Stock market indexes remained lower midday Thursday as wholesale prices in February shocked investors and retail sales weakened. Nvidia and Super Micro Computer lost ground, similtaneously analysts turned bullish on each AI leaders. A Cathie Wood holding soared. And bitcoin and gold fell as Treasury yields surged on the stock market today.
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X
The Dow Jones Industrial Average dropped 0.2% though some tech leaders fared well. The S&P 500 slid 0.3% while the Nasdaq also dipped 0.3%. And small caps on the Russell 2000 erased Wednesday’s gains, falling 1.8%
Figures from the Labor Department showed the producer price index in February rose 0.6%. Economists had expected monthly wholesale prices to rise 0.3%. On an annual basis, prices rose 1.6%, higher than views for 1.2%.
In other economic data, initial jobless claims for the week ended March 9 fell to 209,000. Economists had expected claims of 215,000, in line with Econoday. Also, February’s retail sales rose 0.6% vs. views for 0.7%, after falling 0.8% in January.
Most sectors inside the S&P 500 were lower inside the stock market today, though technology, communications services and energy rose.
Volume on the Latest York Stock Exchange and on the Nasdaq ran higher compared with the an identical time on Wednesday. But breadth remained poor with decliners beating advancers by greater than 3-to-1 on each exchanges.
The Innovator IBD 50 (FFTY) exchange traded fund suffered a scarcity of 1%. And the yield on the benchmark 10-year Treasury note jumped 10 basis points to 4.29%.
Dow Jones Stocks
On the Dow Jones index, Apple (AAPL) and Microsoft (MSFT) rose as did Visa (V). Microsoft and Visa rebounded from their 10-week moving averages.
Other Dow Jones stocks fell. Disney (DIS), Verizon (VZ) and Intel (INTC) weighed on the index.
Stocks Market Today
Nvidia (NVDA) fell greater than 3.5% similtaneously BofA Securities raised its price goal to 1,100 from 925 on the IBD Leaderboard and IBD 50 holding. BofA analyst Vivek Arya found Nvidia’s “valuation and ownership attractive as compared with semis/infotech peers.”
The upgrade comes similtaneously the leader in artificial intelligence chips plans its GTC AI conference for developers next week. Nvidia has had an infinite run, rising 77% yr up to now after its massive 2023 rally when it gained 239%.
Meanwhile, BofA analyst Ruplu Bhattacharya hiked up his price goal for Super Micro Computer (SMCI) from 1,040 to 1,280, but shares fell greater than 5%. Each Nvidia and Super Micro are testing their short-term moving average. Super Micro holds a gain of 298% yr up to now.
Cathie Wood’s Ark Invest holding Robinhood (HOOD) surged greater than 5%. It was reported the financial services company’s assets under custody grew 16% in February.
Meanwhile, Tesla (TSLA) fell 4% in morning trades on the stock market today. Shares are in a downtrend.
Earnings moved homebuilders and software stocks. Lennar (LEN) fell nearly 6% and pulled back right right into a buy zone after its report late Wednesday. UiPath (PATH) and SentinelOne (S) fell below their 50-day moving average in heavy volume which is a sell signal. SentinelOne’s sales and margins outlook came in below expectations.
Stocks Near Buy Points
Just a number of stocks neared buy points inside the stock market today. Neurocrine Biosciences (NBIX) remained near its buy point of 143.35 in a flat base. Royal Caribbean (RCL) was near a buy point of 133.77 in a cup base.
Finally, recent Stock Of The Day and Leaderboard holding Dexcom (DXCM) is near an accurate buy point of 132.03.
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