The stock market showed mixed action on Friday as major indexes took a breather. The Dow Jones stocks rose slightly in the last hour of trading, while the S&P 500 was marginally up after briefly dipping into negative territory. In the S&P sectors, energy, consumer discretionary, and technology lagged, while financials, consumer staples, and utilities gained.
The Nasdaq initially rose due to software stocks leading up to earnings next week. However, declines in MercadoLibre and Warner Bros. Discovery erased those gains, causing the Nasdaq to dip 0.3% by the end of the trading session. MercadoLibre and Warner Bros. both saw significant drops after reporting earnings below estimates.
Small cap stocks on the Russell 2000 and the Innovator IBD 50 exchange-traded fund also made modest gains. The yield on the 10-year Treasury note fell slightly.
Among individual stocks, Salesforce dipped ahead of earnings, while Cisco rose as investors awaited Splunk’s earnings next week. Carvana surged after announcing strong retail sales and earnings for the current quarter. Block soared after providing a positive outlook for the year and Cathie Wood’s Ark funds held shares of the company.
Travel stock Booking.com plunged after weak sales and earnings. Reddit filed for an IPO, striking a deal with Alphabet before going public. Recent new issues like Birkenstock rose, and Zscaler, Workday, Snowflake, and Nutanix are set to report earnings next week.
Zscaler stock rebounded after a major plunge, while Workday and Snowflake formed patterns with potential buy points. Nutanix is also near a potential buy point. Please follow VRamakrishnan on Twitter for more stock market news.
