Major stock market indexes remained in negative territory Friday afternoon, but bounced off session lows.
X
The Dow shed 0.2% and the S&P 500 fell 0.4%. Meanwhile the Nasdaq felt the most pain and gave up 0.5% on the stock market today. The Dow is coming off record highs, while the S&P 500 couldn’t quite make it to a new high. The Nasdaq is off its 52-week highs.
Meanwhile, the small-cap Russell 2000 slid the most and dropped 1.2%. And the 10-year Treasury yield added 4 basis points to 3.89%.
The Invesco QQQ Trust (QQQ), which tracks the Nasdaq 100, sold off 0.5%. The Innovator IBD 50 ETF (FFTY) sank 0.7%.
Volume rose on the New York Stock Exchange and the Nasdaq vs. the same time on Thursday.
Stock Market Movers: Uber And Lyft Sink
IBD Leaderboard stock Nvidia (NVDA) was nearly flat in uncertain action. Shares are nearing the 505.48 buy point of a flat base. NVDA is still considered to be in a 5% buy zone of a prior double-bottom base with a 476.09 entry. A different version of the company’s specialized gaming chip was launched to comply with the U.S. government China export rules, Reuters reported.
Nvidia is the IBD Stock Of The Day.
Lyft (LYFT) sank more than 3% after Nomura downgraded the ride-sharing stock to reduce from neutral but raised its price target to 13 from 11.70. Shares are extended from a 12.79 buy point.
Rival Uber Technologies (UBER) fell more than 2% after Nomura also downgraded the stock to neutral from buy and increased its price target to 62 from 59. Uber is also extended and topped the 20% profit zone from a 49.19 buy point.
Boston Scientific (BSX) advanced 2.7% after reporting it now anticipates FDA approval of its Farapulse treatment for a heart condition in the first quarter of 2024. Shares are in a buy zone reaching to 59.75 of an alternate 56.90 buy point. BSX is the biggest gainer on the S&P 500 Friday.
TJX (TJX) trimmed gains and was up 0.4% after tapping the 93.78 buy point of a flat base in lighter-than-average volume.
Dow Jones Movers: Mixed News For Boeing 737 MAX
UnitedHealth Group (UNH) gave back earlier gains and was almost unchanged at 1:30 ET. The company will sell its Brazil business to a private investor in a deal expected to close in the first half of 2024. The transaction will result in a $7 billion noncash charge that is not expected to change the company’s adjusted earnings guidance. The health insurer is below its 50-day moving average after undercutting it Dec. 14. UNH is forming a cup base that’s part of a long, irregular consolidation.
Boeing (BA) edged higher on news that about 100 of its 737 MAX planes in China are back in service. This follows Thursday’s news its 737 MAX planes are being inspected for loose bolts in parts that control rudder movement. BA is extended from a 243.10 cup-base buy point.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
YOU MAY ALSO LIKE:
Get Free IBD Newsletters: Market Prep | Tech Report | How To Invest
IBD Live: Learn And Analyze Growth Stocks With The Pros
Looking For The Next Big Stock Market Winners? Start With These 3 Steps
Want More IBD Insights? Subscribe To Our Investing Podcast
Source: investors.com
