Stock Market Today: Dow And S&P 500 Calm Ahead Of Long Weekend

Stocks remained sedated Thursday with major indexes barely moving in afternoon action. Home Depot (HD) and Apple (AAPL) weighed on the Dow Jones Industrial Average, while downgrades prompted Palantir Technologies (PLTR) to tumble on the stock market today.

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The Dow was virtually flat, while the tech-heavy Nasdaq trimmed 0.2%. The S&P 500 inched incrementally higher after a record closing high on Wednesday. Small caps on the Russell 2000 were the clear leaders as that index jumped 0.5%.

Volume fell on the New York Stock Exchange and rose slightly in Nasdaq exchange trading vs. the same time on Wednesday, as investors look ahead to a long weekend. The stock market is closed Friday in observance of the Good Friday holiday.

In Thursday’s action, the Invesco QQQ Trust (QQQ) exchange traded fund gave back 0.2%, while the Innovator IBD 50 ETF (FFTY) skidded 0.4%. The 10-year Treasury yield added 1 basis point to 4.21%. And West Texas intermediate crude oil edged higher to $82.76 a barrel.

The final fourth-quarter GDP reading was increased to 3.4% vs. the 3.2% consensus on an annual rate, indicating the economy remains hearty. Meanwhile, the closely watched Personal Consumption Expenditures index from the Commerce Department’s Bureau of Economic Analysis rose 3.3% vs. the 3% projected.

Initial weekly jobless claims for the week ended March 23 of 210,000 tallied lower than the 213,000 expected, showing the jobs market is also robust.

Stock Market Today: Home Depot dips, Palantir Plummets

Dow Jones component Home Depot slid 0.7% after the home-improvement retailer announced it’s acquiring SRS Distribution, which sells roofing materials and building products, for about $18.25 billion. Home Depot stock is extended from a cup-with-handle base with a 334.97 buy point and reached a 52-week high of 396.87 on March 22.

Fellow Dow stock Apple sank more than 1% after DZ Bank downgraded the iPhone maker’s stock to hold from buy and cut its price target to 180 from 210. Apple stock was the worst performer on the Dow on Thursday while Home Depot was second worst.

Outside the Dow, Palantir Technologies stock tumbled around 6% after brokerage Monness, Crespi, Hardt downgraded shares to sell from neutral and gave shares a price target of 20. Shares of the IBD 50 stock are currently trading around 23. The stock sank below its 21-day exponential moving average on Thursday in lighter-than-average daily volume.

MillerKnoll (MLKN) gapped down after the office furniture maker reported better-than-expected earnings for its fiscal third quarter but sales came in below views. It also provided a fiscal fourth-quarter outlook with adjusted earnings and sales coming in below estimates. The drop below its 50-day line triggered a sell signal.

Further, RH (RH) soared nearly 18% even after the upscale home furnishings retailer reported a miss on its fiscal fourth quarter adjusted earnings and sales. Investors focused instead on the company’s current quarter outlook for revenue growth in the low single-digits and full-year sales growth of 8% to 10% for fiscal 2024.

Cruise Line Stock Reverses

Carnival (CCL) tumbled and tested its 21-day line on the stock market today. The cruise line operator reported a smaller-than-expected loss for its fiscal first quarter along with sales that came in below views on Wednesday.

Estee Lauder (EL) climbed after Bank of America Securities upgraded the skin care and cosmetics stock to buy from neutral and raised its price target to 170 from 160. Shares are in an early stage flat base with a 159.75 buy point.

The stock reclaimed its 21-day line and found resistance at its 200-day moving average. Investors may note that its fundamentals are weak, with seven straight quarters of declining earnings and six of those with sales declines. In addition, Estee Lauder’s IBD Composite and Earnings Per Share Ratings are a dismal 13.

Braze (BRZE) gapped down 16% in heavy volume sending the stock further below its 50-day line and undercutting its 200-day line, triggering a sell signal. The customer engagement platform operator reported a larger-than-expected fiscal fourth quarter loss and topped sales views. The dark cloud came as it forecast a larger current-quarter and fiscal 2025 loss than analysts’ projections.

And among Magnificent Seven stocks, Tesla (TSLA) trimmed 1.4% while Leaderboard stock Nvidia (NVDA) added 0.4% on the stock market today.

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

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