The Nasdaq and S&P 500 continued their upward trends for the seventh consecutive day on Friday. A retail stock experienced a surge in its share price after news broke that Warren Buffett had bought shares in the company. Meanwhile, Nvidia saw its stock price increase for the fifth straight day.
The Nasdaq composite and the S&P 500 both posted gains of 0.2%, with the Nasdaq maintaining close proximity to its 50-day moving average for support. The Dow Jones Industrial Average also climbed 0.2%, holding above the 40,000 level and sitting about 2.6% higher than its 50-day line.
In the world of small caps, the Russell 2000 experienced a reversal and moved 0.3% higher. Trading volume was lower on both the Nasdaq and the New York Stock Exchange compared to the previous day.
The bond market saw the 10-year Treasury yield decrease by four basis points to 3.88% on Friday. U.S. crude oil prices dropped to $76.60 a barrel.
Rising stocks on the Nasdaq outnumbered falling issues by a ratio of approximately 5-to-3, while on the New York Stock Exchange, gainers outnumbered losers by 2 to 1.
Ulta Beauty surged nearly 3% in heavy trading and reclaimed its 50-day line after news of Warren Buffett’s investment. Berkshire Hathaway also rose 0.8%, with shares currently in a buy zone.
Fortinet stock saw a 1.6% increase, reaching the buy point of a cup base, following strong earnings results. Other notable movements included companies like Dick’s Sporting Goods, Chipotle Mexican Grill, and Starbucks.
Palantir Technologies saw a 3% jump and passed 32 as it continued to outperform and reach new highs. Overall, a mix of retail, technology, and cybersecurity stocks experienced fluctuations and movements in the stock market on Friday.
