Major stock indexes ended the week with solid gains, although there was mixed performance on Friday. Nvidia saw an increase in its stock price due to positive views from Wall Street, while Tesla weakened because of lower factory output in China. Lawmakers were working to prevent a government shutdown, and earnings from companies like Nike and Lululemon impacted retail stocks.
The Dow Jones Industrial Average fell 0.8% on Friday after reaching a record high on Thursday. The S&P 500 also hit a record high on Thursday but fell 0.1% on Friday. The Nasdaq gained 0.2%, while small caps on the Russell 2000 fell 1.3%.
Speaker Mike Johnson’s efforts to avert a government shutdown appeared successful as the House passed a bill, although it faced opposition from some Republican lawmakers. Declines outnumbered advances on both the NYSE and Nasdaq, with the Innovator IBD 50 ETF falling 0.7%.
Nvidia saw its stock rise over 2% after a positive outlook following an artificial intelligence conference. Meanwhile, Tesla’s stock fell further as the company announced production cuts in China, raising concerns about demand for electric vehicles.
Earnings movers included Lululemon, which fell below the 200-day line, as well as FedEx, which broke out after a strong earnings report. Worthington Steel and ServiceNow also saw movement after their recent earnings reports.
In the IBD 50, Duolingo is setting up in a cup-with-handle pattern, while Arista Networks was in buy range from a flat base. For more stock market news, follow VRamakrishnan on Twitter.
