on the NYSE and Nasdaq compared to the same time on Thursday.
The Dow held support at its 50-day moving average, while the S&P 500 held above its 21-day exponential moving average. The Nasdaq remained well above its 200-day moving average and the 21-day line. The tech-heavy Nasdaq 100-tracking Invesco QQQ Trust ETF (QQQ) returned 0.7%.
Nasdaq snaps 5-week winning streak, down 2.4% for the week. The S&P 500 shed 1.2% for the week, and the Dow trimmed 0.2% at best.
Crude oil rose 2.2% to $79.78 a barrel. The Energy Select Sector SPDR ETF (XLE) climbed 3.9% and rose above its 21-day line.
Bitcoin futures fell 1.4% to $21,710. The Innovator IBD 50 ETF (FFTY) was unchanged.
The preliminary February University of Michigan Consumer Sentiment Survey was 66.4 versus the expected 65.0. The preliminary reading is an estimate based on an assessment of the current economic, personal finance and shopping situation and future expectations of 420 households.
The 10-year US Treasury yield rose 8 basis points to 3.74%.
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Stock Market Losers: Salesforce Was The Dow’s Biggest Loser
sales force (CRM) fell down 3.8%. The Wall Street Journal reported on Wednesday that several active investors took a stake in the customer relationship management company. Salesforce also received a negative report from UBS detailing adverse comments from partners about the firm.
Behaviour (DOCS) plunged a massive 12.9% after reporting lower fiscal Q3 2023 EPS than last year and cutting its fiscal 2023 revenue guidance late Thursday. The digital medical platform provider sank below its 50-day and 200-day lines, triggering a 7%-8% sell rule from the 38.09 buy point.
Tesla (TSLA) Dropped 5% on Bloomberg Report General Motors (GM) may be interested in the metal business valley (Val), a company that supplies metal products to Tesla. Vale is said to be divesting its metals and iron ore business.
chip maker NVIDIA (NVDA) sank 4.8% as select tech stocks sold off and investors took profits.
ride-hailing service lyft (LYFT) fell 36.4% late Thursday after reporting an unexpected Q4 earnings per share loss and lower-than-expected Q1 revenue guidance.
alertx (AYX) jumped more than 4.7% by a hefty margin after beating analysts’ fourth-quarter revenue estimates, but the stock pared gains. The shares are forming the right side of a deep cup base. The data analytics software stock is up 34% so far in 2023.
cloud flare (NET) rose 3.3% on Thursday after Bell took a small beat on its Q4 top and bottom lines. The cloud network service provider also gave modest full-year revenue guidance.
Medical stocks led the S&P, while travel stocks were a loser
Glucose Monitoring Company Dexcom (DXCM) posted better-than-expected Q4 EPS and sales on Thursday after the close gapped 9.9% on heavy volume. Medical device stocks rose above their 50-day line, and are the S&P 500’s biggest gainers today.
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Dexcom is today’s IBD Stock of the Day. It closed above the 117.64 buy point of the double bottom pattern, and is also forming a consolidation with the 125.65 entry.
electricity and hydrogen provider Bloom Energy (BE) rose 1.7% after the bell on Thursday after posting better-than-expected adjusted Q4 EPS and revenue.
Newell Brands (NWL) reversed course from earlier in the session, and closed up 1.2% after releasing its Q4 earnings. The company said it expected a loss in the first quarter and gave a gloomy outlook for the full year.
The consumer goods company also announced that Chief Executive Officer Ravi Saligram will be retiring. Shares fell below the 50-day line, but bounced back.
online travel company expedia (EXPE) sank 8.6% after reporting worse-than-expected Q4 EPS results. The shares declined below the 21-day line, finding support at the 200-day line. The stock was one of the S&P’s biggest losers today.
Follow Kimberley Koenig on Twitter for more stock news @IBD_KKoenig.
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