The Dow Jones Industrial Average was giving up ground, even as the Nasdaq pushed higher late Friday. Intel (INTC) was among the best performing blue chips, but bears mauled Visa (V) amid a Department of Justice probe into possible anticompetitive behavior. Nike (NKE) also struggled on mixed earnings.
XBanks got dragged lower after the Federal Reserve's decision against extending a pandemic-era exemption that lowered bank capital requirements. Leaderboard stock Wells Fargo (WFC) was slapped lower. However fellow Leaderboard member Williams-Sonoma (WSM) was continuing to move bullishly.
The key 10-year Treasury bond yield was holding above the 1.7% mark, though it did fall back slightly. Rising yields have been hurting growth stocks, with techs suffering the most.
Fed Chairman Jerome Powell said in an opinion piece in The Wall Street Journal Friday that the central bank is committed to an "all-in" approach as it tries to nurse the economy back to health.
Nasdaq, S&P 500 Push Higher
The Nasdaq was up around 0.8%, though it remains shy of its 50-day moving average. At-home exercise stock Peloton Interactive (PTON) was the biggest gainer, rising more than 5%.
The S&P 500 also made progress, though its gain of 0.3% lagged. Occidental Petroleum (OXY) rose the most, gaining more than 6%.
Volume was higher than the same time Thursday. Trading rose around 2% on the Nasdaq and jumped 50% on the NYSE.
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 32753.61 | -108.69 | -0.33 |
| S&P 500 | (0S&P5) | 3925.82 | +10.36 | +0.26 |
| Nasdaq | (0NDQC ) | 13224.12 | +107.95 | +0.82 |
| Russell 2000 | (IWM) | 226.98 | +1.74 | +0.77 |
| IBD 50 | (FFTY) | 46.89 | +0.54 | +1.17 |
Last Update: 2:52 PM ET 3/19/2021 |
||||
The S&P sectors were mixed, with more winners than losers. Energy and communication services lead the way, while financials lagged.
Small caps were finishing the week with a flourish. The Russell 2000 was up 0.8%.
Growth stocks also made progress, with the Innovator IBD 50 ETF (FFTY) popping 1.2%.
Dow Jones Stock Nears Buy As Index Falls
The Dow Jones Industrial Average was lagging the other major indexes, giving up around 0.3%, though it was off lows.
Intel stock was among the top components Friday, gaining around 1%. The Dow Jones stock is close to its buy zone after breaking out of a double-bottom base with a 65.21 buy point. Intel stock has a Composite Rating of 77.
UnitedHealth (UNH) was the top Dow Jones stock of the day however, rising more than 2%. The health insurer topped a 367.49 buy point in heavy trading.
Nike stock was among the big laggards after posting mixed earnings late Thursday. It fell almost 3%, and is now testing its 50-day moving average.
Visa Stock Dips On DOJ Probe
Visa stock was down almost 5% on the news it is being investigated by the Justice Department. The department's antitrust division is asking whether Visa has curbed the ability of merchants to route debit card transactions over card networks that are often less expensive.
The new civil antitrust probe resurfaces the controversy over so-called network fees, which are invisible to consumers and lucrative for card companies. But they are a weight on merchants, who often pass on the fees in the form of higher prices to customers.
The Dow Jones stock retreated beneath a 211.69 buy point, which it passed when breaking out of a cup-with-handle base last month.
Black Eye For Bank Stocks On This Fed Move
Bank stocks were dumped Friday after the Federal Reserve said it would not extend a coronavirus-related emergency measure that aimed to facilitate lending.
The extension will expire on March 31, as planned, despite lobbying from banks. This means banks would have to include Treasuries and the deposits from Fed banks in how they calculate the supplementary leverage ratio, which aims to keep banks' risk-taking in check.
IBD Leaderboard stock Wells Fargo gave up almost 3%. Bank of America (BAC) and Citigroup (C) fell 1%, while JPMorgan Chase (JPM) slipped around 3%.
Leaderboard Stock Nears This Key Level
Williams-Sonoma stock was continuing to surge, gaining almost 9%. The stock is now closing in on its 20%-25% profit-taking range. The stock gapped up Thursday on a strong quarterly report, clearing a cup base.
Meanwhile fellow furniture stock Wayfair (W) is the IBD Stock Of The Day. It is nearing an entry at 343.09, with the buy zone extending to 360.24.
The e-commerce company has been a consistent performer during the Covid-19 disruption, having maintained double-digit revenue growth per quarter for several years and triple-digit earnings growth for the past three quarters.
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more on growth stocks and analysis.
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