The Dow Jones Industrial Average and other major stock indexes ended with record closes on Friday as investors saw the bright side in President Donald Trump's phone meeting with Chinese President Xi Jinping. Meanwhile, gold stocks rose, and Nvidia tested its 50-day moving average within a base on the stock market today.
The large-cap stock indexes set records at Friday's close in a week when the Federal Reserve made its first interest rate cut of the year. They also made weekly gains of 1% or more.
In Friday's session, the Dow rose 0.4%. The S&P 500, after dipping into negative ground, turned higher for a 0.5% gain. And the Nasdaq composite tacked on 0.7%. But the Russell 2000 index of small caps didn't join the party and fell 0.8%.
The yield on the benchmark 10-year Treasury note rose to 4.13%.
Despite the positive action, losers outnumbered winners on both exchanges. The ratio was roughly 3-to-2 negative on the Nasdaq and nearly 2-to-1 on the New York Stock Exchange. Volume on both exchanges was higher compared with the same time Thursday, partly because it's a quadruple witching day. That means a variety of options expired at market close.
On Friday, The Wall Street Journal reported that Trump and Xi had approved a preliminary agreement for a group of investors to take over TikTok's U.S. operations. The two countries are still negotiating a broader trade deal that involves advanced artificial intelligence chips and U.S. tariffs.
Cathie Wood Sells AI Stock
Famed investor, Cathie Wood, sold shares of Tempus AI, according to a website that tracks trades in the ARK Invest funds. Tempus AI provides artificial intelligence tools for diagnostic purposes to the health care industry.
Tempus AI has surged 135% since the stock started trading at 37 on the Nasdaq. Shares are just below the 20% profit zone from a buy point of 74.83. The stock added more than 1% Friday.
3:16 p.m. ET
Book Stock Triggers Sell Signals
Scholastic plunged nearly 11% and triggered two sell signals on earnings. Shares fell below their 50-day moving average in heavy volume and also fell more than 7% below a buy point of 27.03.
The company reported a loss of $2.52 per share for its first quarter while sales declined 5% to $225.6 million. The company said revenue got a hit due to a volatile "federal and state funding environment."
Scholastic publishes children's books and educational material and is in the media-books group which ranks 183rd among Investor's Business Daily's 197 industry groups.
Futures: Time To Take Profits In These Red-Hot Stocks?
2:23 p.m. ET
Two Breakout Attempts Wobble
Breakout attempts on Friday were weak. Blue Bird faltered as it tried to get past a buy point of 60.45 from a late-stage flat base. The transportation equipment maker has reported accelerating earnings and sales growth in the two most recent quarters.
But the industry group lags at 140th place among Investor's Business Daily's 197 industry groups. Blue Bird stock also has faced resistance around 60 since June 2024. Shares reversed and were slightly negative in recent action.
Nu Holdings passed a buy point of 16.14 out of a 45-week consolidation, but that came in lower volume. The Brazil-based bank holds a record of steady earnings and sales growth over the past eight quarters. Up 1.5% Friday, shares are at levels last seen in November 2024.
1:05 p.m. ET
Stock Market Today: Gold Stocks Advance
Gold stocks did well on Friday's stock market. Kinross Gold, Gold Fields, AngloGold Ashanti and Agnico-Eagle Mines moved up by more than 3% each.
All four stocks are in the IBD 50. All four stocks are extended after their rally in August.
11:39 a.m. ET
Uber Drives Higher, Amazon Outperforms
Uber scored a gain in the S&P 500 today, up more than 3%. The strength comes after Uber made a volatile test of its 50-day moving average Wednesday. To its credit, the stock held support.
Uber is an investor in Moove, a vehicle-financing firm based in Africa. The company aims to raise more than $300 million in a new funding round as it grows its autonomous-vehicle business.
Inside the Nasdaq 100, Amazon.com outperformed with a gain of nearly 1%. Amazon tried to clear a 236.53 buy point on Sept. 8 and 9, but the stock got knocked lower in heavy volume on Sept. 10.
Netflix rallied close to 1% as it wages a battle near its 50-day line. For Netflix to fully break out of its downtrend, it'll need to get above its recent high of 1,267.10
10:54 a.m. ET
Today's Winners And Losers
In stocks, Tesla rebounded more than 2% after Thursday's downside reversal. Tesla stock is holding gains after last week's breakout.
The Nasdaq held up pretty well even though sellers hit a few top-rated growth stocks hard in the MarketSurge Growth 250. Red-hot Micron Technology, which reports earnings next week, slumped nearly 5% after a bullish run in recent days. Elsewhere, Reddit tumbled more than 6% while Astera Labs fell more than 7%.
Conversely, Amgen was a top gainer in the Dow Jones today, up more than 2% after the company received a positive ruling from the European Medicines Agency regarding a drug to treat a rare autoimmune disorder.
Apple also outperformed with a gain of nearly 2% after the company's iPhone 17 went on sale today around the world.
In the Leaderboard model portfolio, Palantir Technologies rallied nearly 4% while Applovin and Wheaton Precious Metals each gained roughly 1%. Palantir will likely have a new six-week cup base in place by today's close.
9:53 a.m. ET
Stock Market Today: Yields Rise
The 10-year Treasury yield advanced to 4.12%. Oil prices slipped, as West Texas Intermediate futures traded around $63.15 a barrel.
Among exchange traded funds, the Invesco QQQ Trust gained 0.3%. Also, the SPDR S&P 500 ETF was up 0.2% after Friday's market open.
Nasdaq 100 Winners, Losers: Intuit, Micron
Among the Nasdaq 100 stocks, Intuit and Fortinet were among the top gainers after the stock market open. Intuit shares climbed more than 2%, adding to their recent rebound. Fortinet stock also moved up more than 2% but remained around 28% from its 52-week high.
Meanwhile, Dexcom and Micron Technology sold off 5.4% and 3.5%, respectively.
8:51 a.m. ET
Dow Jones Movers: Amazon, Apple, Boeing, Disney
Amazon.com, Apple and Boeing were among the best performers on the blue chip index Friday morning. Amazon shares climbed 0.5%, set to snap a two-day skid. Apple stock moved up more than 1% to rise further above a 235.12 buy point. And Boeing climbed 0.7%, but remained sharply below its 50-day moving average.
On the downside, Walt Disney declined 0.8%, threatening to add to Thursday's 1.1% drop.
8:19 a.m. ET
Stock Market Today: Tesla Stock Upgraded To Outperform
Tesla stock added nearly 1% premarket Friday after Baird upgraded the electric-vehicle giant from neutral to outperform, raising the price target to 548 from 320. The analyst firm cited the company's potential in the coming "physical AI" era, like the Optimus humanoid robot and the expansion into new robotaxi markets.
Tesla shares reversed 2.1% lower Thursday, snapping a seven-day winning streak. It remained, however, extended past its buy range beyond a 367.71 entry.
Earnings Movers: FedEx, Lennar
Key earnings movers Friday morning include FedEx and Lennar.
FedEx stock climbed more than 1% after the shipping giant reported quarterly earnings and sales above Wall Street's estimates, due to cost-cutting measures and strength in domestic deliveries.
Further, Lennar shares tumbled more than 2% after the company reported fiscal third-quarter earnings declined nearly 50%. However, the company said it was "optimistic" moving forward on the hope that falling interest rates will revive housing demand.
Lennar third-quarter earnings fell 46% to $2.29 per share while sales dropped 6.6% to $8.81 billion. The company also reported that new orders increased 12% to 23,004 homes and that its backlog stands at 16,953 homes, valued at $6.6 billion.
Stock Market Today: Trump-Xi Phone Call
Presidents Trump and Xi are set to have a much-anticipated phone call at 9 a.m. ET. That follows days of high-level U.S.-China talks in Madrid. Trade, TikTok, Nvidia and more may be discussed. Trump has hinted that a TikTok deal could be in reach.
The phone call will also likely focus on the ongoing trade discussion between two countries, and could be a precursor for them to hold their first in-person meeting since Trump returned to office. That could lead to a broader trade deal.
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