The Nasdaq composite and the S&P 500 were nearly flat midday Friday, taking a break after a six-day rally. Meanwhile, Palantir Technologies (PLTR) reached a fresh high while Nvidia (NVDA) paused from this week’s rally.
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The Nasdaq composite was unchanged as the tech-heavy index hovered around its 50-day moving average. The S&P 500 was also nearly flat. The benchmark index remained above its 50-day line in the stock market today.
The Dow Jones Industrial Average was up 0.1%. The 30-stock index held above the 40,000 level and is about 2.3% above its 50-day line.
In small caps, the Russell 2000 inched 0.1% lower on the stock market today. Volume was about even on the Nasdaq and lower on the New York Stock Exchange vs. the same time Thursday.
In the bond market, the 10-year Treasury yield shed three basis points to 3.9% Friday. U.S. crude oil dropped 1.6% to $76.51 a barrel.
Stock Market Today: Palantir Pops
Sphere Entertainment (SPHR) trimmed morning gains to around 6% in heavy trading. The stock is in buy range from a 46.70 alternative buy point. Shares also show another buy point at 51.83 seen on the MarketSurge weekly chart.
JPMorgan upgraded the stock to overweight from neutral and raised its price target to 57 from 37 Friday. The stock continues to rise following the entertainment company’s higher-than-expected revenue and narrower-than-expected loss reported Aug. 14.
IBD 50 stock Palantir Technologies (PLTR) leapt around 3% to above 32 as it powers further above a buy zone from a 27.50 cup entry. The stock has been on a roll since it exceeded second-quarter EPS and sales estimates on Aug. 5. Palantir stock has climbed 87% so far this year and reached a more-than-three-year high on the stock market today.
IBD Leaderboard stock Nvidia (NVDA), which had been up more than 1%, reduced its gain to 0.4% at midday. If it closes higher, it would be its seventh gain in eight sessions. Shares are above the 50-day moving average.
10:41 a.m. ET
Earnings Movers
Applied Materials (AMAT) sank more than 2% after the company beat fiscal third-quarter earnings and sales estimates but gave current-quarter and fiscal 2024 revenue and profit estimates that came up light. The semiconductor equipment stock tested its 21-day exponential moving average and looks to end a six-day win streak. Shares remain below their 50-day line.
H&R Block (HRB) gapped up more than 18% in huge volume. The move came after the company topped fiscal fourth-quarter earnings and revenue and gave fiscal 2025 profit guidance above views. It also announced it authorized a $1.5 billion share repurchase and a 17% dividend increase. The tax preparation provider hit the 20% profit zone of a flat base with a 54.21 buy point. Shares reached a record high on the stock market today.
Coherent (COHR) jumped 2.1% following the company’s beat on profit and revenue. It also provided current-quarter and fiscal 2025 earnings and sales forecasts above estimates. The stock retook its 50-day line Thursday. The stock at one time erased all gains from a 61.74 buy point, but could be forming a new base. Coherent makes networking equipment, lasers and fiber optic devices.
Mpox vaccine maker Emergent (EBS) surged nearly 25% on news the World Health Organization declared a global health emergency on a new, more dangerous strain of Mpox that appeared in Sweden.
Amcor (AMCR) gapped down more than 6% in heavy volume after the company missed fiscal fourth-quarter sales estimates. The stock gave a gain of about 5% from the 10.36 buy point of a double-bottom base and is now below the entry. Shares are on track for their largest decrease since May 3, 2023, when they fell 8.3%, according to Dow Jones Market Data. The stock is the biggest loser on the S&P 500 today.
Magnificent Seven Movers
Tesla (TSLA) popped 2.5% and climbed further above its 50-day line. Meta Platforms (META) gave back 1.5% but remains in a buy zone up to 539.71 from a 514.01 buy point.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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