Stock Market Today: Dow Jones Slips As Nvidia And Super Micro Get Price Upgrades
Stocks remained under fierce selling pressure in afternoon action Thursday as wholesale prices in February shocked investors and retail sales weakened. Nvidia and Super Micro Computer plunged, even as analysts turned bullish on both AI leaders. A Cathie Wood holding soared. And bitcoin and gold fell as Treasury yields surged on the stock market today.
X
The Dow Jones Industrial Average dropped 0.5% in recent trades though some tech leaders fared well. The S&P 500 also fell 0.5% as the Nasdaq slid 0.4%. And small caps on the Russell 2000 erased Wednesday’s gains, falling 2%
Figures from the Labor Department showed the producer price index in February rose 0.6%. Economists had expected monthly wholesale prices to rise 0.3%. On an annual basis, prices rose 1.6%, higher than views for 1.2%.
In other economic data, initial jobless claims for the week ended March 9 fell to 209,000. Economists had expected claims of 215,000, according to Econoday. Also, February’s retail sales rose 0.6% vs. views for 0.7%, after falling 0.8% in January.
Most sectors in the S&P 500 were lower in the stock market today, though communications services and energy rose.
Volume on the New York Stock Exchange and on the Nasdaq ran higher compared with the same time on Wednesday. But breadth remained poor, with decliners beating advancers by more than 3-to-1 on both exchanges.
The Innovator IBD 50 (FFTY) exchange traded fund suffered a loss of 1.5%. And the yield on the benchmark 10-year Treasury note jumped 10 basis points to 4.29%.
Dow Jones Stocks
On the Dow Jones index, only five stocks gained in recent action. Apple (AAPL) and Microsoft (MSFT) rose, as did Visa (V). Microsoft and Visa rebounded from their 10-week moving averages.
Other Dow Jones stocks fell. Disney (DIS), Verizon (VZ) and Intel (INTC) weighed on the index.
Stocks Market Today
Nvidia (NVDA) fell nearly 4% even as BofA Securities raised its price target to 1,100 from 925 on the IBD Leaderboard and IBD 50 holding. BofA analyst Vivek Arya found Nvidia’s “valuation and ownership attractive compared to semis/infotech peers.”
The upgrade comes as the leader in artificial intelligence chips plans its GTC AI conference for developers next week. Nvidia has had a huge run, rising 77% year to date after its massive 2023 rally when it gained 239%.
Meanwhile, BofA analyst Ruplu Bhattacharya hiked his price target for Super Micro Computer (SMCI) from 1,040 to 1,280, but shares fell nearly 5%. Both Nvidia and Super Micro are testing their short-term moving average. Super Micro holds a gain of 298% year to date.
Cathie Wood’s ARK Invest holding Robinhood (HOOD) surged more than 5%. Reposts said that the financial services company’s assets under custody grew 16% in February.
Meanwhile, Tesla (TSLA) fell nearly 4% on the stock market today. Shares are in a downtrend.
Earnings moved homebuilders and software stocks. Lennar (LEN) fell more than 6% and pulled back into a buy zone after its report late Wednesday. UiPath (PATH) and SentinelOne (S) fell below their 50-day moving average in heavy volume, which is a sell signal. SentinelOne’s sales and margins outlook came in below expectations.
Stocks Near Buy Points
A few stocks remained near buy points in proper bases in the stock market today. Neurocrine Biosciences (NBIX) remained near its buy point of 143.35 in a flat base. Royal Caribbean (RCL) was close to a buy point of 133.77 in a cup base.
Finally, recent IBD Stock Of The Day and Leaderboard holding Dexcom (DXCM) is near a proper buy point of 132.03.
Please follow VRamakrishnan on X/Twitter for more news on the stock market today.
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