Stock Market Today opened with a swingy session. Nvidia’s strong earnings initially pushed markets higher. Later, the stock reversed and indexes slid. The Dow gave back a sharp rally and the S&P and Nasdaq pulled back.
Market action and key moves
- The Dow slumped 350 points, or 0.8%, after earlier jumping as much as 718 points.
- Nvidia rose about 5% to a session high of 196, then fell more than 2%.
- Walmart climbed roughly 6% and led gains within the Dow.
- The S&P 500 declined 1.3% after an early high of 6,769. The index pushed below its 50-day line.
- The Nasdaq composite slid 1.4% after an early 2%-plus gain.
- The Russell 2000 dropped about 0.5%.
Economic backdrop and interest rates
- A surprise jobs report supported markets earlier in the day. The Labor Department said the U.S. added 119,000 jobs in September, above expectations. The unemployment rate ticked up to 4.4%. Economists had expected a 50,000 gain and a 4.3% jobless rate.
- The 10-year Treasury yield eased two basis points to 4.11%.
- Oil traded higher early, with West Texas Intermediate around $59.90 a barrel before cooling to roughly $58.95.
Breadth, volume and sector notes
- Breadth turned negative. On the New York Stock Exchange, losers outnumbered winners by about 3-to-1. The Nasdaq’s ratio was just under 2-to-1.
- Nasdaq volume jumped sharply versus the prior session, hinting at distribution. NYSE volume rose about 15%.
- The Dow Jones transportation average fell 0.6% and is down 1.6% year-to-date.
- Utilities were not a refuge. XLU slipped to 88.41 and sits below its 50-day moving average, though its spring uptrend remains intact.
- The Invesco QQQ Trust (QQQ) lost 0.9%.
Data-storage names hit hard
(1:23 p.m. ET)
- Sandisk plunged roughly 15% in heavy turnover, hitting a session low of 205. The stock sliced through its 21-day exponential moving average for the first time since its breakout. Sandisk had cleared a cup-with-handle entry of 48.46 and later surged to a recent high of 284.76.
- Micron fell nearly 7% for a fourth straight session, with volume about 73% above normal. The stock undercut its 21-day line and appears headed for a test of the 50-day moving average.
- The remaining quarter-size IBD Leaderboard position was sold on Thursday morning.
Nuclear and energy-related movers
(12:29 p.m. ET)
- Constellation Energy at one point was up 6% before turning lower and closing down about 1.7%. The stock briefly reclaimed its 50-day moving average.
- Oklo rallied early but reversed into an 11% loss and slid below 100. Oklo remains well below its all-time peak of 193.84.
Broadcom, Palantir and other big names
- Broadcom staged one of the session’s strongest moves, rallying nearly 6% to a high of 375.36. The stock pushed above its 50-day moving average and a follow-on entry. Since its breakout earlier in the year, Broadcom has rebounded off the 10-week line and is eyeing a retake of a 374.23 entry. Broadcom reports fiscal fourth-quarter results on Dec. 11.
- Among Nasdaq 100 names, Palantir and AppLovin jumped more than 4% early in the session. Datadog and DoorDash were among early decliners, dropping more than 2% and about 0.5%, respectively.
- On the blue-chip front, Amazon and IBM rose more than 2% early, while Microsoft added more than 1%. Merck and McDonald’s edged down slightly.
Jobs report and Nvidia earnings
(8:46–8:09 a.m. ET)
- The Labor Department reported a surprise gain of 119,000 jobs in September and a 4.4% unemployment rate. Expectations had been for a 50,000 gain.
- Nvidia premarket rallied after releasing results. The company earned an adjusted $1.30 a share on sales of $57 billion for the quarter ended Oct. 26, beating expectations of $1.26 and $54.9 billion. A year earlier Nvidia earned $0.81 on $35.08 billion in sales.
- Nvidia projected fiscal fourth-quarter revenue of $65 billion versus expectations of $62.17 billion. Last year in the same quarter Nvidia recorded $39.33 billion in sales.
What to watch next
- Momentum in AI and chip names after Nvidia’s outlook. Early strength can reverse quickly, as seen in this session.
- Data-storage group technicals after Sandisk and Micron sliced through short-term support. Four straight down sessions for Micron signal weakening near-term trend.
- Breadth and volume patterns for signs of sustained distribution versus a brief pullback.
Stock Market Today delivered a volatile mix: strong corporate earnings and a surprising jobs print early in the day, followed by sector rotation and distribution that left major indexes lower by the close. Follow TNN for more financial news!
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