Stock market today: Dow Jones, S&P give up gains

Stock market today: Dow Jones, S&P give up gains

Major stock indexes briefly entered positive territory, but ultimately failed to cope with higher-than-expected inflation data and weakened in the final 15 minutes of trading on Friday. The Dow Jones Industrial Average, S&P 500 and Nasdaq ended a five-week winning streak at the closing bell today.




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The Dow was down about 0.4%, while the benchmark S&P 500 was down about 0.5%. However, the S&P managed to stay just above the 5,000 level.

Meanwhile, the Nasdaq worsened and fell 0.8%, while the small-cap Russell 2000 was the worst performer, down about 1.4%.

The stock market will be closed on February 19 for Presidents’ Day.

The 10-year Treasury yield added 4 basis points to just under 4.3%. According to preliminary estimates, prices on the New York Stock Exchange and Nasdaq were lower compared to the same time on Thursday.

The Invesco QQQ Trust ( QQQ ) exchange traded fund ended the day down 0.9%, while the Innovator IBD 50 ETF ( FFTY ) lost 1.5%. The SPDR S&P 500 ETF ( SPY ) fell 0.5%.

The Labor Department’s January producer price index rose 0.3%, compared with an expected gain of 0.1%, and the indices fell with a 0.9% year-on-year increase, versus estimates of 0.7%. Excluding food and energy, the core index rose 0.5%. The annual figure rose 2% compared to the 1.7% forecast, compared with a slight increase of 0.1% forecast.

Stock Market Today: Dropbox Falls, Supermicro Shares Fall

Dropbox ( DBX ) fell a massive 22.9% after the company reported slowing fourth-quarter profit and sales growth and a disappointing revenue forecast for 2024. The cloud storage and collaboration stock fell well below its 50-day and 200-day moving averages, with sell signals flashing.

Coinbase Global (COIN) rose 8.8% on heavy volume and broke out of the cup base with a 187.39 buy point before retreating below that entry. 5% buy zone reaches 196.76.

The jump came after the cryptocurrency exchange platform operator reported better-than-estimated fourth-quarter profit and a hit to sales views. That follows a string of quarters in the red, but stocks have rallied as bitcoin has breached $52,000.

Super Micro Computer (SMCI) turned lower after hitting an all-time high above 1,000 in heavy trade today. After showing signs of what appeared to be a climax, Supermicro shares briefly began the session lower, ending the session down 20%. Some investors looked to put options as a hedge to offset losses.

Trading desk ( TTD ) soared nearly 17.5% on heavy volume after the company’s fourth-quarter adjusted earnings and revenue topped forecasts. Shares of the online advertising platform touched a buy point of 91.85 from a long, irregular base before pulling back.

DoorDash ( DASH ) fell 8.1% on heavy volume after the company reported a bigger-than-Wall Street-expected fourth-quarter loss. Shares have retreated from a 52-week high reached on Thursday.

Other Stock Activity: Stock of Applied Materials Reaches High Limit

year Shares ( ROKU ) fell 23.8% after the company reported higher sales and a fourth-quarter loss of 55 cents, as expected. But the company said revenue per capita fell amid what it called a “difficult” market.

The streaming video platform’s stock fell below its 50-day and 200-day moving averages on a sell signal. Roku shares also posted their biggest one-day percentage decline ever. The previous record was a 23.07% decline on July 29, 2022.

Applied materials ( AMAT ) soared nearly 6.4% after the company beat adjusted profit and sales views in its fiscal first quarter. The stock is extended from the 20% profit zone of the double bottom base with a buy point of 148.40. Stocks hit record highs on Friday.

IBD 50 shares DraftKings (DKNG) rebounded from morning losses and closed about 0.3% higher. The online sports betting giant reported better-than-expected fourth-quarter earnings, with revenue slightly missing estimates.

Dow stock Nike (NKE) weighed on the index, falling 2.4% on news that more than 1,600 jobs will be cut as part of a cost-cutting strategy. The footwear and athletic apparel stock also felt the pressure after Oppenheimer downgraded the stock and cut its price target to 110 from 150. Nike stock traded below its 50-day and 200-day lines on the stock market today.

Follow Kimberley Koenig on X/Twitter for more stock news @IBD_KKoenig.

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