Stock Indexes Wrap: Nvidia, Chipmakers Lag as Other Tecﷺh Giants Advan🌄ce

The Dow

The index’s tech components were mostly higher even as an AI sell-off weighed on the broader IT sector. Intel (INTC) gained 1.5%, while Salesforce (CRM) rose 1.3% and Microsoft (MSFT) gained 0.9%. 

Boeing (BA) ticked up 0.3% amid reports it was nearing a deal to acquire supplier Spirit AeroSystems (SPR).

American Express (AXP) inched 0.1% higher after acquiring restaurant rese🎀rvation company Tock. 

JPMorgan Chase (JPM) and Goldman Sachs (GS) slid after U.S. regulators identified “shortcomings” in their respec🌺tive living wills. Goldman lost 1.7% and JPMorgan shed 1.2%. 

Apple (AAPL), in the green most of the day, tumbled 1% in the session's final minutes, possibly a byproduct of today’s 澳洲幸运5开奖号码历史查询:triple witching or a major index fund’s 澳洲幸运5开奖号码历史查询:monumental rebalancing.

S&P 500

FactSet Research (FDS) gained 3.8% after reporting 澳洲幸运5开奖号码历史查询:better-than-expectꦆᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚed quarterly results and raising its full-year guidance. 

Gilead (GILD) rosę 3.2%, gaining for a second day after announcing its injectable lenacapavir was 100% effective in 澳洲幸运5开奖号码历史查询:preventing HIV infection in women. 

Nvidia (NVDA) fell 3.2%, slipping for a second day after briefly surpassing Microsoft a🍌s the world’s most valuable company on Tuesday. 

Hewlett Packard Enterprise (HPE) slid 2.8%, following Nvidia and other AI-related stocks lower. Chip giants Broadcom (AVGO) and Micron (MU) shed 4.4% and 3.2%, respectively. 

Capital One Financial (COF) slipped 1% amid reports it had settled a lawsuit with Walmart (WMT) related to their credit card partnership. 

Nasdaq 100

Alphabet (GOOGL) rose 1.9% to close at a record high. 

Amazon (AMZN) gaine▨d 1.6%, bringing it about $30 billion away fro🍌m a $2 trillion market cap.

Chipotle Stock Stalls Ahead of 50-for-1 Split

Shares in fast-casual restaurant chain Chipotle Mexican Grill (CMG) were flat Friday 💎afternoon following a 6.2% decline on Thursday, their largest daily percentage loss since last July.

Given that the stock has gained more than 40% since the start of the year and has more than doubled since the start of 2023, 澳洲幸运5开奖号码历史查询:institutional investors may be booking some profits ahead of a 澳洲幸运5开奖号码历史查询:50-for-1 stock split that takes effect next Wednesday.

Since finding support around the 澳洲幸运5开奖号码历史查询:200-day moving average (MA) in October last year, CMG shares have continued to trend sharply higher, with buyers stepping in to buy 澳洲幸运5开奖号码历史查询:pullbacks to the 50-day MA. 

Although the price broke above a period of consolidation to a new record high earlier this week, Thursday was a 澳洲幸运5开奖号码历史查询:wide-ranging day and the close below the breakout point on the highest 澳洲幸运5开奖号码历史查询:trading volume since late March indicates a potential 澳洲幸运5开奖号码历史查询:bull trap.

Moreover, as the stock made a higher high this week, the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) made a lower high, creating a bearish 澳洲幸运5开奖号码历史查询:divergence, a signal that suggests weakening momentum.

澳洲幸运5开奖号码历史查询:Read more about wh🅠ere the stock may find buying support heading into next week's split.

-澳洲幸运5开奖号码历史查询:Tim Smith

Stocks To Watch Friday

FactSet Research Systems (FDS) shares rose as the financial data provider reported 澳洲幸运5开奖号码历史查询:better-than-anticipated earnings and lifted its ou🅰tlook on higher revenues from institutional asset managers, asset 🅷owners, partners, and corporates.

Shares of Sarepta Therapeutics (SRPT) soared after the 澳洲幸运5开奖号码历史查询:Food and Drug Administration (FDA) gave the biotech’s treatment for a rare muscle disease in children 澳洲幸运5开奖号码历史查询:expanded approval. The decision also boosted shares of Catalent (CTLT), which has a contract with Sarepta to ma🥂nufacture the drug.

Shares of Boeing (BA) supplier Spirit AeroSystems (SPR) surged following reports that Boeing is near a deal to buy the company. Boeing♓ shares edged higher as well.

Capital One Financial (COF) shares lost ground after the financial firm settled a lawsuit brought by Walmart (WMT) over their credit card partne🐻rship. Walmart shares✃ were higher.

Shares of American Express (AXP) fell as the credit card provider purchased the Tock restaurant reservation system for $400 million from Squarespace (SQSP). Squarespace shares advanced.

Allstate (ALL) shares dropped after the insurer estimated its catastrophic losses in May at $1.4 billion, nearly three times grea♕ter than in April.

-澳洲幸运5开奖号码历史查询:Bill McColl

Narrowing Breadth Raises Risk of S&P 500 Pullback

The S&P 500 has set record after record in the past month, but pop the hood and things aren’t look🤪ing quite so good. 

The 澳洲幸运5开奖号码历史查询:advance-decline (A/D) line, a measure of 澳洲幸运5开奖号码历史查询:market breadth, has been declining since the end of May, even as the S&P 500 has soared to new heights, according to a note from LPL Financial Friday.

Together, a soaring S&P 500 and declining A/D line, as shown in the c๊hart from LPL Financial below, can be cause for concern on Wall Street. It indicates gains by a handful of large stocks are masking softness among smaller stocks, potentially signaling weakening inv🦄estor sentiment. 

Lately, the stocks driving the S&P 500’s returns have been the $3 trillion tech giants Microsoft (MSFT), Apple (AAPL), and Nvidia (NVDA), all of which surged to all-time highs in recent weeks. They have been joined by a cadre of smaller 澳洲幸运5开奖号码历史查询:mega caps, including Broadcom (AVGO), Oracle (ORCL), and Adobe (ADBE), buoyed by earnings reports that demonstra🍃ted strong demand for their AI offerings.

But the rest of the market has languished. As of Thursday’s close, Information Technology (+10.7%) was the only sector to have outperformed the S&P 500 (+3.7%) so far this month. The only sectors within one percentage point of the broader index were Consumer Discretionary (+3.3%) and Communication Services (+2.7%), sectors dominated by AI giants Amazon (AMZN), Alphabet (GOOGL), and Meta (META).

The A/D line divergence noted earlier does not, LPL Financi🧔al’s Chief Technical Strategist Adam꧅ Turnquist points out, mean the bull market is over, “but it does point to elevated risk the broader market could be due for a potential pause or pullback.”

FactSet Stock Rise🥃s on Q3 Profit Beat, Raised Guidance

FactSet Research Systems (FDS) shares advanced Friday after the financial data provider 澳洲幸运5开奖号码历史查询:posted significantly better-🀅than-expected profit and boosted its 🌠full-year guidance on higher revenues from institutional asset managers, asset owners, partners, and corporates.

The company posted fiscal 2024 third-quarter adjusted 澳洲幸运5开奖号码历史查询:earnings per share (EPS) of $4.37, well above analysts' consensus estimate of $3.90 compiled by Visible Alpha. Revenue rose 4.3% year-over-year to $552.7 million, basically in line with forecasts. 澳洲幸运5开奖号码历史查询:Organic revenue was up 4.5%.

Adjusted 澳洲幸运5开奖号码历史查询:operating margin jumped to 39.4% from 36.0% a year earlier, and adjusted earnin𒉰gs before in𒁃terest, taxes, depreciation, and amortization (EBITDA) was $239.9 million, an increase of 16.9%.

The company’s Annual Subscription Value (ASV) plus professional services came in at $2.22 bill𒉰ion, 4.7% higher. The number of FactSet users climbed by 1,662 to 208,140. The company noted the gains came from all firm types except banking, and was driven mainly by wealth clients. 

FactSet lifted it🐓s full-year adjusted EPS outlook to a range of $16.00 to $16.40, up from the previous $15.60 to $16.00. However, it sees revenue of $2.18 billion to $2.19 billion, down from the earlier $2.20 billion to $2.21 🐲billion.

FactSet shares ro༒se 3% but are down more than 10% so far this year.

-澳洲幸运5开奖号码历史查询:Bill McColl

Sarepta Therapeutics Soars on Expanded Appr💫oval for Its Muscular Dystrophy Drug

Sarepta Therapeutics (SRPT) shares soared Friday, a day after the 澳洲幸运5开奖号码历史查询:Food and Drug Administration (FDA) allowed 澳洲幸运5开奖号码历史查询:expanded use of the biotech’s treatment for a rare muscle disease in children, which especially affects boys.

The company said its drug, Elevidys, was given traditional approval for patients who are at least 4 years old and suffer from Duchenne muscular dystrophy (DMD) with a confirmed mutation in the DMD gene and can walk.

Sarepta said regulators granted accelerated approval for use in those who cannot walk, and continued approval “may be contingent upon verification of clinical b▨enefit in a confirmatory trial.” The company ad𒐪ded that a Phase 3 study to make that confirmation is currently underway.

The FDA gave accelerated approval for the gene-therapy medicine in 4- and 5-year-olds last year, despite some questions about its efficacy. 

Sarepta shares surged 40%, bringing their year-to-dat🍒e gain to almost൲ 80%.

-澳洲幸运5开奖号码历史查询:Bill McColl

Gold Regains ಞLuster as Investors Eye Rate Cut—Watch These Key Price Levels

Gold 澳洲幸运5开奖号码历史查询:remains in focus on Friday after climbing more than 1% Thursday to a two-week high, as recent lackluster economic data has boosted hopes among investors that the 澳洲幸运5开奖号码历史查询:Federal Reserve will be in a position to cut 澳洲幸运5开奖号码历史查询:interest rates later this year.

U.S. government reports last week indicated that 澳洲幸运5开奖号码历史查询:inflation is moderating, while data on Tuesday this week showed 澳洲幸运5开奖号码历史查询:slowing retail sales. The data paint a picture of cooling economic act𒁏ivity, indicating that the Fed's policy of high interest rates to combat inflationary pressures has worked as intended.

According to the 澳洲幸运5开奖号码历史查询:CME FedWatch Tool, which forecasts rate movements based on fed funds futures trading data, market participants are currently pricing in a 66% chance of a September rate cut.

Investors typically view a decline in interest rates as a positive catalyst for 澳洲幸运5开奖号码历史查询:gold prices as it puts downward pressure on the 澳洲幸运5开奖号码历史查询:Greenback, making the dollar-priced commodity cheaper for buyers who are using foreign currencies, helping to stimulate demand. Lower rates also reduce the 澳洲幸运5开奖号码历史查询:opportunity cost of holding non-yielding assets, such as gold, compared to lower risk investments like 澳洲幸运5开奖号码历史查询:fixed-income securities.

Taking a look at the weekly chart, the yellow metal’s price broke out from a year-long 澳洲幸运5开奖号码历史查询:trading range in early March. After initially continuing to trend higher, the price has consolidated within a narrow 澳洲幸运5开奖号码历史查询:rectangle pattern since mid-April, potentially indicating a short pause in momentum before another move to the upside.

If the gold price breaks above the rectangle’s top trendline to a new 澳洲幸运5开奖号码历史查询:record high, investors can determine a price target using the 澳洲幸运5开奖号码历史查询:measuring principle. To do this, we calculate the distance of the move that preceded the pattern in dollars and add that amount to the breakout point. In this case, we add $448 to $2,414 that projects a price target of $2,862. Conversely, If the price breaks down from the rectangle, keep an eye on the $2,080 level, an area likely to find support from the prior trading range’s top tr𝐆enℱdline.

-澳洲幸运5开奖号码历史查询:Tim Smith

Stock Futures Mixed

Dow futures were fla🏅t in premarket tradi๊ng Friday.

S&P futures were down 0.2%.

Nasdaq futures were down 0.2%.