The Dow Jones Industrial Average and other major indexes closed modestly higher Friday but fell for the week, ending a nine-week win streak.
X
The Dow industrials saw mixed action throughout Friday’s trading session and eked out a small 0.1% gain at the finish. The index ended the first week of the new year 0.6% lower after nine straight weeks of gains.
The S&P 500 rose 0.2% after falling from session highs in the stock market today, and held a weekly loss of 1.5%. Meanwhile, the Nasdaq sank 0.2%, putting it 3.3% lower for the week.
Volume on the New York Stock Exchange was higher but the Nasdaq saw lower volume compared with the same time on Thursday.
The small-cap Russell 2000 fell 0.2%, while the Innovator IBD 50 ETF (FFTY) climbed 0.6%.
Job Gains Exceed Expectations
December’s employment report showed a higher increase in new jobs than expected. The economy added 216,000 jobs vs. views for 164,000, according to Econoday estimates. December also saw stronger hiring than November’s revised payroll increase of 173,000.
Following the release, Treasury Secretary Janet Yellen said that the economy was on its way to a soft landing. Low inflation and rising wages were reasons “to feel good about … future prospects.”
Meanwhile, factory orders increased 2.6% in November, well above the 2% estimate. On the services front, the Institute of Supply Management’s Services Index recorded 50.6 for December. While below estimates for 52.7, the reading indicated expansion in the services sector.
The yield on the benchmark 10-year Treasury note retook the 4% level, climbing 5 basis points to 4.04%.
Dow Jones Stocks
Among Dow Jones stocks, Apple (AAPL) slid and fell further below the 50-day moving average in a five-day losing streak. It is now testing its 200-day moving average. Microsoft (MSFT) remained in a base with a buy point of 384.30.
Verizon (VZ) and Boeing (BA) led gainers on the Dow. VZ is in a buy zone from a 38.88 entry.
UnitedHealth (UNH) and IBM (IBM) lagged with losses of more than 1%. And Walgreens Boots Alliance (WBA) turned higher after an earnings sell-off on Thursday.
Magnificent Seven Stocks
Among the Magnificent Seven, Tesla (TSLA) fell but found support at the 50-day moving average. The electric-vehicle maker began its largest recall in China on Friday. Tesla recalled 1.6 million cars in China to fix an Autopilot feature. Tesla also reduced the estimated range of two Model Y variants.
Nvidia (NVDA) is forming a flat base and is rebounding from the 50-day moving average. Amazon.com (AMZN) is also holding the 50-day while Meta Platforms (META) is extended.
Google parent Alphabet (GOOGL) has fallen below a cup-with-handle entry at 139.42.
Warren Buffett’s Berkshire Hathaway (BRKB) acquired 2.8 million shares of diversified media company Liberty Media SiriusXM (LSXMA) at a price of 29.76 per share. BRKB is just above a buy point of 363.19 in a cup with handle.
Market At Key Level; Nvidia Leads 6 Stocks To Watch
Outside The Dow Jones Index
Also outside the Dow Jones index, Constellation Brands (STZ) rose after it reported third-quarter results earlier Friday. Sales of $2.4 billion increased just 1% from the prior year, but earnings for the alcoholic beverages maker of $3.19 per share were 13% higher. Shares rose 3% and cleared resistance at the 200-day moving average, but a buy point at 273.65 remains distant.
Mettler-Toledo (MTD) fell 1.5% after the company said that sales and earnings for the fourth quarter will be lower than its previous guidance due to delays in shipments. The company makes precision instruments for several industries.
Crypto plays are moving as a spot-bitcoin ETF approval deadline looms. Marathon Digital (MARA) and Riot Platforms (RIOT) sold off after recent hefty gains. The Grayscale Bitcoin Trust (GBTC) fell 0.2%, while bitcoin fell a little less than 1%.
Please follow VRamakrishnan on X/Twitter for more news on the stock market today.
YOU MAY ALSO LIKE:
Top 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 Long-Term Leaders
MarketSmith: Research, Charts, Data And Coaching All In One Place
How To Research Growth Stocks: Why This IBD Tool Simplifies The Search For Top Stocks
