Profit taking was the early priority in the stock market today, as sellers came into Magnificent Seven stocks after the Nasdaq topped 20,000 for the first time in history the prior day. Adobe (ADBE) got hammered on quarterly results. But other techs and telecom gear firms excelled.
While Adobe slumped more than 10%, highly rated database software firm Confluent (CFLT) rose modestly, and telecom network gear giant Ciena (CIEN) soared after its earnings report.
Artificial intelligence-based consumer lending platform Upstart (UPST) also defied the early decline, rising more than 4%. Upstart, a midcap stock with a $7.5 billion market value, has been building a new base since peaking at a 52-week high of 86.07 on Nov. 11.
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Upstart holds a 98 Relative Strength Rating on a scale of 1 to 99.
Stock Market Today
Indexes cooled on news of hotter than expected prices at the wholesale level.
The November producer prices index jumped 0.4% vs. the prior month, above the Econoday estimate of a 0.3% increase, while PPI rose 3% year over year vs. a 2.6% expected increase.
The Nasdaq composite fell nearly 0.4%, a little more than a 0.2% ease by the S&P 500. The Dow Jones Industrial Average edged slightly higher, up 0.1%. At the day’s high of 44,208, the Dow held a solid 17.3% gain year to date. The IBD suggested exposure level remains at 80%-100% for active trading portfolios.
Volume was running 10% to 11% lower vs. the same time Wednesday on both main stock exchanges.
Other solid movers to the upside in the stock market today included Spotify (SPOT), Leaderboard stock Axon Enterprise (AXON), Coinbase (COIN) and insurer Kinsale Capital (KNSL). Social media giant Meta Platforms (META) and cloud computing and business software behemoth Microsoft (MSFT) advanced less than 1%.
Microsoft recently pushed past an early buy point in December.
In Other Financial Markets
Long-dated U.S. Treasuries ran into some light selling. The yield on the 10-year government bond edged up three basis points to 4.3%, according to Cboe data. Crude oil futures for December delivery fell 1% to $69.59 a barrel on the NYMEX.
Gold futures sank 1.6% to $2,713 an ounce but remain up 30.9% year to date.
Please follow Chung on X/Twitter: @saitochung and @IBD_DChung
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