Stocks again closed at new highs on Thursday, as the Dow Jones Industrial Average held on to most of the day's gains, while the Nasdaq and S&P 500 fell, closing near session lows.Dow shares showed superiority despite decline apple (AAPL). What contributed to the rise in the blue-chip stock index was goldman sachs (GS) is one of several banks to outperform in the stock market today.
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The Dow Jones Industrial Average rose 269 points, or nearly 0.7%, but the tech-heavy Nasdaq limited its gain to 0.2%. The S&P 500 index closed 0.3% higher, above the 5,200 level, while the small-cap Russell 2000 index rose 1.1%.
Volume on the New York Stock Exchange and Nasdaq increased during the same period on Wednesday, according to preliminary figures.
Markets began rallying late Wednesday after Federal Reserve Chairman Jerome Powell signaled a three-quarter point interest rate cut in 2024, a move that snowballed into Thursday's trading hours. Chairman Powell did not provide details on when the rate cut would begin, but according to a CME FedWatch survey, there is now a 66.9% chance of a quarter-point rate cut at the June 12th meeting. .
Apple stock is the worst in the Dow
Dow Jones component Apple fell 4.1% on Thursday after news that the Justice Department and 16 states had filed charges against the tech giant. The antitrust lawsuit alleges that Apple restricts competition in its cellphones and other products and prevents software developers from offering consumers other options.
The stock fell further below its 50-day line and below the stock market's 21-day exponential moving average today. IBD relative strength rating is low at 31. Apple stock was the worst performer among blue-chip stocks in Thursday trading.
China-based electric vehicle manufacturer Li Auto has lowered its first quarter delivery forecast to a range of 76,000 to 78,000 vehicles from its previous forecast of 100,000 to 103,000 vehicles. It plunged more than 7%. The company cited lower-than-expected demand. EV stock fell further below its 50-day moving average in heavy trading. The stock is down 18% so far this year.
floor and decoration (FND) rose nearly 8.5% due to strong trading volume. The stock price has increased from a flat base buy zone that reached 122.54. The stock hit a 52-week high on Thursday.
Mizuho initiated coverage on the stock on Tuesday with a Neutral rating and price target of 115. BofA Securities also recently raised its price target to 140 from 125 and maintained a buy rating on the flooring retailer.
Bank stocks hit new highs
Financial stocks, on the other hand, appeared to rise on the Fed's announcement, rising on expectations that lower interest rates are near. Goldman Sachs rose 4.4% after JPMorgan maintained its overweight rating and raised its price target to 424 from 421.
The stock has been extended from a long-term undefined base buy zone with a buy point of 389.58. According to Dow Jones, Goldman stock is on pace for its highest since its Nov. 3, 2021 closing price of 417.90.
Reflecting the progress of Goldman Sachs, american bank (BAC) increased by 2.1%; JP Morgan Chase (JPM) rose 1.4%. All three stocks hit 52-week highs on the stock market today.
The Financial Select SPDR (XLF) exchange-traded fund also rose 0.8%.
Stock market today: indexes strong since pandemic
Major stock indexes have made significant progress. This Saturday, March 23, marks four years since the pandemic-induced market low, and the Dow Jones Industrial Average has risen 113% since its low on that day. The S&P 500 rose 134% during the same period, and the Nasdaq rose 139%, according to Dow Jones Market Data.
In Thursday trading, the Invesco QQQ Trust (QQQ) ETF rose 0.5% and the Innovators IBD50 (FFTY) ETF rose 1.6%. The yield on the 10-year US Treasury note was almost unchanged at 4.27%. West Texas Intermediate crude oil also fell to $80.90 per barrel.
In economic news, the weekly number of new jobless claims rose to 210,000, compared to the expected 209,000 for the week ending March 16, and was lower than the previous week's revised figure of 212,000.
Apple slows market rally, but 11 stocks flash buy signals; FedEx soars late
Bitcoin stocks have mixed results
Olive Garden Parent Darden Restaurants (DRI) sold 6.5% after the company reported fiscal third-quarter inline earnings but said sales were lower than expected. Additionally, quarterly same-store sales unexpectedly declined. Darden also signaled downward revisions to 2024 sales and same-store sales growth. The stock price fell below the 50-day line.
Bitcoin prices fell to just above $64,800, and Bitcoin stocks were mixed. micro strategy Massive Bitcoin Holders (MSTR) soared 3.4% on the stock market today. coinbase (COIN) 2% additional marathon digital (MARA) reversed and fell 2.9%. riot platform (RIOT) also returned gains, falling 3.4%.
Another Dow Jones stock, microsoft (MSFT) rose 1% to end the day at another all-time high as the “New Era of Work” event was held on Thursday. Officials from Microsoft, a member of the Magnificent Seven, were scheduled to discuss innovations in artificial intelligence, as well as new features in Windows and Surface computers.
Additionally, the leaderboard stock price Nvidia (NVDA) is up 1.2% on the stock market today. Nvidia started each of the past three sessions in the red, but each time they rebounded and moved up the standings by the end of the day. On Thursday, he moved forward and maintained his position.
Stock market today: Micron beats expectations
micron (MU) soared 14.1% on volume late Wednesday after announcing a surprise fiscal second-quarter profit and better-than-expected sales. The memory chip maker also provided adjusted profit and revenue guidance for the current quarter, which beat expectations.
The stock has a gap, extending from a flat base with a buy point of 72.31. Additionally, Micron stock reached a 52-week high with this move. The S&P 500 Index hit a new high, marking the biggest gain ever.
broadcom (AVGO) rose 5.6%. Securities firm TD Cowen raised the stock price to outperform the market performance and raised the target price from 1,400 yen to $1,500.
Five Below (FIVE) fell 15.4% on heavy sales after the discount retailer reported earnings for the quarter that ended in January that missed expectations for profit and sales. Earnings and revenue estimates for the current quarter also fell short of analysts' expectations.
Additionally, the company noted that in-store theft is weighing on its bottom line. Five Below's stock price fell below its 50-day moving average, triggering a sell signal.
For more stock market news on X/Twitter, follow Kimberly Koenig @IBD_KKoenig.
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