Dow Jones futures fell slightly early Friday, along with those of the S&P 500 and Nasdaq 100. Contributing to the drop was Nvidia (NVDA) and other artificial intelligence chip plays like Broadcom (AVGO), Micron Technology (MU) and Arm Holdings (ARM), all of which continued to slide on the stock market today.
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Nasdaq Snaps Seven-Session Win Streak; Kanzhun, Chubb, PLTR In Focus
Dow Jones futures were 0.1% below fair value. S&P 500 futures fell 0.1% and Nasdaq 100 futures declined 0.1%, with Nvidia stock a drag.
The 10-year Treasury yield dipped to 4.23% after rising 4 basis points to 4.25% on Thursday.
Crude oil futures were little changed after rising 4.7% so far this week to $82.17 a barrel. And bitcoin fell below $64,000.
Stock Market Today: Overnight Movers
Sarepta Therapeutics (SRPT) and insurance broker Ryan Specialty (RYAN) are both set to blast out of bases on news.
Sarepta stock skyrocketed 36% before the open after the Food and Drug Administration late Thursday gave full approval to its Duchenne muscular dystrophy gene therapy for all patients age 4 and older.
Ryan stock leapt 7% Thursday night on word that it will join the S&P MidCap 400 before the open on June 28. The insurance broker was Thursday’s IBD Stock Of The Day.
On the downside, Palantir Technologies (PLTR) fell x% before the open. Monness, Crespi, Hardt downgraded the data analytics software maker to sell, citing “downbeat” results from peers indicating that a supposed AI boost this year is a “revenue illusion.” PLTR stock is set to fall back toward a trendline entry cleared earlier this week.
Microsoft Price Target Raised
Microsoft (MSFT) was steady on the stock market today, holding in a buy zone, according to MarketSurge. Citigroup raised its Microsoft stock price target to 520 from 495, citing positive news regarding OpenAI.
On Thursday, shares dipped 0.1% to 445.70, but Microsoft regained its crown as the most valuable company with Nvidia retreating.
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Stock Market Rally
The Dow Jones Industrial Average rose 0.8% in Thursday’s stock market trading, rebounding from the 50-day line and clearing recent highs from the past few weeks. The S&P 500 index fell 0.25% and the Nasdaq composite skidded 0.8% after both hit record highs intraday.
The Nasdaq is 7.1% above its 50-day line, still extended, but down from 8.2% on Tuesday.
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Nvidia Stock Retreats
Nvidia stock fell nearly 2% in premarket trade. On Thursday, the AI chip leader fell 3.5% to 130.78 after hitting a record 140.76 intraday.
Nvidia finished 30.5% above its 50-day line after briefly topping 40% intraday. Shares closed 41.9% above the 50-day line on March 7, the most in 21 years. The next day, Nvidia stock staged a sharp reversal.
Stock Market Today: Other AI Plays
Broadcom stock slipped 1% before the open. On Thursday, shares sank 3.8% to 1,734.57.
Arm stock gave up more than 2% early Friday. Shares tumbled 7.7% on Thursday to 160.77, back below the official 164 buy point after doubling in the prior two months. Investors may wait to see if Arm stock can pause around the buy point, letting moving averages close the gap.
Taiwan Semiconductor (TSM) lost a fraction early Friday. Taiwan Semi stock gave up 2.4% on Thursday to 175.38, a day after the Nvidia-chip maker hit a record high.
Micron declined 3% on the stock market today. Shares sank 6% on Thursday to 144.19, a day after hitting a record high. Micron reports earnings on June 26.
Nvidia and Taiwan Semiconductor stock are on IBD Leaderboard. Microsoft stock is on IBD Long-Term Leaders. Nvidia stock is on the IBD 50. Broadcom and Nvidia are on the IBD Big Cap 20.
Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.
Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.
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