Stock market indexes gave up virtually all their premarket gains in morning action Thursday as wholesale prices rose more than expected. Nvidia and Super Micro Computer got price upgrades while a Cathie Wood holding soared. Meanwhile, bitcoin and gold fell on the stock market today.
X
The Dow Jones Industrial Average dipped 0.2% though some tech leaders fared well. The S&P 500 slid 0.3% while the Nasdaq hovered around break-even territory. And small caps on the Russell 2000 erased Wednesday’s gains, falling 1.4%
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, according to Econoday. Also, February’s retail sales rose 0.6% vs. views for 0.7%, after falling 0.8% in January.
Most sectors in the S&P 500 were lower in the stock market today, though technology, communications services and energy rose.
Volume on the New York Stock Exchange and on the Nasdaq ran higher compared with the same time on Wednesday. But breadth deteriorated rapidly with decliners beating advancers by more than 3-to-1 on both exchanges.
The Innovator IBD 50 (FFTY) exchange traded fund suffered a loss of 1%. And the yield on the benchmark 10-year Treasury note jumped 8 basis points to 4.27%.
Dow Jones Stocks
On the Dow Jones index, Apple (AAPL) and Microsoft (MSFT) rose as did Visa (V). Microsoft and Visa rebounded from the 10-week moving average.
Other Dow Jones stocks fell. Disney (DIS), Verizon (VZ) and Intel (INTC) weighed on the index.
Stocks Market Today
Nvidia (NVDA) fell more than 2% even as analysts at BofA Securities raised their price target to 1,100 from 925 on the IBD Leaderboard and IBD 50 holding. BofA analyst Vivek Arya found Nvidia’s “valuation and ownership attractive compared to semis/infotech peers.”
Meanwhile, BofA analyst Ruplu Bhattacharya hiked up the price target for Super Micro Computer (SMCI) from 1,040 to 1,280, but shares fell 3%. Both Nvidia and Super Micro are testing their short-term moving average.
Cathie Wood’s Ark Invest holding Robinhood (HOOD) soared 8% after its assets under custody grew 16% in February.
Meanwhile, Tesla (TSLA) fell 2% in morning trades on the stock market today. Shares are in a downtrend.
Earnings moved homebuilders and software stocks. Lennar (LEN) fell 5% and pulled back into a buy zone after its report late Wednesday. UiPath (PATH) and SentinelOne (S) fell below their 50-day moving average. SentinelOne’s sales and margins outlook came in below expectations.
Stocks Near Buy Points
A few stocks neared buy points in the stock market today. Neurocrine Biosciences (NBIX) remained near its buy point of 143.35 in a flat base. Royal Caribbean (RCL) was close to a buy point of 133.77 in a cup base.
Finally, recent Stock Of The Day and Leaderboard holding Dexcom (DXCM) is near a proper buy point of 132.03.
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Source: investors.com
