Stock Market Finishes Strong; CRSP Sinks On FDA News

The stock market racked up modest gains on Friday as the major indexes improved in the final hour and closed near the day’s highs in the last trading session of the week.




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Nasdaq composite stocks climbed nearly 0.5% while the Dow Jones Industrial Average added 0.4%. The S&P 500 also gained 0.4% on the stock market today. All three major indexes remain solidly above their 50-day moving averages.

Meanwhile, the Russell 2000 index showed more strength and added 0.7%. The Russell continues to hold firmly above its 200-day moving average.

Volume fell modestly on the New York Stock Exchange and the Nasdaq vs. the same time on Thursday.

The Invesco QQQ Trust (QQQ), which tracks the Nasdaq 100, bumped up 0.4%. The Innovator IBD 50 ETF (FFTY) also gained 0.4%. And the 10-year Treasury yield rose 12 basis points to 4.25%.

Earlier Friday, the U.S. Labor Department reported 199,000 new nonfarm payroll positions for November, which exceeded economists’ estimates for a 180,000 gain, according to Econoday. The unemployment rate unexpectedly fell to 3.7% vs. the expected 3.9% figure.

Stock Market Movers: CRSP Sinks After FDA News

Crispr Therapeutics (CRSP) sank more than 8% in volatile trading despite news that the U.S. Food and Drug Administration approved its first treatment with CRISPR gene-editing technology. The medicine was created by Crispr Therapeutics and Vertex Pharmaceuticals (VRTX) for sickle-cell disease.

Crispr whipsawed from early morning gains to afternoon losses. VRTX stock slid 0.6% on the news.

IBD 50 name SentinelOne (S) popped 2.5% after Goldman Sachs raised its price target to 19 and Scotiabank raised its target to 20 on the stock. Shares are extended from the 21.95 buy point of an irregular base.

Cryptocurrency exchange stock Coinbase (COIN) jumped 7.7% in sympathy with the increased price of bitcoin. COIN stock topped the profit zone from the 114.43 buy point of a cup base.

Shares are nearing the 52-week high reached on Tuesday. COIN hit its highest close since April 20, 2022, when it finished at 147.13, according to Dow Jones Market Data.

IBD 50 stock Nvidia (NVDA) jumped nearly 2% and revisited the 476.09 buy point of a double-bottom base in light volume. Shares are just in the buy zone.

Stock Movers: Lululemon Hits A High

Lululemon Athletica (LULU) reversed from an early morning drop to spike 5.4%. The yoga apparel retailer reported higher-than-expected earnings and sales for its third quarter late Thursday. The stock initially fell when investors focused on management’s projections for fourth-quarter earnings and sales that came in lower than analyst views.

Shares hit the 20% profit zone of a flat base with a 406.94 buy point, according to MarketSmith pattern recognition. The IBD 50 stock touched an all-time high Friday, according to Dow Jones Market Data.

Carrier Global (CARR) gapped up 4.5% on news it would sell its Global Access Solutions business to Honeywell International (HON) for $4.95 billion. The business provides technology to protect homes and businesses. Honeywell, a Dow Jones component, fell 1.6% on the news and was the index’s biggest loser on Friday.

Booking Holdings (BKNG) broke out of a consolidation and hit a 3,251.71 buy point in light volume.

Luxury home and lifestyle retailer RH (RH) tumbled 14% following the company’s surprise third-quarter loss and sales miss. The stock fell below its 50-day line, flashing a warning signal.

Smartsheet (SMAR) gave back earlier gains and fell 1.6% despite the company beating third-quarter earnings and sales estimates from analysts.

Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.

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Source: investors.com

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