Stock Market Mixed With The Nasdaq Slightly Ahead; Indexes Have A Rough October

The stock market closed mixed in Friday trading, with the Nasdaq the only winner of the three major indexes. Stocks closed near the day’s lows. Amazon.com (AMZN) and Dow Jones component Intel (INTC) outperformed after strong earnings reports on Thursday after the close.

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As the Dow Jones Industrial Average retreated 1.1%, the Nasdaq inched higher 0.4% in the stock market today. The S&P 500 trimmed 0.5% while the small-cap Russell 2000 pulled back 1.3%.

The Nasdaq was below its 200-day moving average for the second consecutive day and met resistance at that line. The S&P 500 and Dow fell deeper below their 200-day lines.

The S&P 500 and Nasdaq are on pace for their worst Octobers since 2018, according to Dow Jones Market Data. Both are down more than 4% for the month. The Dow is on track for its worst October since 2020, down more than 3% for the month so far.

Volume fell on both the New York Stock Exchange and the Nasdaq from Thursday’s levels, according to preliminary data.

The Invesco QQQ Trust (QQQ) exchange traded fund, which tracks the Nasdaq 100, rose 0.5%. The Innovator IBD 50 ETF (FFTY) retreated 1.5%.

The yield on the benchmark 10-year Treasury note held at 4.85%.

Stock Market Action: Amazon, Intel Rally After Earnings

Amazon popped more than 7% in heavy volume after the e-commerce giant reported higher-than-expected third quarter earnings and sales late Thursday. AMZN stock is testing its 21-day exponential moving average and remains below the 50-day line.

Intel gapped up more than 9% in heavy trading. The jump followed the chip company’s beat on its Q3 profit and revenue estimates with positive Q4 guidance Thursday. Earnings grew 11% while sales lagged 8% versus last year’s quarter. The stock rebounded from near its 200-day moving average to close at its 50-day line.

Dexcom (DXCM) gapped up more than 10% in heavy trading, after the glucose monitor maker reported third-quarter profit and sales that topped expectations. Dexcom raised its full-year 2024 revenue guidance and announced a $500 million share-repurchase program. DXCM stock tested its 50-day where it found resistance. DXCM stock was the biggest gainer on the S&P 500 Friday.

Shares of Chipotle Mexican Grill (CMG) popped 4.5% after the restaurant reported better-than-expected Q3 earnings and sales Thursday. CMG stock reclaimed its 50-day and 200-day lines in Friday’s action.

Other Stock Movers: These Stocks Fall Hard

ACM Research (ACMR) plunged more than 21% Friday in heavy volume, after the company gave preliminary third-quarter revenue guidance of $165 million to $168 million. The stock sank deep below its 50-day line and triggered a sell signal. Shares gave back gains from its August breakout.

ACM will reports its full Q3 results Nov. 7. ACM makes equipment for the chip industry.

IBD 50 stock Kinsale Capital Group (KNSL) plummeted more than 19% in hefty volume after the insurance company reported mixed Q3 results. The stock violated its 50-day line, flashing a sell signal.

Chart Industries (GTLS) tanked more than 24% in huge volume, after the cryogenics equipment maker reported worse-than-expected Q3 earnings numbers and lowered it 2023 sales guidance. The stock was already below its 50-day line and now sank below its 200-day line. The severe drop triggered a sell signal.

Enphase Energy (ENPH) sold off more than 14% after the solar-energy company reported lower third quarter EPS and sales and gave weak Q4 revenue guidance. ENPH stock was the worst performer in the S&P 500 on Friday.

Exxon Mobil (XOM) reversed lower after the oil giant missed its Q3 earnings estimates. Quarterly profit fell 49% from last year’s quarter on 19% declining sales.

Chevron (CVX) skidded more than 6% after its Q3 profit also fell short of expectations. Quarterly EPS dropped 50% on a 29% sales drop. CVX stock was the biggest loser in the Dow Jones industrials Friday.

Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.

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