The stock market was relatively quiet on Friday afternoon following the Dow Jones Industrial Average hitting the historic milestone of 40,000 the day before. The Nasdaq composite showed minimal movement after a session of mild distribution on Thursday.
Despite a recent uptrend confirmation on the Nasdaq, there were concerns about the high volume in low-priced speculative stocks like Faraday Future Intelligent Electric and Reddit’s partnership with OpenAI. These factors may have influenced the market’s activity.
GameStop and AMC Entertainment experienced significant declines after announcing share offerings, while Advanced Micro Devices saw fluctuations in its stock price following positive news about its AI chips being used by Microsoft.
As the trading day progressed, major indexes like the Dow Jones, S&P 500, and Nasdaq remained mixed and mostly unchanged. It was noted that options were expiring, which could impact trading volume by the end of the day.
In the energy sector, oil prices rose slightly, and the 10-year Treasury yield increased. Earnings reports from companies like Applied Materials and upcoming reports from Nvidia were closely watched by investors.
Growth stocks like PDD, Robinhood Markets, and CrowdStrike showed positive movements, while gold stocks like Newmont Mining also rallied. The IBD 50 index highlighted gainers such as Pan American Silver and GigaCloud Technology.
Overall, market activity was steady with a mix of winners and losers across different sectors. Analysts and investors were keeping an eye on key developments and earnings reports to gauge market trends and potential opportunities.
