The Dow Jones Industrial Average faded and closed Friday near sessions lows. The blue chip index ended 0.4% lower.
The S&P 500 also closed near session lows, down more than 1% at closing bell. Like other indexes, the S&P pared most opening losses but turned lower. The Nasdaq was down 1.6% at the end of Friday's session.
Volume on the NYSE and on the Nasdaq was significantly lower compared with the same time on Thursday.
The small-cap Russell 2000 fell by 0.8%. The Innovator IBD 50 ETF fell 1.1%.
Crude oil fell more than 3% to $73.23 a barrel. The yield on the benchmark 10-year Treasury note rose 13 basis points to 3.53% after the January jobs report came in much stronger than expected.
Stocks Moving Today
Regeneron broke out of a flat base and closed above its 779.10 buy point. Volume was more than double its average. The biotech reported lower earnings and sales vs. the year-ago period, but results were above analysts' estimates.
Earlier today, shares of Tesla soared 5% after record sales in China. But the stock was barely higher at the close. The EV company's gigafactory in Shanghai sold 65,001 cars in January, up 18% from 55,796 in December, according to the China Passenger Car Association. The stock reversed slightly and was up 1% today. Tesla stock has gained 54% so far this year.
Shares also surged earlier after a new U.S. tax credit with a higher price cap of $80,000 allows all models of Tesla's model Y to qualify.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 33926.01 | +127.93 | -0.38 |
| S&P 500 | (0S&P5) | 4136.48 | -43.28 | -1.04 |
| Nasdaq | (0NDQC ) | 12006.95 | -193.86 | -1.59 |
| Russell 2000 | 196.98 | -1.34 | -0.68 | |
| IBD 50 | 23.55 | -0.26 | -1.06 | |
Last Update: 4:00 PM ET 7/27/2022 |
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Activist investor Ryan Cohen bought a stake in Nordstrom and is eyeing a seat on its board, according to reports. JWN shares soared nearly 25% in huge volume.
Tech leaders fell today after missing earnings late Thursday. Amazon is the worst performer, down 8%. Google parent Alphabet was down 3% while Dow Jones leader Apple reversed for a gain of nearly 3%.
Morgan Stanley analyst Erik Woodring maintained an overweight rating on the stock with a price target of $175. Apple had its first sales decline since 2019 on Thursday. According to Woodring, Apple's rare miss and lower guidance do not remove the longer term growth story for the stock.
Apple's global installed base is now over 2 billion. iPhone production has returned to normal levels, according to reports.
Earnings On Deck
Onsemi, formerly On Semiconductor, Cummins and Pinterest have earnings on Monday. Chipotle Mexican Grill and Vertex Pharmaceuticals are on deck Tuesday. Yum Brands and CVS Health follow on Wednesday.
Onsemi has broken out of a cup base with an entry at 77.38 ahead of earnings. It is barely still in buy range. Cummins remains in buy range from a flat-base entry at 254.19. Chipotle is in buy range from a double bottom with an entry at 1,638.43. Vertex's breakout was weak and shares are selling off, falling through their 50-day line. Yum is forming a handle in a cup base with an entry of 132.34. Shares of CVS are in correction.
Dow Jones Stocks
Shares of Microsoft fell more than 2% amid a larger tech decline today. Salesforce fell 2.1% and remains in a cup base with a buy point of 194.47. Watch for a handle that may allow a lower entry.
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Nonfarm payrolls increased by 517,000 in January, flying past estimates for a 185,000 increase. The chances of a quarter-point rate hike 0n March 22 increased to 97.4%. According to the chief economist at Comerica, Bill Adams, another hike in May is also in the cards now.
The unemployment rate fell to a low 3.4%, vs. expectations of 3.6%. Hourly wage growth slowed to 4.4% from 4.8%.
The Purchasing Manager's Index showed demand decelerating at a slower rate. The S&P Global U.S. Composite PMI Output Index rose to 46.8 in January from 45 in December. Selling prices did not increase as quickly as cost prices. While suggesting contraction, the rate of contraction eased.
Please follow VRamakrishnan for more news on the stock market today on Twitter @IBD_VRamakrishnan
