Stocks fell in the final hours of trading Friday as major indexes posted losses for the day, weighed down by a better-than-expected February jobs report.Key stocks that added to the gloomy mood were leaders in artificial intelligence. Nvidia (NVDA), has finally taken a breather and pulled back from the stock market’s all-time highs today.
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Before the market opened, the Labor Department announced that nonfarm payrolls rose by 275,000 in February, compared to an expected 190,000. This also exceeded the 229,000 increase in January (revised figure). The number of private sector employees increased by 223,000 compared to the expected 150,000, but the number of manufacturing employees decreased by 4,000, contrary to the expected increase of 10,000. The unemployment rate rose to 3.9%, compared to the expected 3.7%.
The report dimmed the outlook for near-term interest rate cuts, causing the Nasdaq to fall from its all-time high and fall 1.2% in Friday trading. The Dow Jones Industrial Average oscillated between positive and negative results, ultimately falling 0.2%, while the S&P 500 also fell from its all-time high, falling 0.7%. The small-cap Russell 2000 fell 0.1%.
In preliminary figures, trading volume on the New York Stock Exchange and Nasdaq increased compared to the same period on Thursday.
Invesco QQQ Trust (QQQ) Exchange-traded funds fell 1.4%. Innovator IBD 50 ETF (FFTY) returned 0.6% on the stock market today.
The 10-year Treasury yield fell to 4.08%, and West Texas Intermediate crude oil fell 1.3% to just under $78 a barrel.
Gold ETF Top Buy Zone
Among other asset classes, gold stocks and exchange-traded funds rose. Gold price hits new high.
S&P Gold Stocks ETF (GLD) took a break from its steep rise, rising 0.9% on the day. Gold stocks are extended from the 5% buy zone based on a double bottom with a buy point of 191.36. The ETF is up more than 6% so far in March.
On the other hand, the price of Bitcoin is Now over $69,000.Cryptocurrency related stocks such as micro strategy (MSTR), coinbase (coin) and marathon digital (Mara) all rose between 5% and 10% on Friday.
Stock market today: Beloved supermicro and Nvidia stumble
super microcomputer (SMCI) hit an all-time high of 1,229 before reversing and closing 1.7% lower. The stock is up nearly 40% so far this month.
IBD50 Nvidia hit a record high of 974 early in the session before reversing tack and falling 5.6%. It was the stock’s biggest single-day decline since Oct. 17, 2023, when it fell 4.68%, according to Dow Jones Market Data.
online car dealership Carvana (CVNA) rose 7.3% after RBC Capital Markets upgraded the stock to sector perform from underperform and doubled its price target from 45 to 90. The stock formed a power-from-pivot flag on the charts. This flag will appear after the stock price has increased by at least 20% from the point of purchase within his 15 business days. Carvana stock hit a 52-week high on Friday.
apple (AAPL) stopped the bleeding and rose 1% on Friday after seven days of declines. Apple stock rose sharply on the Dow Jones Index.
samsara (IoT) saw volume rise 14% after the company reported better-than-expected adjusted fourth-quarter profit and sales late Thursday. The company also provided a revenue forecast for the current quarter that exceeded analyst expectations.
Samsara stock broke through the uncertainty threshold with a buy point of 36.91. On the stock market that day, stock prices reached a 52-week high. Its relative strength line also reached his 52-week high, as shown by the weekly blue dot. market surge chart.
Costco stock is the worst in the S&P 500
Mongo DB (MDB) fell 6.9% in volatile trading after the database platform operator beat analysts’ expectations for earnings and revenue for the quarter ended January, but beat analysts’ expectations. The stock price has fallen further below the 50-day line and below the 200-day moving average.
marvel technology (MRVL) plunged 11.4% after the company’s fourth-quarter results were in line with expectations and sales exceeded expectations. However, investors noted the company’s weak earnings and revenue outlook for the current quarter. The stock has fallen from its 52-week high hit on Thursday.
docusign (documents) Gap rose 4.5% after the company came out on top Fourth quarter profits and sales View. Several analysts have raised their price targets for the electronic document specialist.
costco (Fee) fell more than 7% after the club warehouse company released a mixed fiscal second quarter report. Profits exceeded expectations, but sales fell short.
The stock hit an all-time high on Thursday, but today it was the biggest loser in the S&P 500.
For more stock market news on X/Twitter, follow Kimberly Koenig @IBD_KKoenig.
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