The Dow Jones Industrial Average and other major stock indexes faded off highs after the February jobs report came in stronger than expected for the second straight month. Nvidia stock outperformed in the early going in the stock market today, one day after Mizuho lifted Nvidia‘s (NVDA) price target to 1,000. But a 5% early gain faded badly to a loss of more than 2% near midday.
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Nvidia stock is start to showing aspects of a climax top, which raises the likelihood of a near-term pullback.
The iShares Russell 2000 ETF (IWM) was up 1.6%, but the gain faded to around 0.4%.
Top price gainers in the Dow Jones today included Salesforce (CRM), which added around 1.5%. Salesforce continues to be a strong performer after a breakout from a 19-week consolidation Nov. 30. Apple (AAPL) also outperformed in the Dow Jones index with a gain of more than 1%, but Apple stock remains on a firm downtrend as Wall Street worries about slowing iPhone demand, among other things.
Broadcom (AVGO) was down 6% despite a strong earnings report. The company also forecast $10 billion in AI chip sales this year, but investors shrugged off the news.
Several AI-related stocks moved higher early, including Super Micro Computer (SMCI), but a 6% intraday gain faded to a loss of around 2%.
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Inside the MarketSurge Growth 250, Samsara (IOT) surged more than 13% after reporting strong earnings. Investors also focused on revenue guidance that came in above expectations. Samsara continues to see strong demand for its sensors and cloud-based software to manage fleet vehicles and industrial operations. Samsara gapped out of a 12-week consolidation in strong volume today.
Stock Market Today
The Nasdaq composite rose to another record high and was up 1.1% in the first hour of trading, but was down 0.3% near midday. The S&P 500 also hit a record high early but turned flat. The Dow Jones Industrial Average edged up 0.2%. Volume on the Nasdaq and NYSE was higher compared to the same time Thursday.
Breadth was strong early but weakened, with advancers beating decliners on the Nasdaq by less than 2-to-1. Breadth was more than 2-to-1 positive on the NYSE.
The 10-year Treasury yield was down 3 basis points to around 4.06% before the jobs report. Near midday, the yield was flat around 4.09%.
Stocks On The Move
Inside the MarketSurge Growth 250, several top-rated growth stocks moved sharply higher. Bitcoin-related stocks outperformed, including Marathon Digital (MARA) and Coinbase (COIN), which rallied 6% and 5%, respectively. Both also faded from session highs, however.
Square parent Block (SQ), gave an early buy signal with a 4% move higher. The stock has been holding gains well after surging on earnings two weeks ago. It’s still underneath an alternate 83.29 handle entry.
But then news wasn’t great at Costco (COST) and database software firm MongoDB (MDB), both of which plunged on earnings.
Costco stock gapped down to its 21-day exponential moving average in the stock market today after the company missed on revenue. Costco was one of the first stocks out of the gate when the Nasdaq composite and S&P 500 marked follow-through days in early November.
MongoDB pared losses and found support at its 200-day line after reporting earnings and revenue above expectations. But the company guided revenue for its current fiscal year 2025 below expectations.
Follow Ken Shreve on X @IBD_KShreve for more stock market analysis and insight.
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