Stocks turned higher in early afternoon trading Friday as the S&P 500 and Nasdaq Composite looked to extend their six-session winnings streaks.
The S&P 500 and Nasdaq Composite were up 0.2% and 0.3%, respectively, while the Dow Jones Industrial Average added 0.2%. Stocks finished sharply higher on Thursday as investor sentiment got a boost from better-than-expected retail sales and labor market data, as well as a strong earnings report from retail giant Walmart (WMT).
The S&P 500 and Nasdaq have finished higher in six consecutive sessions and are on pace to break a streak of four consecutive weeks of losses, while the Dow has finished higher five of the last six trading days. Stocks have recovered as concerns about the health of the economy have waned and optimism builds about the likelihood the Federal Reserve will start cutting interest rates next month.
The earnings calendar was light Friday but investors are keeping an eye on economic reports. Data on housing starts released early Friday came in lighter than expected, while the latest reading on consumer sentiment was better than anticipated.
Mega-cap tech stocks, which have helped propel the recent surge, were mixed. Nvidia (NVDA), Apple (AAPL), Alphabet (GOOGL) and Amazon (AMZN) were on the rise, while Meta Platforms (META) and Microsoft (MSFT) lost ground
The yield on 10-year Treasurys, which is sensitive to expectations around interest rates, was down slightly at 3.90%.
Gold futures were up more than 1% to around $2,530 an ounce, a new record high, while crude oil futures fell 2%. Bitcoin moved up to near $59,000.
Walmart Levels to Watch After Stock Hit Record High
1 hr 53 min ago
Shares of Walmart (WMT) are on the rise again Friday, one day after surging on the strength of a strong earnings report and rosy outlook.
The share price set a record close Thursday on the highest trading volume since mid May, suggesting active participation by institutional investors.
A bars pattern, which takes the stock’s trending move from early May to mid-July and positions it from this month’s low, forecasts an upside target in Walmart shares of around $80.
During a retracement, the retailer’s shares may encounter support around $71 and $62.
Read the full technical analysis here.
H&R Block Soars After Earnings, Dividend Boost
2 hr 16 min ago
H&R Block (HRB) shares jumped Friday, a day after the tax-prep firm reported higher-than-forecast fiscal 2024 fourth-quarter results.
H&R Block said revenue for the three months to June 30 edged higher to $1.06 billion from $1.03 billion a year ago, while net profit fell to $257.8 million from $302.3 million. The results topped consensus analysts’ estimates on both the top and bottom lines.
The company also said it would issue a quarterly dividend of 37.5 cents a share, a 17% increase, and launch a new share-buyback program of $1.5 billion.
H&R Block shares were up 17% in recent trading to a new all-time high.
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Nvidia Price Levels to Watch After Recent Rally
3 hr 28 min ago
Nvidia (NVDA) shares were down slightly in early trading Friday. The stock has gained 24% since Aug. 7, when it closed below $100 for the first time since May.
The recent recovery in Nvidia’s shares has occurred on below-average volume, indicating the move may be driven by retail investors rather than larger market participants.
Nvidia shares could encounter support at $116 and $97, but may face selling pressure at $136 and near a bars pattern price target around $152.
Read our full technical analysis here.
Stock Futures Point to Lower Open for Major Indexes
4 hr 12 min ago
Futures tied to the Dow Jones Industrial Average were down 0.3%.
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S&P 500 futures were off 0.5%.
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Nasdaq 100 futures were down 0.6%.
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