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The stock market deteriorated in Wednesday afternoon trading with mixed results for major indices. Investors analyzed numerous earnings reports, including: Calvana (CVNA), ASML (ASML) and JB Hunt Transport Service (JBHT).
X
The Nasdaq Composite Index recovered its previous gains and fell 0.1% in Wednesday afternoon trading. The Dow Jones Industrial Average rose 0.4% to lead the index, while the S&P 500 rose 0.2%. Small-cap Russell 2000, meanwhile, rose 0.2%.
The Invesco QQQ Trust ETF (QQQ), which tracks the Nasdaq 100, reversed its previous rally to post a 0.2% loss. The Innovator IBD 50 ETF (FFTY) performed worse than the leading index, down 2%.
Volumes on the New York Stock Exchange and Nasdaq were higher than at the same time on Tuesday.
Econoday reported 1.434 million housing starts in June, below the consensus consensus of 1.48 million. On the other hand, the number of permits was 1.44 million, compared to the expected 1.483 million.
Stock Market Moves: AI Stocks Resurface
Palantir Technologies (PLTR) regained its previous gains and fell 0.8% after the company announced a partnership with SpectreOps. The deal will enable SpecterOps to offer enterprise-grade defense solutions to government agencies through Palantir’s FedStart Software as a Service (SaaS).
PLTR stock has shown strength from its focus on artificial intelligence. Cybersecurity stocks hit a 52-week high on Thursday.
shares of lululemon athletica (LULU) rose 1.3% to break out of the base of the flat trend and reach a buy point of 389.06. Athleisure shares are in a 5% buy zone that extends to 408.51.
Lululemon stock hit a 52-week high. The company posted accelerated revenue growth of 54% in the quarter ending April, with sales growing 24%. Analysts expect EPS growth of 18% in 2024 and 15% in 2025.
Sophie Technologies (SOFI) added 2%, adjusting for a significant increase. Fintech stocks retreated from the cup-based 20% profit zone at 8.24 buy points.
Auto retailers surge in profits
Carvana stock surged more than 28% after the company announced that it expected second-quarter sales to beat expectations and positive third-quarter adjusted EBITDA.
The used-car retailer also revealed plans to significantly reduce its debt.
Asset management and asset stock goldman sachs (GS) added 1.5% after reporting lower second-quarter profit expectations.
interactive broker (IBKR) fell 3.8% as the company failed to meet both its sales and profit figures in the second quarter. The online brokerage cited a drop in futures contracts and a drop in stock trading volume.
The IBD 50 stock ASML fell 3.9% despite better Q2 sales and earnings. The semiconductor equipment supplier also announced better-than-expected sales guidance for the third quarter.
The stock has broken below the flat-based buy zone at the buy point of 747.13.
oil services stocks Halliburton (HAL) fell sharply 2.9% after reporting disappointing second-quarter sales and outperforming EPS. Shares are down more than 5% since the beginning of the year.
Shares of JB Hunt rose 2.3%, even though the company underperformed expectations for second-quarter sales and earnings.
The stock is on a saucer base with a buy point of 200.64 points.
Other stock market moves
Omnicom (OMC) sold a very large amount of more than 11% after reporting revenue and inline EPS forecast leaks.
Marketing and advertising stocks fell below their 50-day moving averages, flashing sell signals. OMC is the biggest loser in the S&P 500 today.
IBD Leaderboard Strains Tesla (TSLA) and Netflix (NFLX) is expected to report second-quarter results after the market close on Wednesday.
Joby Aviation JOBY shares fell more than 17% after JPMorgan Chase downgraded the all-electric aircraft company from neutral to underweight and raised its price target from 5 to 6.
Follow Kimberly Koenig for more stock market news on Twitter @IBD_KKoenig.
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