New York, NY – Stocks showed modest gains on Thursday, with the Dow Jones Industrial Average and S&P 500 edging slightly higher, while the Nasdaq experienced a more significant increase. Nvidia, a key player in the IBD 50 group, saw a decline during the day’s trading session.
The Dow and S&P 500 managed to eke out a 0.1% gain by the market close, while the Nasdaq climbed 0.3%, coming close to an all-time high. The small-cap Russell 2000 also saw an uptick, posting a 0.8% gain, although it still remained below its 50-day moving average.
Trading volume increased on both the Nasdaq and the New York Stock Exchange compared to the previous day. Additionally, the 10-year Treasury yield dropped by 3 basis points to 4.29%.
Among individual stocks, Chipotle Mexican Grill experienced a nearly 6% decline, falling below its 50-day moving average following its first-ever stock split. In contrast, Super Micro Computer rallied over 6%, reclaiming both its 50-day and 21-day moving averages.
Another notable mover was Chewy, which surged over 30% before retracing some of its gains. The pet food company’s stock was one of the latest to be influenced by meme activity on social media.
In the telehealth sector, Hims & Hers faced a sharp decline of nearly 9% amid scrutiny over its weight-loss prescription practices. On a more positive note, Salesforce surged nearly 6% and became the day’s top gainer on both the S&P 500 and the Dow.
Meanwhile, Palantir Technologies saw a 5% increase following news of its partnership with Voyager Space to utilize artificial intelligence technology. Meta Platforms also broke out of a cup-with-handle base, reaching new highs and sparking speculations about a potential partnership with Apple.
Overall, the stock market witnessed a mix of ups and downs, with various companies experiencing significant movements throughout the day. Additionally, economic news revealed that consumers are tightening their belts as Personal Consumption Expenditures came in lower than expected. As the trading day concluded, Amazon.com continued to climb higher, while Levi Strauss and Walgreens Boots Alliance faced substantial declines.