Amid an extra-busy Thursday of economic data, tariff news and a wall of corporate earnings results, major equity indexes finished lower in the stock market today. But Figma captured attention with an astounding intraday gain of 277% from its IPO pricing at $33 a share.
The AI-infused website design firm debuted on the New York Stock Exchange and rose as high as 124.63. More than 38 million shares exchanged hands as the company priced 36.9 million shares at $33 a share. Figma closed its first day of trading at 115.50, up 250%.
The tech-concentrated Nasdaq composite had stood alone in the green during the final hour of trading, but ended fractionally lower at 21,122, down 7 points. The Nasdaq earlier hit high of 21,457. The Nasdaq-100 index ended down by 0.6% after thrusting 1.6% higher, so the pullback disappointed bulls in the stock market today.
The Dow Jones Industrial Average also lost its early mojo, dropping 0.7% to 44,130. Some of its components reflected strength in specific sectors. Shares of tech powerhouse Microsoft surged. Outside the Dow, Meta Platforms jumped on big second-quarter profit and revenue beats, spurring one analyst to remark, "What was that? Wow!" Meta also issued a slightly higher capital spending forecast for the full year.
The S&P 500 rose as high as 6,427, good for an all-time high. However, the large-cap index surrendered gains and edged 0.4% lower to 6,339.
The Russell 2000 slumped 0.9% to 2,211 and closed near its intraday low. Overall trading volume accelerated nearly 11% vs. the same time on Wednesday on the Nasdaq, while NYSE turnover zoomed up more than 23%.
Amazon shares finished higher by 1.7%. However, after trading closed, they lost nearly 3%, with a mixed current-quarter outlook appearing to hurt the stock. Its second-quarter results topped Wall Street's projections.
3:44 p.m. ET
Amazon And Apple Post Results Late Thursday
Figma, the hot new IPO on Thursday, posted a 200% jump in first-quarter earnings to 9 cents a share on a 46% bulge in revenue to $228.2 million.
Meanwhile, Amazon and Apple moved in different directions ahead of their quarterly results due after the market close.
Amazon, the cloud computing and retail titan, has far been the superior stock between the two. Up nearly 2% and marking a session high of 236.53, Amazon is now less than 4% below the 242.52 high within its five-month cup pattern.
Amazon has strode ahead after clearing a handle buy point of 218.40 in big volume on June 27. Since then, the breakout gain has reached 8%, so the megacap Nasdaq-listed company is extended past the 5% buy zone. Wall Street sees earnings growth decelerating in the second quarter, up just 5% to $1.33 a share. Amazon grew profit 216% in the first quarter of 2024, the posted year-over-year per-share earnings gains of 94%, 52%, 86% and 62% in the following four quarters.
Apple was barely higher. Lacking a killer new product, the iPhone, MacBook and digital services behemoth is seen growing profit just 2% to $1.43 a share in the June-ended fiscal third quarter. Wall Street expects sales to rise 4% to $89.3 billion. Huge stock buybacks have helped Apple raise the bottom line in recent years, not strong sales growth.
Snowflake, IBD's Stock Of The Day
2:44 p.m. ET
Stock Market Today: Indexes Go Into Reverse
Major indexes pared morning gains amid news on the stock market today that President Donald Trump has signed a letter to 17 pharmaceutical makers urging them to cut prescription drug prices within the next 60 days.
Despite the move by President Trump, pharma firms actually did not lead a market decline, although some household firms underperformed a 0.2% decline by the S&P 500.
For instance, weight-loss drug giant Eli Lilly, which also makes a host of medicines to treat cardiovascular disease, cancer and other life-threatening conditions, slipped nearly 2% and marked a two-month low of 744.09. Lilly has dropped four sessions in a row; its Relative Strength Rating is a poor 19 on a scale of 1 to 99.
Eli Lilly, still a megacap medical play with a market value of $707 billion, has now fallen 23% below its all-time high of 972.53.
Elsewhere, the Health Care Select Sector exchange traded fund dropped 2.2% and traded virtually at session lows. After the ETF lost support at or around its 50-day moving average back in late March, it has sharply underperformed the general market.
1:35 p.m. ET
Inflation Gauge Gives The Jitters
Small caps struggled to join the rally, and market breadth was not great.
Investors perhaps were reluctant to buy broadly after the Federal Reserve's favored inflation gauge, the personal consumption expenditures deflator, showed price hikes remained stubborn in June.
The core PCE index grew 2.8% year over year, above the Econoday consensus forecast of 2.7%. Month on month, prices excluding volatile food and energy items rose 0.3%, meeting expectations. Personal income increased 0.3%, beating views, but monthly spending growth of 0.3% missed the consensus estimate of 0.4%.
Futures Fall On Trump Tariffs, Amazon; Jobs Report Due
Dow Hovers Near Break-Even Level
The key U.S. Treasury 10-year bond rallied, sending the yield down 4 basis points to 4.33%. That's within the Federal Reserve's target range of 4.25%-4.5% for the fed funds short-term interest rate.
The Dow turned lower early but later fought back to stay near break-even levels in the stock market today. UnitedHealth Group paced decliners with a 5% loss and is the worst performer currently in IBD Long Term Leaders.
Also within the 30-stock Dow blue-chip index, Microsoft, Caterpillar, Amazon, and Travelers led the upside, each rising 3 points or more. The Dow is a price-weighted index, not market-cap weighted like the Nasdaq and S&P 500. Amazon picked up nearly 2% ahead of its second-quarter earnings due after the bell.
The Dow Jones transportation average, a laggard in recent days despite merger fever within the railroad arena, slipped 0.2%, sharing the same decline as the small-cap Russell 2000.
Data at eTrade Financial noted gainers topping decliners on the New York Stock Exchange by fewer than 100 stocks. On the Nasdaq, losers beat winners by more than 300 issues.
12:31 p.m. ET
Tech, Internet And Industrials Top Industries
Within IBD's 197 industry groups, leaders included internet networking, internet content, automation and material handling machinery, retail automobile sales, farm machinery, and retail internet. They all rallied by more than 3%.
The indexes had been higher earlier after the Trump administration said it had "the makings of a deal" with China. In a late-morning update, President Donald Trump said the U.S. and Mexico will extend their current agreement on tariffs for another 90 days.
On an individual-stock level, Carvana and Roblox shot up after turning in strong quarterly results. But shares of Nvidia partner Arm Holdings sank by double digits.
The IBD Big Picture: Nasdaq Holds This Key Level Even As Fed Refuses To Cut Rates
Stock Market Today: Metals Battered
On the downside, copper futures plunged for a second straight day after President Trump warned again that the U.S. might issue 50% tariffs on certain imports of copper products. Copper's near-expiration contract cratered nearly 22% to $4.36 a pound, after it got pounded for a 20.6% loss on Wednesday.
Copper recently hit a year-to-date high of $5.96. In the space of just six trading days, the industrial metal has fallen 27% off that peak. That's a bear-market-level decline.
Silver futures fell 2.7% to $36.71 an ounce, while gold eased less than 0.2% to $3,347.
11:30 a.m. ET
Stock Market Today: Breakaway Gap For Carvana
Carvana surged at the open, creating a positive gap between Thursday's low of 386 and Wednesday's intraday high of 340.80.
Notice on a daily chart how the online used car sales giant rested peacefully on its 50-day moving average for days ahead of earnings announced after the session close on Wednesday. That pullback was normal following the stock's bullish action two months ago, when it cleared a 292.84 entry in a cup without handle.
Normally, a boost off the 50-day line, or 10-week moving average on a weekly chart, produces a secondary buy point. Given that Carvana had gapped up at the open, leaving investors no chance to buy close to the 50-day moving average – currently just above 331 – the breakaway gap rule offers an aggressive entry. In Carvana's case, that would be 406.85, or the high of the stock's first five minutes of intraday trading on Thursday.
Read more about this special buy point in this Investor's Corner article.
Carvana late Wednesday said it sold 143,280 retail units, up 41% year over year. Revenue jumped 42% vs. a year ago to $4.84 billion. The company noted both figures hit all-time quarterly records. Phoenix-based Carvana also posted net income of $308 million, which produced a net margin of 6.4%. Adjusted EBITDA, or earnings before interest, tax, depreciation and amortization, soared 69% to $601 million, translating to an adjusted EBITDA margin of 12.4%, up 200 basis points.
10:32 a.m. ET
Meta Cruises, Produces New Buy Point
Meta blasted up more than 11% and reached a morning high of 784.75. That's well above a narrow four-week consolidation that is not long enough to qualify as an IBD-style base. However, a weekly chart shows the stock trampolining off the 10-week moving average after a recent successful breakout past a cup-with-handle that gave a 662.67 entry.
Ideally, investors should apply the 5% buy zone when buying a leading stock when it rebounds off the 10-week line. For Meta, it's currently 10% above the 10-week moving average at 707.75. So, the breakaway gap rule could also be used, in which the high of the first five minutes of intraday trading could be used as an alternate entry. Thus, Meta has produced an alternate buy point near 781.70.
The social media titan, which owns both the Facebook and Instagram platforms, revised its 2025 capital spending plans by $1 billion at the midpoint. That change signaled bullish views for future growth of the digital advertising business. The entire ads industry is estimated to total $1 trillion.
9:42 a.m. ET
Bonds, Oil, ETFs
The 10-year Treasury yield ticked lower to 4.35%. Oil prices fell modestly with West Texas Intermediate futures selling around $69.30 a barrel.
Among exchange traded funds, the Invesco QQQ Trust jumped 0.8%. Also, the SPDR S&P 500 ETF climbed 0.6% after Thursday's market open.
9:17 a.m. ET
Hot IPO Figma Set To Debut
Software maker Figma, a one-time acquisition target of Adobe Systems, is expected to launch a widely anticipated initial public offering Thursday. The Figma IPO was priced at 33, above the expected range of 30 and 32, valuing Figma at $19.3 billion.
The company will trade under the ticker FIG.
8:47 a.m. ET
Stock Market Today: Jobless Claims, Inflation Data
Early Thursday, the Labor Department said that weekly initial jobless claims rose less than expected, to 218,000 vs. 217,000 in the previous week. They were expected to climb to 225,000, according to Econoday.
Also, the Commerce Department said the core personal consumption expenditures price index climbed 0.3% for the month of June, in line with estimates. The Fed's favored inflation gauge showed an annual increase of 2.8%, slightly hotter than the 2.7% estimate.
8:08 a.m. ET
China Trade Deal News
In an interview with CNBC, Treasury Secretary Scott Bessent indicated that the U.S. and China appear to be on their way to securing a trade deal.
"I believe that we have the makings of a deal," Bessent reportedly said. "There's still a few technical details to be worked out on the Chinese side between us. I'm confident that it will be done, but it's not 100% done."
Meta Platforms, Microsoft Earnings
Meta stock soared more than 11% Thursday premarket after the social media name reported second-quarter results that easily beat expectations, with revenue growth accelerating.
The Facebook parent also gave a strong sales forecast and slightly upped its outlook for total spending, as it ramps up its generative artificial intelligence initiatives.
Software giant Microsoft surged more than 8% after crushing Wall Street's targets for its fiscal fourth quarter thanks to its cloud computing and artificial intelligence businesses.
Earnings Movers: Arm, Carvana, Robinhood, Roblox
Other key earnings movers include Anheuser-Busch, Arm Holdings, Carvana, Confluent, Mastercard, Robinhood and Roblox.
Anheuser-Busch plunged nearly 11%, as Arm stock tumbled 7%. Carvana shares raced nearly 17% higher. Confluent plummeted more than 30%, as Mastercard edged lower. Robinhood stock slipped 1.6%, as Roblox shares surged nearly 8%.
Stock Market Today: Inflation Data, Jobless Claims
The Federal Reserve's favored inflation indicator, the core personal consumption expenditures price index, is due at 8:30 a.m. ET. Included in the Commerce Department's personal income and outlays report, the core PCE price index is expected to rise 0.3% in June, with a year-over-year increase of 2.7%.
Meanwhile, the Labor Department's weekly initial jobless claims are expected to rise to 225,000 vs. 217,000 in the previous week, per Econoday. The data is expected at 8:30 a.m. ET.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
