On the stock market today, the Dow Jones Industrial Average showed strong performance alongside small-cap stocks. Investors were analyzing new inflation data and the continued strength in Chinese stocks.
The Dow saw a 0.5% increase, with notable gains from Visa and Intel. This blue-chip index has been on an impressive rally since September 11th, making it a leading index along with the S&P 500 which saw another all-time closing high on Thursday.
While the S&P 500 and Nasdaq composite edged slightly higher, casino operators with ties to China saw significant gains. Companies like Wynn Resorts, Las Vegas Sands, and MGM Resorts all saw their stock prices rise by at least 4%.
Not all sectors saw gains, with Nvidia weighing down the Nasdaq with a drop of 1.5%. However, the company is still holding above its 50-day moving average after posting three consecutive gains.
Bristol Myers Squibb was another notable gainer on the S&P 500, rising more than 1%. The drugmaker saw a breakout over the 51 level after the FDA approved its Cobenfy as a schizophrenia treatment for adults.
Overall market breadth was positive on both the Nasdaq and the NYSE, with small-cap stocks outperforming, as evidenced by the Russell 2000’s 0.7% increase.
Chinese stocks continued to perform well, with the Crane CSI China Internet exchange-traded fund rising another 4% on Friday and up over 25% for the week. The fund is significantly above its 50-day moving average.
In other news, personal income figures came in weaker than expected, rising 0.2% in August. However, inflation data within the report remained in line with expectations, with the core personal consumption index increasing by 2.7% year over year.
Despite some mixed performance in the market, stocks like Ensign Group and Oscar Health managed to outperform. Ensign Group’s move to the S&P MidCap 400 resulted in a price decline, while Oscar Health saw gains after five straight declines.
Overall, the market continues to show resilience and investors are closely monitoring various sectors for signs of strength and weakness.
