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Dow Leads Stock Market Today As These 5 Big Caps Rally

The key market indexes ended mixed after sharply paring early losses in the stock market today. The Nasdaq was in the black heading into the close, but gave up its gains to finish mildly in the red.




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The Dow Jones industrial average led with a 0.5% gain, the S&P 500 advanced 0.2% and the Nasdaq dipped nearly 0.2%. The tech-heavy index had dropped as much as 1.2% during the session, as Nvidia (NVDA) and Applied Materials (AMAT) earnings weighed. Small caps finished in the upside with the Russell 2000 rising 0.3%.

Volume was slightly lower on the Nasdaq and barely lower on the NYSE vs. Thursday, according to preliminary figures. The major indexes saw losses for the volatile week: The Dow shed 2.1%, the Nasdaq fell 2% and the S&P 500 gave up 1.5%.

Five stocks boosted the Dow with gains of 2% or more each in the stock market today: Verizon (VZ), 3M (MMM), McDonald’s (MCD), Travelers (TRV) and UnitedHealth Group (UNH).

Verizon, which has advanced in 10 of the past 11 sessions, marked a new closing high. Shares are extended past a 55.31 entry in a flat base on base. The New York-based telecom giant, which began testing the world’s first commercial 5G service last month, will likely offer 5G wireless service commercially in 2020. Verizon pays a hefty annualized dividend of 4.1%, well above the S&P 500’s 1.92% average yield.

IBD has frequently featured Verizon Communications in the Income Investor column.

Stock Market Today: Chips Drag

Oil, auto parts and telecom were among the biggest sector gainers in the stock market today. But retailers, chip designers and dairy products makers underperformed.

Nvidia gapped down and plunged 19% to a 14-month low. The graphics-chip designer late Thursday reported fiscal Q3 sales that missed views and offered disappointing guidance for the current quarter. It cited excess inventory of gaming processors. More than a dozen analysts cut their price targets on Nvidia.

Chip gear maker Applied Materials fell as much as 8% before reversing to a 1% gain. The stock is trying to retake its 50-day moving average; it’s 43% below its 52-week high. The company’s quarterly results were in line with consensus estimates, but its current-quarter sales and earnings outlook fell short of views.

Stock Market Today: IBD 50 Winners

Over in the IBD 50, vehicle suspension products maker Fox Factory (FOXF) led with a 4.5% pop. Shares rallied past a 73.64 buy point of a cup with handle in twice normal trade. They remain in buy range from the entry. Keep in mind: All stock purchases are riskier than usual with the market uptrend under pressure.

Other IBD 50 stocks scoring big gains in the stock market today included Green Dot (GDOT), Horizon Pharma (HZNP) and Canada Goose (GOOS). Each rose more than 2%.

Canada Goose, which broke out past a 68.85 proper entry point, extended its win streak to four days in a row. Shares remain in a potential buy zone. The winter wear maker early Wednesday reported fiscal Q2 earnings and sales that blew past forecasts.

Big decliners included Square (SQ), down 4%, Kemet (KEM) and Lululemon Athletica (LULU), down 3% each and Nexstar Media Group (NXST), off 2%.

The Innovator IBD 50 ETF (FFTY) finished flat on the day but down 3% for the week.

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