SPX, NDX New All-time Closing Highs after AVGO EPS Beat and Better-than-expected PPI Report...Technology, Real Estate Lead Sectors...After-hours: ADBE +14% on EPS...

© 2024

The SPX +12.71, 5,433, opened higher, after futures rose overnight following AVGO earnings report and a better-than-expected PPI report at 8:30 am ET.  After the open the SPX filled the gap, traded in a range and closed above 5,400 again at a new all-time closing high. The NDX +0.57% also made a new all-time closing high. Breadth weakened on Thursday. 

The PPI report BMO was better-than-expected: Core M/M 0.0% vs 0.3% consensus, Y/Y 2.3% vs 2.4% consensus.

NVDA +4.41, +3.52%, 129.61, opened and closed higher.

AVGO +183.48, +12.27%, beat earnings and revenue estimates Wednesday after the close and said revenues from AI was $3.1 billion.

TSLA +5.18, +2.92%, 182.47, shareholders voted to ratify Musk’s $56 billion 2018 pay package.

After-hours:  ADBE +67.69, +14.76%, beat earnings and revenue estimates while posting record revenues.

Mega caps NVDA, TSLA, AAPL, MSFT rose and META, GOOGL, AMZN fell on Thursday.

SPY up 1.09 at 542.45 on 44.7 million shares, slightly below average volume.

VIX down 0.10 at 11.94

QQQ up 2.57 at 476.72

JPM, HD, UNH, PG led the DJIA, 15 advancers, +7

SMCI, AVGO, ANET, INCY, QRVO led the SPX, 185 advancers 

AVGO, NVDA, TSLA, EXC led the NDX, 29 advancers

Up:  QQQ, SPY,

Down:  DIA, IWM,

Five of eleven sectors were higher on Thursday, led by XLK, XLRE and XLU.

The SPY MFC green line is turned down slightly at 95.8 and is short-term bullish.

Uptrend sectors:  XLU, XLP, XLC, XLK, XLI, XLF, XLB, XLE,

Neutral sectors:  XLY, XLV, XLRE,

Down trend sectors: 

The 6-month intermediate trend is up.  The ten-day trend is up.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

29 of 100 NDX stocks closed higher on Thursday.

63 NDX stocks are above their 30 DMA:  AZN, GOOGL, PDD, MRNA, TXN, NXPI, TSLA, COST, TTD, VRSK, AAPL, ADI, ON, QCOM, REGN, AMAT, BKNG, KLAC, NVDA, FANG, NFLX, SNPS, VRTX, ISRG, CHTR, MU, TMUS, TTWO, EA, CDW, ROST, BIIB, HON, CCEP, CMCSA, META, ROP, SBUX, MSFT, AVGO, CRWD, LIN, LRCX, ZS, ILMN, CEG, CTAS, IDXX, PANW, CDW, LIN, ORLY, PAYX, ADSK, ANSS, DASH, DDOG, FTNT, MAR, MRVL, TSLA, KDP, PCAR,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 2

KDP, PCAR,

Moving Below 30 DMA = 4

ABNB, AMD, AMZN, MCHP,

Add Comments here: