April 22, 2024
Stock Market

Stock Market Today: Nasdaq Hits An All-Time High As Indexes Pick Up Steam

The Nasdaq composite hit a new all-time intraday high Friday, breaking a 27-month-old record, as major indexes gathered momentum on the stock market today.


The Nasdaq jumped 1.2% to hit the 16,290 mark in afternoon trades, surging past its previous all-time intraday high of 16,212.23 set on Nov. 22, 2021. The tech-heavy composite is the last of the major indexes to reach a new peak during the current rally, following the lead of the Dow Jones Industrial Average and the benchmark S&P 500.

Meanwhile, the Dow ticked 0.2% higher, while the S&P 500 strengthened and rose 0.7%, also setting a record high. The small-cap Russell 2000 bumped up 1% to hit a new 52-week high.

The Dow, which hit its all-time high on Feb. 23, and the S&P 500 have had their best starts of the year since 2019. The Dow has gained 3.5% year-to-date and the S&P is up 6.8% through Thursday’s close, according to Dow Jones.

Volume rose on the New York Stock Exchange and fell on the Nasdaq compared with the same time on Thursday.

The Invesco QQQ Trust (QQQ) exchange traded fund climbed nearly 1.6%. The Innovator IBD 50 ETF (FFTY) proved stronger than the major indexes and also rose 1.6%, on the stock market today.

The 10-year Treasury yield shed 6 basis points to 4.2%.

Stock Market Today: Marvell Breaks Out

Commvault Systems (CVLT) climbed more than 2% and topped a 20% profit zone of a 76.90 buy point of a cup-with-handle base. Shares also formed a bullish three-weeks tight pattern with a 95.68 entry and are in a buy zone up to 98.55. The data retrieval specialist reached an 52-week high.

Marvell Technology (MRVL) soared 8% and broke out of a flat base with a 73.53 buy point. The stock was sitting just slightly atop a 5% buy zone that reaches to 77.21. The move came after Oppenheimer reiterated its outperform rating and lifted its price target on the stock to 80 from 70. Marvell reports its fiscal fourth-quarter results on March 7.

Veeva Systems (VEEV) edged lower in recent trades on a volatile day, after the company topped fiscal fourth-quarter profit and sales estimates. Shares of the marketing software firm topped the 225.49 buy point of a cuplike base before retreating. Veeva stock is back below a buy point.

Brazilian aircraft maker Embraer (ERJ) broke out of a cup base with a 20.13 buy point in heavy volume. Shares are in a buy zone that stretches to 21.14 on the stock market today.

Stock Market Movers: Earnings Action

IBD 50 stock Zscaler (ZS) gapped down more than 9% even after its fiscal second-quarter earnings and sales topped estimates. It also gave current quarter and a fiscal 2024 revenue outlook that was slightly above analyst views, but that didn’t satisfy investors. The cybersecurity stock fell below its 50-day moving average in heavy volume, after a couple of Wall Street brokerages cut their price targets on Zscaler shares.

Dell (DELL) catapulted nearly 30% higher in huge volume, after the computer and server maker beat its fourth-quarter profit and revenue expectations and increased its dividend. Shares reached an all-time high on Friday.

Elastic (ESTC) tumbled 13% after the enterprise data software company reported fiscal third-quarter earnings and sales that exceeded expectations. It also gave a current quarter sales outlook that was above analyst projections, but the stock fell anyway. Shares plunged below the 50-day line after hitting a 52-week high on Thursday, flashing a sell signal.

Autodesk (ADSK) gave back most of the day’s gains to rise 2.2% higher in heavy trading. The volatile action came after the company’s higher-than-expected profit and revenue for the fourth quarter. It also gave a full-year 2024 revenue outlook that topped views, but its 2024 adjusted earnings forecast slightly lagged Wall Street’s predictions. The computer-aided design software stock reached a 52-week high on Friday, before retracing on the stock market today.

Other Stock Shakers: Insurance Stock Breaks Out

NetApp (NTAP) soared more than 21% after beating fiscal third-quarter earnings and sales views. Shares broke out of a flat base with a 91.78 entry. But a new buy point of 109.55, based on the high of the first five-minute bar, is more appropriate because the stock gapped up. A new buy range reaches to 115.03.

NetApp shares reached a 52-week high and produced a power-from-pivot flag, according to MarketSmith pattern recognition. The flag appears after a stock has advanced at least 20% from a buy point in 15 trading days, or three weeks.

Further, its relative strength line reached a 52-week high, as shown by the blue dot on the chart. The stock was the biggest gainer on the S&P 500 and is on pace for its largest daily percentage increase since Aug. 14, 2002, when it jumped 27.66%, according to Dow Jones.

Fidelis Insurance (FIHL) went a similar path as NetApp, as it jumped and broke out of an undefined base with a 15.30 buy point. Now, a gap up buy point of 18.61 is more fitting.

The stock has since retreated below the new buy point but the new entry remains valid. The specialty insurance provider smashed its fourth-quarter earnings and revenue estimates. Fidelis had its initial public offering on June 29 at a price of 14 per share.

Sweetgreen (SG) launched around 27% higher after the health fast-food restaurant reported a smaller-than-expected loss and higher sales for the fourth quarter on the stock market today.

Other Stock Action Today: Bank Stock Sells Off Again

New York Community Bancorp (NYCB) tumbled after the company on Thursday reported that it found “material weaknesses” in its internal controls and immediately changed its chief executive. This drop is on top of the 37.7% sell-off on Jan. 31, following the regional bank’s fourth-quarter surprise loss and some credit concerns.

Tidewater (TDW) broke out of a late-stage irregular base and passed a 77.53 buy point after a mixed fourth-quarter earnings report. Shares are in a buy zone that reaches to 81.41.

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


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