On Friday afternoon, the major stock indices turned away from midday lows, with the S&P 500 still holding near key levels. symbolic (SYM) hits new highs with its focus on artificial intelligence (AI).
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The Nasdaq rose 0.4% after gaining about 1% earlier in the day. The Dow Jones Industrial Average rose 0.2%. The S&P 500 narrowed its gains to 0.3%, holding near the 4,300 level.
The Russell 2000 Index once again trailed the major stock indices, down 0.9%.
The Invesco QQQ Trust ETF (QQQ), which tracks the Nasdaq 100, rose 0.5% as some major tech stocks showed strength. But that strength didn’t carry over to the rest of the Composite Index, with the First Trust Nasdaq 100 Equal Weighted ETF (QQEW) down 0.1%.
Innovator IBD 50 ETF (FFTY) returned 0.2%.
Volumes on the NYSE and Nasdaq were higher than at the same time on Thursday.
Crude oil fell 1.5% to $70.21 a barrel. Gold futures fell 0.1% and remained below the psychological $2,000 per ounce level.
Bitcoin fell 0.5% to $26,525. coin base (COIN) fell 3.1%.
Yields on 10-year U.S. Treasuries rose three basis points to 3.75%. According to the CME FedWatch tool, the odds of no rate hike at the Federal Reserve this month are over 70%, with the rest expecting a one-quarter percentage point hike.
Companies that move stock markets: AI companies hit all-time highs
The IBD 50 constituent Symbolic rose another 3.2% to a new all-time high. Recently, several analysts raised their price targets on AI-focused robotics stocks. The stock has risen more than 250% this year. The company focuses on AI-enabled technology for supply chain operations such as warehouses.
Etsy (ETSY) rose 4.5% after JPMorgan Chase reiterated its outperform rating on online market stocks with a target price of ¥130.
Well, Fargo wasn’t all that impressed. It started coverage with an underweight rating and a 70% price target.
IBD50 stock Samsara (IOT) had a strong volume, up 4.5%. The stock had already reached the 20% profit zone from the buy point of 22.59.
The enterprise cloud connectivity and Internet of Things (IoT) application provider earned the Power from Pivot flag on the MarketSmith charts. This flag represents that the stock has risen at least 20% from the buy point within his 15 days, which is often the hallmark of big winners.
general motors (GM) has slowed its previous gains and is now up 1.2%. The stock started off significantly higher following the news that it would use the same type of charging hardware as the . Tesla (TSLA) vehicles, and owners of GM vehicles will be able to use Tesla’s Supercharger starting next year.
Tesla surged 4.3% on the news, marking its 11th straight day of gains. The stock is up more than 97% so far this year. The TSLA stock also holds the Power from Pivot flag.
On the other hand, EV charging companies chargepoint holdings (CHPT) plummeted nearly 13% in heavy trading, blink charge (BLNK) and plug power (PLUG) was also sold on GM News.
Adobe Embarks on AI Boom
Adobe broke the buy point of 451.15, leading by 4.3% in high volume. The relative line of force hit a 52-week high.
The digital media software company unveiled new artificial intelligence (AI) software on Thursday. The beta version he released in March and will be available to customers in the second half of this year.
Wells Fargo raised its stock price from equal weight to overweight and raised its price target to 525 from 420. Several other analysts also raised their price targets.
Braz (BRZE) widened more than 15% in high-volume trading after reporting lower-than-expected losses and higher sales in the April-ending quarter.
Management raised its revenue and EPS guidance for the quarter ending July and for the full year 2024, which beat analyst expectations. BRZE also has a “Power from Pivot” flag on the MarketSmith chart.
Several analysts have upgraded customer interaction platform providers based on positive reports.
Netflix benefits from crackdown on password sharing
Netflix (NFLX) rose 2.8% after a Wall Street Journal report said the streaming giant added more new subscribers in four days in late May than any other. Did.
The increase came after the company began enforcing new policies to prevent password sharing. An additional $7.99 monthly fee will be charged for each additional member added to your account. This new plan was created to combat her over 100 million users borrowing other members’ passwords.
The stock reached its 20% profit target from the cup-with-handle buy point of 349.80.
docusign (DOCU) is now down 3.1% after a better-than-expected quarter ended in April. Management also expects EPS and earnings for the July quarter and for the full year to beat analyst expectations.
Follow Kimberly Koenig for more stock market news on Twitter @IBD_KKoenig.
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