Stock prices at noon Friday were struggling, weighed down by earnings selling in Adobe stock. adobe (adobe) fell more than 10% on the stock market today, despite reporting strong earnings and sales growth on a quarterly basis.
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Investors focused more on Adobe’s weak earnings outlook than on the news of its $25 billion stock repurchase program. The stock price fell below its 200-day moving average in heavy trading.
The Nasdaq Composite and S&P 500 fell 0.9% and 0.6%, respectively, during the day. The weakness came after the Nasdaq Composite and S&P 500 marked distribution day on Thursday. Early Friday morning, the range on both exchanges was slightly positive.
The Russell 2000 Small Cap Index rose 0.3% after Thursday’s plunge. The Dow Jones Industrial Average fell 0.3%. The option expires today, so trading volume will increase. Nasdaq trading volume was up 20% compared to the same period on Thursday. NYSE trading volume increased by 10%.
stock market today
Technology stocks are lagging in the Dow Jones today, including: sales force (CRM), Amazon.com (AMZN) and microsoft (MSFT) fell nearly 2%.
Nvidia (NVDA) Slight gains in the stock market today after last week’s massive bearish downside reversal. The March 8 selloff raises the possibility of a short-term pullback for Nvidia, but the stock is stubborn about giving back some of its gains ahead of next week’s AI conference.
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ServiceNow (now) fell about 5%, below its 50-day moving average. samsara (IoT) surged last week on strong earnings, but remained below its 21-day exponential moving average. The stock price fell more than 6%.
Bitcoin has come off its lows, but is still down 1%.However, virtual currency exchanges coinbase (coin) Reverse rise after soft start. micro strategy (MSTR) announced another bond issue earlier this week to buy more Bitcoin, cutting losses to less than 1%.Bitcoin miners and IBD 50 companies clean spark (CLSK) 5% added.
The yield on the 10-year Treasury note has risen nearly 20 basis points over the past three sessions, rising modestly to 4.31%. Yields jumped Thursday after the producer price index showed unexpectedly high wholesale prices. The consumer price index also rose higher than expected on Wednesday.
In today’s economic news, the Empire State Manufacturing Index contracted more than expected in March at -20.9. The Econoday consensus was -8. A reading below 0.0 indicates weak factory orders.
Profit driver
ulta beauty (ultra) eased its losses but was still down more than 5% on the stock market today after the company reported a 21% increase in quarterly profit. Sales increased 10% to just over $3.55 billion. However, the beauty retailer’s full-year profit was slightly lower than expected.
Jabiru (JBL) also sold off heavily after the electronics contract manufacturer reported a third straight quarter of revenue declines and cut its full-year outlook due to weak demand.
In the biotechnology group, madrigal pharmaceutical (MDGL) Soared nearly 20% after the Food and Drug Administration approved Rezdifla to treat patients with liver disease. But as of midday, that increase had narrowed to 9%. Eli Lilly (Lily) and Leader board stock novo nordisk (NVO) is testing its blockbuster weight loss drug for the same disease known as nonalcoholic steatohepatitis (NASH).
Follow Ken Shreve on X @IBD_KShreve Get more stock market analysis and insights.
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