Stocks faded a bit Friday as gains for the S&P 500 and the Nasdaq shrunk in morning trades and the Dow Jones Industrial Average hovered around break-even territory. Palantir Technologies (PLTR) attempted to keep its winning streak going while Tesla (TSLA) retook a critical moving average on the stock market today.
The Nasdaq added 0.4%, hovering around the 18,000 level. The S&P 500 gained 0.2%.
Meanwhile, the Dow was flat and flirting with the 42,000 level after closing just above it Thursday. Small-caps on the Russell 2000 outperformed the major indexes with a 1% rise and retook their 21-day exponential moving average.
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Volume was higher on the New York Stock Exchange and lower on the Nasdaq vs. the same time Thursday.
The 10-year Treasury yield added 10 basis points to 3.95% following the robust jobs report. That increases the likelihood of smaller Federal Reserve rate cuts. The CME FedWatch Tool shows a 91% chance of a quarter basis point cut at the November meeting.
Crude oil climbed to $74 a barrel.
Economic News: Job Growth Crushes Expectations
The Labor Department reported September non-farm payrolls increased a whopping 254,000 vs. the 132,500 estimate, and nearly 60% ahead of the revised 159,000 in August.
The private payrolls grew 223,0000, well ahead of the the 125,000 projected and nearly double August’s revised 114,000.
Lastly, manufacturing jobs fell 7,000 vs. the revised 27,000 drop in August. The unemployment rate dipped to 4.1%, below the 4.2% expected.
The East Coast port dockworkers’ strike ended with International Longshoremen’s Association agreeing to a 62% wage increase over six years, according to The Wall Street Journal.
Despite the settlement, container shipping firm ZIM Integrated Shipping (ZIM) plunged another 13% in heavy volume following three days of selling. Shares broke out of a consolidation pattern with a 23.82 buy point last Friday. They hit a 52-week high Monday before the stock reversed the next day. Shares undercut their 50-day moving average on the stock market today.
Stock Market Today: Tesla Tries To Recover
Magnificent Seven stock Tesla (TSLA) rose more than 3% in an attempt to break its three-day losing streak. Shares are in a cup base with a 271 buy point, but a handle was trying to form at 264.86. The stock reclaimed its 21-day line on the stock market today.
Tesla rival Rivian (RIVN) tumbled more than 6% after the electric-vehicle maker reported third-quarter production and delivery numbers that lagged the prior year’s figures. It also lowered its full-year 2024 production outlook. The stock has acted poorly with a dismal 10 IBD Relative Strength Rating and a 59% decline so far this year.
Palantir Technologies (PLTR) gained another 1% on top of Thursday’s 4.7% increase and reached a 52-week high. The IBD 50 stock is extended from its latest base and a bounce off its 10-week moving average. Shares have climbed 128% so far this year.
IBD 50 and SwingTrader name Nvidia (NVDA) was up substantially in premarket action, but trimmed those gains to a slim 0.4% during recent trades.
Other Stock Movers: Window Maker Soars After Earnings
Apogee Enterprises (APOG) popped more than 23% in heavy volume after the window manufacturer topped fiscal second-quarter adjusted earnings and sales expectations. It also raised its fiscal 2025 adjusted profit outlook. Shares jumped above the buy point of an irregular base with a 70.65 buy point. The stock reached a new high on the stock market today.
Spirit Airlines (SAVE) plunged more than 25% in huge volume, on news the airline is considering filing for Chapter 11 bankruptcy, according to The Wall Street Journal. Shares are on pace for an all-time low, according to Dow Jones Market Data.
Other airline stocks, including United Airlines (UAL), American Airlines (AAL) and Delta Airlines (DAL), all jumped 5% or more on the Spirit news.
Dow Jones stock Amazon.com (AMZN) posted a 1.5% gain. The company announced it will hire 250,000 transportation and warehouse workers for the holiday season, the same as last year, according to Reuters.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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