The Nasdaq held on for a daily and weekly gain while the Dow Jones Industrial Average continued to wallow in negative ground at the close Friday. Leaderboard stock Nvidia (NVDA) flirted with a record high while Tesla (TSLA) broke out. And Trump Media & Technology (DJT) soared past a critical benchmark on the stock market today.
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Calm Before The Election/Earnings Storm; ONON, DUOL, ALAB In Focus
Stocks on the tech-heavy Nasdaq provided a highlight for the week Friday when the index touched an all-time intraday high of 18,690, close to a 1.5% gain. The index pared those gains to 0.6% in recent action, but held a small weekly increase. That’s its seventh-straight week in the black.
The S&P 500 surrendered all its gains and ended the session down marginally. The rising cost of money took a bite out of the benchmark index as it posted a 1% weekly loss, snapping a six-week win streak. Deckers (DECK) lifted the apparel and shoes group while earnings from HCA Healthcare (HCA) weighed on the medical hospitals group.
Surging Yields Hit The Dow
The Dow Jones index continued to lag the other major indexes on the stock market today and traded lower by 0.6%. Surging yields hurt the Dow most, and blue chips posted a weekly loss of roughly 2.7%. The Dow also snapped a six-week winning streak.
Cathie Wood’s ARK Autonomous Tech (ARKQ) exchange traded fund and ARK Innovation ETF (ARKK) sold Tesla stock amid its post-earnings rally, according to the company’s disclosure.
The yield on the 10-year Treasury note rose three basis points to 4.23%. Small caps on the Russell 2000 reversed course during the day and fell into negative territory by 0.4%.
Volume on both the New York Stock Exchange and Nasdaq was slightly higher compared with the same time Thursday. Decliners ended up with a 5-to-3 lead on the NYSE and less than 5-to-4 on the Nasdaq.
1:57 p.m. ET
Nvidia Back In Buy Zone; Trump Stock Bounces
In stocks, Nvidia climbed back into a buy zone off a third-stage consolidation.
Trump Media & Technology soared 11% and moved past its key 200-day moving average. IBD MarketSurge‘s weekly chart shows shares are on a winning streak and on track to wrap up their fifth week of gains.
Though shares of the company owned by former President Donald Trump are up more than 150% so far in October, its chart shows the 50-day moving average remains below the 200-day line — a sign of lingering weakness.
12:31 p.m. ET
Stock Market Today: Tesla Surges
Over on the Nasdaq, Tesla (TSLA) was in the news again, one day after soaring more than 20% on strong third-quarter results. Tesla climbed another 3% in early trade and topped its recent high of 264.86 amid a Wall Street Journal report that Chief Executive Elon Musk has had several private conversations with Russian President Vladimir Putin since 2022.
According to the WSJ, Putin asked Musk during one conversation not to activate his Starlink system in Taiwan. Starlink uses satellites to deliver internet services.
Inside the MarketSurge Growth 250, On Holding (ONON) showed bullish price action with a bounce off its 10-week moving average. Shares jumped more than 6%.
On was feeling the love from fellow footwear maker Deckers Outdoor (DECK), known for its popular Ugg and Hoka brands. Deckers reported strong earnings and broke out of a downtrend. Shares jumped more than 10% and moved closer to an all-time high.
In stocks, sleep apnea specialist ResMed (RMD) gapped out of a short consolidation. The company reported that third-quarter earnings and revenue growth accelerated from the second quarter, with gains of 34% and 11%, respectively.
10:48 a.m. ET
Apple Turns Losses Into Gains
One winner on the stock market today was Dow Jones component Apple (AAPL), which turned premarket losses into regular session gains ahead of next week’s earnings report.
The market also is looking toward large-cap technology reports next week from Amazon.com (AMZN), Meta Platforms (META), Microsoft (MSFT) and Google-parent Alphabet (GOOGL).
Apple rose modestly even after KeyBanc downgraded shares to underweight from sector weight. Other early gainers on the stock market today included Salesforce (CRM), Intel (INTC), Amazon and Microsoft with gains of at least 1.7%
Durable Goods Fall, Consumer Confidence Goes Up
In economic news, the U.S. Census Bureau reported that September durable goods orders fell 0.8% in September. That came in a little worse than estimated for a 0.5% drop. The good news was that excluding transportation, orders were up 0.4% vs. the estimate for a decline of 0.1%.
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Also on Friday, the University of Michigan consumer confidence index came in a little better than expected at 70.5. Economists had predicted the figure would come in at 69.0.
The major stock indexes continue to show strength and support even as the 10-year Treasury yield holds near highs after a 60-basis-point jump since mid-September. The Federal Reserve is still on pace for two more quarter-point interest rate cuts before the end of the year. But the bond’s market lately has signaled the Fed may not need to cut rates as aggressively as first thought.
Capri Holdings (CPRI) crashed by nearly 48% after a judge blocked Tapestry‘s (TPR) proposed acquisition of the company. Tapestry shares soared more than 15% on the stock market today.
The $8.5 billion merger was first announced last year. But it stalled after the Federal Trade Commission sued to block the deal. Tapestry is the parent company of Coach. Michael Kors is the parent of Capri.
Stock Market Today: Centene, Capital One Jump
Health insurer Centene (CNC) soared more than 10% after reporting strong results. The company cited strength in its commercial health insurance plans. The news comes after competitors Elevance Health (ELV) and UnitedHealth (UNH) fell hard after warning of higher costs in government-backed insurance plans.
In the credit card space, consumer lender Capital One Financial (COF) jumped above its short-term moving averages and moved closer to an all-time high on the stock market today. Third-quarter profit increased 1% to $4.51 a share.
Revenue growth accelerated from the second quarter, rising 7% to just over $10 billion. Provisions for credit losses totaled $2.48 billion in the quarter, up slightly from $2.28 billion in the year-ago period.
Follow Ken Shreve on X @IBD_KShreve for more stock market analysis and insight.
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