Major indices reversed a rally from losses after Federal Reserve Chairman Jerome Powell’s speech on Friday morning. The Dow Jones Industrial Average rose 0.7% at the closing bell on Friday.
Fed Chair Powell showed a firm stance toward potentially more restrictive measures in his remarks in Jackson Hole, Wyoming, on Friday. But the Fed chief also noted the need to “proceed with caution” in further rate hikes.
Of the three economic sectors he outlined in his speech, he said, commodities and housing services have declined recently, but the large non-residential service sector needs to show “further progress”. Earnings, which had fallen on signs of an economic slowdown, reversed after manufacturing data on Wednesday. The benchmark 10-year Treasury note rose 1 basis point to 4.24%.
The S&P 500 also reversed, rising 0.7%. Software and chip stocks took the lead and rose, boosting the Nasdaq by 1% on Friday. Tesla (TSLA) after a major analyst covering the electric car company made a positive note.
Trading volume was lower on the New York Stock Exchange and Nasdaq than at the same time on Thursday.
The Russell 2000 small index was up 0.6% at 4 pm ET.
The Innovator IBD 50 ETF (FFTY) outperformed and rose 0.8%.
The price of Crude Oil fell less than 1% to trade at $78.45 a barrel.
Dow Jones shares
in the Dow Jones index, sales force (Customer relationship management) approached its 10-week moving average before next week’s earnings.
Stocks are moving today
Marvell technology (Morley) posted second-quarter earnings late Thursday, although cloud infrastructure and demand for artificial intelligence helped it beat its average guidance. Sales and profits fell for the second quarter in a row. Earnings per share of 33 cents were down 42% from 57 cents in the same quarter a year earlier. The company expects a further slowdown in the third quarter with sales falling 6% to $1.4 billion. Cash flow from operations fell by more than half. Shares undermined their base on Friday and fell 6%.
The grouping battles are going on, what do you do now; Tesla leads 7 stocks worth watching
outside the Dow Jones index, maker of TurboTax intuit (You and) announced fourth-quarter and full-year results on Thursday. Sales grew 13% for the year and 12% for the quarter. Products for small businesses saw growth while products for consumers showed more mixed results. Profits increased by 50%. Mid-Q1 guidance indicates sales growth of 10.5% with earnings growth of 19%. Intuit rose 6% over the hour and topped the buy zone from the entry level of 490.83.
Tesla stock rose nearly 4% on Friday. According to reports released Friday, Wedbush analyst Dan Ives noted that the electric vehicle leader will make $20 billion by 2030 from its supercharging network partnerships with stronghold (F) And general motors (General Motors). Tesla’s principal analyst was bullish on Tesla and believes that “Tesla’s supercharger business will be approximately 3% to 6% of total revenue, translating into $10 billion to $20 billion business by 2030.” The analyst also sees a tailwind for the stock in the “government’s plan to cut carbon emissions to zero by 2050” as well as the increased demands for the Cybertruck ahead of its launch.
a work day (day) after it topped the number of views in its earnings report late Thursday. The company expects more momentum in the second half of its fiscal year. The price action is supported by other factors as well. The company reported a healthy subscription backlog that will likely contribute to 17% subscription revenue growth in the third quarter. Analysts at Needham raised their price target to 250 from 220, while maintaining a Buy rating. WDAY stock rose above the 50-day line with strong volume in the stock market today
Among the other drivers of profits in the retail sector, Nordstrom (JWN) after sales slowed and results showed late Thursday that earnings growth also eased. gap (Global Positioning System) from the 50-day streak after earnings rose 325%, although comparable sales led to lower revenue. Alta beauty (Ulta) although the specialty retailer raised its outlook for the year after its second-quarter earnings.
Please continue Ramakrishnan On Twitter for more news on the stock market today.
You may also like:
The best growth stocks to buy and watch
Learn how to time the market with IBD’s ETF Market Strategy
Find the best long-term investments with IBD’s long-term leaders
MarketSmith: Research, charts, data and training in one place
How to Find Growth Stocks: Why This IBD Tool Simplifies Your Search for the Best Stocks