The Dow Jones Industrial Average looked at its highest inflation reading and was up 1% at 3 PM ET. Technology leaders gained while healthcare stocks fell. The federal debt ceiling negotiations appear to be taking a positive turn ahead of Memorial Day.
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The proposed deal would raise the $31.4 trillion debt ceiling for two years while setting several spending limits. according to reportsA firm agreement between Speaker of the House Kevin McCarthy and the White House is only $70 billion away.
The S&P 500 added a strong 1.4% on the hour, while the Nasdaq took a clear lead with a gain of 2.2% as it eyed a high last seen in August. Marvell technology (Morley) led to a continued rise in chips. Software stocks also rose a work day‘s (day) results. cumin (CMI) spin off Atmus nomination (ATMU) popped up nearly 12% in its first trading on the New York Stock Exchange. The company manufactures filter parts for cars and trucks. The company priced the offering of 14.1 million shares at 19.50, in the middle of the proposed 18-21 range.
Trading volume on the New York Stock Exchange and Nasdaq decreased compared to the same time on Thursday.
Small cap Russell 2000 posted a gain of 1% while Innovator IBD 50 focused on growth (fifty) the ETF gained 1.2%.
Crude Oil rose less than 1% to trade at $72.47 a barrel. The yield on the benchmark 10-year Treasury note was steady at 3.81%.
Outside Dow Jones: Stocks are moving today
Marvel jumped after it reported earnings. Shares surpassed a key cup overbought point of 49.59 on Thursday and rose to a 13-month high on Friday, as shown on IBD MarketSmith charts.
Chip stocks and AI stocks continued to rise, buoyed by a strong quarter and expectations from nvidia (NVDA). competition advanced micro devices (AMD) achieved a 20% profit target, while Intel (INTC) regained Thursday’s loss.
IBD Leaderboard He plays ASML (ASML) to the recent gains and extend from 683.28 buying points. nvidia (NVDA), also on the IBD Leaderboard, is seeing an internal climb on the day over the hour. Taiwan Semiconductor (TSM) After the breakout on Thursday and the extension of 95.92 points, buy the double bottom base.
Among software leaders, Workday software exited the coaster at 206.78 after fiscal first-quarter sales beat opinions. Forecasts for the current quarter ending in July were in line with Wall Street expectations. The enterprise software inventory is in the 21st-ranked industry group, out of 197 industries from IBD tracks. The RSI line, which is at the 52-week high, is also showing price action support.
on IBD SwingTraderAnd inspiration (ORCLIt continues to trade above the 50-day moving average. The stock is extended from a handle entry at 91.32.
Costco wholesale (it costs) although fiscal third-quarter earnings showed sluggish sales while earnings missed the mark. The stock is filtering the 50 and 200 day moving averages. Network giant and component of Dow Jones Cisco systems (CSCO) has also cleared the 50-day streak as it is running on a flat base with entry at 52.66.
shares stronghold (F) rose in strong volume after Tesla (TSLACEO Elon Musk said 12,000 Tesla superchargers will be available to Ford starting in 2024. Ford stock is above the 50-day line, while Tesla is trying to move above its 200-day moving average, which is currently just over 200.
Elsewhere, an EV competitor Nikola (NKLA) was on track for a four-day losing streak as it faces possible delisting from the Nasdaq stock exchange. The NKLA is trading at an all-time low of 60 cents a share.
PDD (PDD) jumped more than 18% in heavy volume after earnings. The stock is trying to cross the 50-day line and remains in a deep correction.
The personal consumption price and spending index, the Fed’s preferred measure of inflation, rose 0.4% in April. The probability of a 25 basis point rise in June rose to 64.2%, according to CME FedWatch.
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