Stocks took a break Friday morning as the major indexes were flat to down in the wake of a big recovery rally. Elf Beauty (ELF) tumbled while Sweetgreen (SG) spiked after earnings reports. And Nvidia (NVDA) gave back early morning gains on the stock market today.
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After surging 2.8% on Thursday, the Nasdaq composite lost a fraction Friday morning. The tech-heavy index remains solidly below its 50-day moving average.
The S&P 500 flirted with break-even territory after its 2.3% pop on Thursday. Like the Nasdaq, the benchmark index sits under its 50-day line.
And the Dow Jones Industrial Average inched lower after Thursday’s 1.7% jump. The blue-chip index met resistance at its 50-day moving average after bumping up to it for a third day Thursday.
Meanwhile, the small-cap Russell 2000 was weak and trimmed 0.2%.
Volume was lower on both the Nasdaq and New York Stock Exchange vs. the same time on Thursday.
In the bond market, the 10-year Treasury yield shed six basis points to 3.93% Friday. U.S. crude oil prices fell to $76.07 a barrel.
Stock Market Today: Elf Beauty Looks Ugly
Elf Beauty tumbled more than 15% in heavy volume after the skin care and cosmetics company topped fiscal first-quarter earnings and sales estimates, but gave a fiscal 2025 earnings outlook that was below forecasts. The stock fell further below its 50-day line and undercut its 200-day moving average.
Sweetgreen (SG) catapulted more than 25% higher in huge volume after the restaurant chain beat second-quarter sales estimates but reported a loss that was slightly larger than expected. Management, however, raised its 2024 revenue outlook and same-store sales growth projections.
Meanwhile, Nvidia stock jumped back and forth between positive and negative ground, after scoring a gain of more than 6% in Thursday’s rally. Nvidia stock sank 0.3% on the stock market today.
Stock Movers: Taiwan Semi, Trade Desk, Doximity
Nvidia chipmaker Taiwan Semiconductor (TSM) also experienced some choppy morning trading. The company reported July sales grew 45% from July 2023. Shares dipped 0.4% and are finding resistance at the 50-day line.
Trade Desk (TTD) jumped more than 8% following the company’s better-than-expected profit and revenue for the second quarter. The stock pushed past its 50-day line and into a buy zone. It is working on its fifth straight daily rally.
Doximity (DOCS) rocketed nearly 34% higher and surged through the buy zone out of a cup-with-handle base with a 30.50 entry. The company beat fiscal first-quarter adjusted earnings and sales.
A more appropriate entry would be 34.45, the high of the first five-minute price bar, with a buy range stretching to 36.17. Shares reached a 52-week high on the stock market today.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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