The stock market was firmly lower in afternoon trading Friday as earnings reports dominated the headlines. Chevron (CVX) lagged in the Dow Jones Industrial Average today, down 3%, as Wall Street weighed its latest earnings report.
Atlassian (TEAM) was top gainer in the Nasdaq 100 after reporting a 92% surge in quarterly profit and 38% increase in revenue. Amazon.com (AMZN) faded off highs despite reporting its third straight quarter of triple-digit earnings growth and a 44% jump in revenue.
Twitter (TWTR) took a hit, down 13%. Earnings beat forecasts, but user growth missed while revenue guidance came in light.
In afternoon trading, the Dow Jones Industrial Average and S&P 500 were down 0.6%, and the Nasdaq composite dipped 0.5%. Volume on the NYSE and Nasdaq was lower compared to the same time Thursday.
U.S. Stock Market Today Overview
Last Update: 1:10 PM ET 4/30/2021
Thursday’s session had the feel of a stalling session for the Nasdaq composite, which would’ve added a distribution day to the Nasdaq’s count. But the index closed in the middle of its intraday range, so a stalling session was avoided.
The distribution-day count is still relative mild for the Nasdaq and S&P 500 at three each. Read The Big Picture column every day to stay on top of stock market health. The column has flagged several market tops and bottoms by monitoring institutional buying and selling in the indexes.
Dow Jones Movers
Chevron slumped 3% and paid a visit to its 50-day moving average after reporting mixed results. The oil giant is still forming a flat base but support at the 50-day line is in question.
Amgen (AMGN) was the top percentage gainer in the Dow Jones today, up 1.5%, but it’s still damaged goods after a bearish gap below its 50-day moving average Wednesday.
Walgreens Boots Alliance (WBA) also bucked the trend in the Dow Jones industrials with a marginal gain. It’s testing support at the 50-day moving average again. A bounce with conviction off that support level would put the stock in an follow-on buy zone.
Outside the Dow Jones, several growth stocks were under selling pressure. The Innovator IBD 50 ETF (FFTY) fared no better, down 0.9%. The exchange traded fund held in a tight intraday range and is still comfortably above its 50-day line.
Inside the IBD 50 index of leading growth stocks, 360 DigiTech (QFIN) slumped 4% and fell below its 50-day moving average. Leaderboard stock Generac (GNRC) fell 4.5% after shares jumped nearly 7% in strong volume Thursday on a strong earnings report. The maker of power generators is testing support at its 50-day line again.
In the security software group, strong earnings and bullish guidance fueled a 4% gain for Fortinet (FTNT). It bounced nicely off the 21-day exponential moving average.
Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.
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