The stock market today took investors for a wild ride as the key indexes rallied into the black after falling hard, with the Dow Jones industrials taking the lead.
The Dow Jones Industrial Average, down as much as 1.4%, reversed sharply to a 0.4% gain, while the S&P 500 climbed nearly 0.4%. The Nasdaq composite lost nearly 2% during the session before coming back to a 0.1% gain. Small caps outpaced the tech-heavy index with the Russell 2000 up 0.2%.
Preliminary data showed volume slightly higher on the NYSE but lighter on the Nasdaq, compared with Thursday.
The Dow Jones industrials nearly fell to the 200-day line before heading back up starting around noon ET. The S&P 500 and Nasdaq both breached their respective 50-day lines but rallied back above them. That’s considered good action. For the week, the Dow and S&P 500 gave up more than 2% each, while the Nasdaq shed more than 3%.
Walmart (WMT) led the Dow Jones index with a 2.4% advance after finding support at its 50-day moving average line. Coca-Cola (KO), Procter & Gamble (PG), McDonald’s (MCD) and Microsoft (MSFT) added more than 1% apiece.
Travel bookers, food and energy groups were among the biggest gainers in the stock market today. Telecom infrastructure, computer hardware and tobacco lagged.
IPOs Not So Hot In Stock Market Today
Uber (UBER) dominated headlines in the stock market Friday, as it debuted at 42, below its 45 IPO price. It closed at 41.57. Rival ride-sharing service Lyft (LYFT), which held its IPO on March 29, is down about 30% from its first day of trade.
In the IBD 50, Funko (FNKO) popped 6% in more than triple its normal trade. The stock is building the right side of a new base with a 24.40 potential buy point. The pop culture products maker has advanced in six of the past seven sessions since delivering an upside earnings surprise May 2.
Atlassian (TEAM) gained 3% to a new high, extending its win streak for a seventh straight session. Among other IBD 50 software winners, Veeva Systems (VEEV) added 1.7%. Online handmade goods site Etsy (ETSY) recovered 1.7% after Thursday’s 11% post-earnings dive.
But Ubiquiti Networks (UBNT) slumped 11% to extend Thursday’s 6% drop. The wireless networking gear maker reported mixed fiscal Q3 results with an earnings beat, but revenue miss. The escalating China-U.S. trade war didn’t help.
Trade Desk (TTD), down 14% Thursday, gave up another 3.4% Friday. The online ad company’s earnings and revenue topped Q1 views Thursday. Its guidance met, but apparently disappointed investors.
The Innovator IBD 50 ETF (FFTY) climbed 0.1% and is close to retaking its 50-day moving average.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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