Stocks at midday Friday held most of the morning’s gains. Meanwhile, railroad stock Norfolk Southern (NSC) jumped while Dexcom (DXCM) sank in the stock market today.
↑ X NOW PLAYING These Magnificent Seven Stocks Have Earnings Due As Techs Sell Off
The Nasdaq composite advanced 0.9%, but the index remained below its 50-day moving average.
The Dow Jones Industrial Average continued to be the strongest of the three major indexes and rose 1.6%, or 650 points. The 30-stock index reclaimed the 40,000 psychological level. The S&P 500 added 1% and retook its 50-day line.
The small-cap Russell 2000 trimmed its gain to 1% as it fell to session lows.
Volume was lower on the Nasdaq and the New York Stock Exchange vs. the same time Thursday.
Winners beat losers on the Nasdaq exchange by a 2-1 ratio and by 3-to-1 on the NYSE.
In bonds, the 10-year Treasury yield shed five basis points to 4.2%. And U.S. crude oil prices dipped to $77.27 a barrel.
Stock Market Today: IBD 50 Stock Sinks
IBD 50 stock AppFolio (APPF) plummeted more than 8% despite the property management software company reporting second-quarter earnings that topped expectations. The stock sliced through its 50-day line and retreated below a 256.73 buy point.
Norfolk Southern surged more than 11% in heavy trading after the railway operator beat second-quarter adjusted earnings estimates. The stock is in a skewed cup base with a 263.66 buy point. The new base formed following a cup-with-handle base breakout in mid-March that couldn’t progress.
The stock jumped past its 200-day moving average on the stock market today. Norfolk has a dismal 27 IBD Relative Strength Rating and a 34 Composite Rating.
Installed Building Products (IBP) powered up 4.5% and broke out of a double-bottom base with a 257.45 buy point. The stock is in the 5% buy zone up to 270.32.
10:36 a.m. ET
Economic News: Core PCE Edges Past Estimates
The June month-over-month personal consumption expenditures index rose 0.1% as expected, while the year-over-year met the 2.5% estimate.
The June core PCE price index, which excludes more volatile food and energy prices, increased 0.2%, above the 0.1% consensus estimate. The closely watched annual core PCE index rose 2.6%, which edged past the 2.5% projection.
The June personal income reading rose 0.2% vs. the 0.4% expected and lagged the revised 0.4% increase in May. And the June personal consumption expenditures came in at the expected 0.3% and lower than May’s revised 0.4% increase.
Stock Market Today: Dexcom Tanks After Lower Guidance
Dexcom plunged more than 40% in heavy volume following the company’s better-than-expected second-quarter adjusted earnings but lower revenue than estimates. It also cut its full-year 2024 sales guidance. The diabetes devices maker fell further below its 200-day moving average and sank to its lowest level since April 2020. The drop is the largest decrease on record, according to Dow Jones Market Data. Dexcom is the biggest loser in the S&P 500 on the stock market today.
Deckers Outdoor (DECK) gapped up around 9.8% in huge volume after the footwear maker topped fiscal first-quarter adjusted profit and sales expectations. The maker of HOKA and UGG shoes also raised its fiscal 2025 profit guidance. The stock tested its 50-day line before rising and is back near the 916.65 buy point of a cup-with-handle base.
Bristol-Myers Squibb (BMY) popped around 9% after the pharmaceuticals company handily topped second-quarter earnings and sales projections and raised its full-year profit guidance. The stock climbed above its 200-day line on the stock market today. Shares have been on a steep downtrend since December 2022.
Stock Movers: Dow Stock 3M Breaks Out
Dow Jones stock 3M (MMM) surged around 16% and broke out of a flat base with a 106.04 buy point. A more appropriate entry is 119.53 based on the high of the first five minutes of trading. The industrial and consumer products stock is in a 5% buy zone up to 125.51.
The jump followed the company’s higher-than-expected second-quarter adjusted earnings and sales results. 3M also raised its full-year adjusted profit guidance.
Texas Roadhouse (TXRH) jumped around 4% after it beat profit and sales views. Its comparable-restaurant sales increased 9.3%. The restaurant stock has been trading tightly as it finds support around the 10-week moving average.
Charter Communications (CHTR) soared more than 16% after the cable and broadband provider exceeded second-quarter earnings and revenue forecasts. The stock reclaimed its 200-day line for the first time since the start of the year.
Nvidia (NVDA) rebounded 0.7% after three days of selling but the stock remained below its 50-day line in the stock market today.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
YOU MAY ALSO LIKE:
Nvidia Stock Hovers Near Moving Average; Is It Time To Buy Now? | Stocks To Watch
Financial Markets Stock Climbs Ahead Of Earnings | Stocks To Watch
Looking For Market Insights? Check Out Our Live Daily Segment | Stocks To Watch
S&P 500 Earnings Shrivel Without Magnificent Seven Names Like Nvidia, Meta | Stocks To Watch
Stock Rotation Helps Three Stocks Hit New Highs | Stocks To Watch
