BREAKING: Streaming Services Face Judgment Day
The stock market racked up modest gains on Friday as the major indexes improved in the final hour and closed near the day’s highs in the last trading session of the week.
Nasdaq composite stocks climbed nearly 0.5% while the Dow Jones Industrial Average added 0.4%. The S&P 500 also gained 0.4% on the stock market today. All three major indexes remain solidly above their 50-day moving averages.
Meanwhile, the Russell 2000 index showed more strength and added 0.7%. The Russell continues to hold firmly above its 200-day moving average.
Volume fell modestly on the New York Stock Exchange and the Nasdaq vs. the same time on Thursday.
The Invesco QQQ Trust (QQQ), which tracks the Nasdaq 100, bumped up 0.4%. The Innovator IBD 50 ETF (FFTY) also gained 0.4%. And the 10-year Treasury yield rose 12 basis points to 4.25%.
Earlier Friday, the U.S. Labor Department reported 199,000 new nonfarm payroll positions for November, which exceeded economists’ estimates for a 180,000 gain, according to Econoday. The unemployment rate unexpectedly fell to 3.7% vs. the expected 3.9% figure.
Crispr Therapeutics (CRSP) sank more than 8% in volatile trading despite news that the U.S. Food and Drug Administration approved its first treatment with CRISPR gene-editing technology. The medicine was created by Crispr Therapeutics and Vertex Pharmaceuticals (VRTX) for sickle-cell disease.
Crispr whipsawed from early morning gains to afternoon losses. VRTX stock slid 0.6% on the news.
IBD 50 name SentinelOne (S) popped 2.5% after Goldman Sachs raised its price target to 19 and Scotiabank raised its target to 20 on the stock. Shares are extended from the 21.95 buy point of an irregular base.
Cryptocurrency exchange stock Coinbase (COIN) jumped 7.7% in sympathy with the increased price of bitcoin. COIN stock topped the profit zone from the 114.43 buy point of a cup base.
Shares are nearing the 52-week high reached on Tuesday. COIN hit its highest close since April 20, 2022, when it finished at 147.13, according to Dow Jones Market Data.
IBD 50 stock Nvidia (NVDA) jumped nearly 2% and revisited the 476.09 buy point of a double-bottom base in light volume. Shares are just in the buy zone.
Rally Ready To Run? 5 Stocks In Buy Zones As Tesla Sets Up
Lululemon Athletica (LULU) reversed from an early morning drop to spike 5.4%. The yoga apparel retailer reported higher-than-expected earnings and sales for its third quarter late Thursday. The stock initially fell when investors focused on management’s projections for fourth-quarter earnings and sales that came in lower than analyst views.
Shares hit the 20% profit zone of a flat base with a 406.94 buy point, according to MarketSmith pattern recognition. The IBD 50 stock touched an all-time high Friday, according to Dow Jones Market Data.
Carrier Global (CARR) gapped up 4.5% on news it would sell its Global Access Solutions business to Honeywell International (HON) for $4.95 billion. The business provides technology to protect homes and businesses. Honeywell, a Dow Jones component, fell 1.6% on the news and was the index’s biggest loser on Friday.
Booking Holdings (BKNG) broke out of a consolidation and hit a 3,251.71 buy point in light volume.
Luxury home and lifestyle retailer RH (RH) tumbled 14% following the company’s surprise third-quarter loss and sales miss. The stock fell below its 50-day line, flashing a warning signal.
Smartsheet (SMAR) gave back earlier gains and fell 1.6% despite the company beating third-quarter earnings and sales estimates from analysts.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
YOU MAY ALSO LIKE:
Get Free IBD Newsletters: Market Prep | Tech Report | How To Invest
What Is CAN SLIM? If You Want To Find Winning Stocks, Better Know It
IBD Live: Learn And Analyze Growth Stocks With The Pros
Looking For The Next Big Stock Market Winners? Start With These 3 Steps
Want More IBD Insights? Subscribe To Our Investing Podcast
12/11/2023 IBD’s top-performing stock lists have just been updated. See which stocks got added – and which got cut.
12/11/2023 IBD’s top-performing stock lists have just been updated. See which…
Wall Street analysts believe the streaming video industry is poised for consolidation. (© Jon Krause)
Get instant access to exclusive stock lists, expert market analysis and powerful tools with 2 months of IBD Digital for only $20!
Get market updates, educational videos, webinars, and stock analysis.
Learn how you can make more money with IBD’s investing tools, top-performing stock lists, and educational content.
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the stocks they discuss. The information and content are subject to change without notice.
*Real-time prices by Nasdaq Last Sale. Realtime quote and/or trade prices are not sourced from all markets.
Ownership data provided by Refinitiv and Estimates data provided by FactSet.
© 2000-2023 Investor’s Business Daily, LLC. All rights reserved