Stock market indexes were all positive Friday afternoon, up in the last hour and near the highs of the day. Earnings reports took center stage once again, with varying results.
X
The Dow Jones Industrial Average and S&P 500 pulled ahead 0.7% while the Nasdaq gained 0.5%. The Russell 2000 fared better than the major indexes, rising 1.2%.
The Nasdaq held above the 12,000 psychological level. NYSE volume rose while Nasdaq volume fell compared with the same time on Thursday.
The Nasdaq 100-tracking Invesco QQQ Trust ETF (QQQ) lifted 0.4% while the Innovator IBD 50 ETF (FFTY) rallied 1.2%.
Crude oil futures inched higher 2.2% to $74.99 per barrel. Gold futures were relatively unchanged at $1,999 per ounce. The SPDR Gold Trust ETF (GLD) edged up 0.1%, in sync with the yellow metal.
Bitcoin slid 1.8% to $29,400. Cryptocurrency exchange Coinbase (COIN) lost 1%.
The 10-year U.S. Treasury yield dipped 7 basis points to 3.45%. The CME FedWatch tool shows nearly 90% odds for a quarter-point rate hike at the May Fed policy meeting next week.
European stock markets closed in the green, with the German DAX gaining 0.8% and Paris CAC inching up 0.1%. The London FTSE notched up 0.5% to close out the trading week.
Earnings Results Produce Big Swings
Stock market king Amazon.com (AMZN) sank 3.4% despite reporting better-than-expected Q1 EPS and sales, overshadowed by slowing sales for the AWS cloud-computing unit.
Shares fell below the 200-day moving average.
Dow component Intel (INTC) eased from earlier gains, now up 4.4% after beating on Q1 top and bottom lines. and giving a mixed outlook for the second quarter.
Cloudflare (NET) plummeted 25% in heavy volume after the cloud services company reported mixed Q1 earnings and full-year EPS and revenue guidance below analyst estimates.
The sell-off triggered a 7%-8% sell signal from the 66.30 buy point of a cup-with-handle base.
First Solar (FSLR) tumbled over 11% after reporting Q1 misses on EPS and sales. Shares of the solar module manufacturer fell below the 50-day moving average, a warning signal.
Mobileye (MBLY) rose 4% after Thursday’s 16.1% sell-off, following its Q1 earnings report with a beat on earnings and sales, but lower full-year 2023 revenue.
Saia (SAIA) spiked over 14% in heavy volume, after the transport company reported a beat on Q1 profit and revenue expectations.
Stock Market Movers: Industrial Stock Breaks Out
Owens Corning (OC) rose 2.4% and broke out, hitting the 105.72 buy point of a cup base. Shares are in the 5% buy zone reaching to 111.01. The relative strength line hit a new high.
The industrial materials manufacturer reported better-than-expected Q1 EPS and sales on Wednesday, but they fell year over year.
Follow Kimberley Koenig for more stock news on Twitter @IBD_KKoenig.
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Source: https://www.investors.com/market-trend/stock-market-today/stock-market-shows-split-between-winners-and-losers-cloud-stock-triggers-sell-signal/?src=A00220&yptr=yahoo