Stocks were mostly higher Friday afternoon, as the S&P 500 and Nasdaq climbed to new levels while the Dow Jones Industrial Average lagged. Showing strength was Netflix (NFLX), which jumped to a high on the stock market today.
↑
X
Banking Giants Kick Off Earnings Season Next Week
The Dow improved and was nearly flat Friday afternoon after earlier losses. But the S&P 500 gained 0.4% and the Nasdaq advanced 0.8%, as both reached new intraday highs. Meanwhile, the small-cap Russell 2000 lagged with a 0.6% drop.
Elsewhere, the Innovator IBD 50 (FFTY) exchange traded fund bumped up 0.4%. It is holding support at its 21-day exponential moving average and is above its 50-day moving average.
In bonds, the 10-year Treasury yield shed six basis points to 4.28%. And U.S. crude oil prices dipped near $83.50 a barrel.
Volume was higher on the Nasdaq and the New York Stock Exchange compared with the same time Wednesday.
In economic news, the June jobs report came in a little stronger than expected. The Labor Department said nonfarm payrolls increased 206,000 during the month, a little above the Econoday forecast for 189,000. Labor officials revised job growth in April and May lower by a combined 111,000. June’s unemployment rate unexpectedly ticked higher to 4.1%.
Stock Market Today: Netflix Stock Hits New Highs
IBD SwingTrader stock Netflix added more than 1% and climbed further above the buy zone of a cup base with a 639 buy point. The streaming entertainment titan reached a 52-week high and has more than doubled since its 52-week low set in October. Netflix stock is closing in on its all-time high of 700.99 from November 2021.
Another SwingTrader position, Apple (AAPL), also powered up nearly 2% and reached a record high. The Magnificent Seven player also is extended from a cup base buy zone from a 199.62 entry.
IBD 50 stock Camtek (CAMT) notched a 2.6% gain as it also reached an all-time high. The stock has risen for seven out of the last eight trading sessions. The company designs, develops, and manufactures inspection and metrology equipment for the semiconductor industry.
Updated 12:14 p.m. ET
Meta Platforms (META) was a top gainer in the Nasdaq 100, along with Arm Holdings (ARM) and Advanced Micro Devices (AMD).
Meta reclaimed a 514.01 entry with conviction after initially moving past the buy point last week in light volume. After moving above a 164 entry Wednesday, Arm crossed an alternate entry of 177.31, soaring more than 6%. AMD jumped 5%, but the stock is still more than 20% off its high after a recent sell-off.
Elsewhere, Palantir Technologies (PLTR) was another solid gainer, up nearly 4%. The stock moved above a 26.57 entry.
Updated 10:33 a.m. ET
Stock Market Today: Tesla, Nvidia Sink
Among other individual stocks, Tesla (TSLA) briefly topped the 250 level before reversing lower. Nvidia (NVDA) was down nearly 1% after jumping 4.6% Wednesday.
After soaring 8% in the final trading week of June, Tesla shares soared another 24.5% last week, helped in part by better than expected second-quarter delivery data.
Nvidia, which had been holding support at its 21-day exponential moving average, had jumped more than 4% Wednesday on a half day of trading. After several months of outperformance, Nvidia is less than 10% off its all-time high.
Cryptocurrency, Growth Stocks On The Move
In cryptocurrency, bitcoin sold off hard again, down another 5% and approaching the $55,000 level after breaking below the $60,000 level last week. The iShares Bitcoin Trust ETF (IBIT) tumbled 8%, while crypto exchange operator Coinbase (COIN) gave back roughly 5% on the stock market today. Watch for support near the 200 level.
Inside the MarketSurge Growth 250, AppLovin (APP) broke out of a flat base in solid trading. Shares jumped around 4% in strong volume, topping an 88.50 buy point.
Agnico Eagle Mines (AEM) extended gains in the stock market today after joining the Leaderboard model portfolio Wednesday. Shares rallied another 2.1% Friday as it forms the right side of a cup base.
Follow Ken Shreve on X @IBD_KShreve for more stock market analysis and insight and Kimberley Koenig for stock market news on X/Twitter @IBD_KKoenig.
YOU MAY ALSO LIKE:
Nvidia Stock Comes Back To Life After Short Lull; Is The Stock A Buy Now? | Stocks To Watch
AI Software Stock Nears Buy Point; Profits Expected To Jump 281% | Stocks To Watch
Looking For Market Insights? Check Out Our Live Daily Segment | Stocks To Watch
Investment Firm’s Stock Still Ripe For The Picking, At Least Funds Think So | Stocks To Watch
AI Defense Stock In Buy Zone, Serves U.S. Military Branches | Stocks To Watch
