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A split start was weakened into losses on Thursday, with Facebook (FB) and Microsoft (MSFT) driving the Nasdaq to a new record, while the heavy losses of 3M (MMM) dragged the Dow Jones industrials down.
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The Nasdaq Composite reversed its initial gains by slipping 0.1%, despite strong gains from Facebook, Microsoft and Search Lam (LRCX).
Dow Jones Industrials fell 0.9% – about 240 points. 3M – which accounts for nearly 6% of the weighting of the index – was at the origin of the declines. Microsoft muscled nearly 4% higher to lead the Dow.
The S & P 500 lagged 0.4%. Facebook recorded the largest rise among the S & P 500's shares. 3M and chip maker Xilinx (XLNX) experienced the worst declines. Growth stocks rallied from the bottom of Thursday's opening stock, with the Innovator IBD 50 ETF fund (FFTY) posting a rapid decline of 0.8%.
(For updates on this story and other market coverage, visit Stock market today.)
Along with 3M, the first earnings reports on Thursday were also sent Nokia (NOK) and Patterson Energy (PTEN) in the nose. IBD 50 Xilinx shares and Spirit Airlines (SAVE) fell sharply among the S & P 500 shares that announced Wednesday night.
Lam Research, Aaron (AAN) and IBD Leaderboard stock ServiceNow (NOW) set up for potential eruptions early. Hershey (HSY) is positioned to extend recent gains. The recent takeover of smart stocks has been shared between Xilinx and Lam Research.
The iShares PHLX Semiconductor ETF (SOXX) lost 0.7%. the Direxion Daily Semiconductor Bull 3X (SOXL) lost 1.9% early in trading.
Cloud computing increases Facebook's stock
Facebook's revenues increased by 12%, while revenues jumped 26% – both analysts' estimates. Facebook shares climbed 7% in opening. UBS has modernized its shares on Facebook to buy Neutral, early Thursday. The company said it has set aside $ 3 billion to prepare for the eventual resolution of a Federal Trade Commission investigation into data privacy issues. He recorded $ 3 billion in costs for the quarter. The company said its mobile advertising revenue increased 91% in the quarter, reaching 93% of its total advertising revenue.
Thursday's gain lifted Facebook's share to about 12% under a purchase point of 218.72 in a deep cup base. Rival of cloud services Amazon.com (AMZN) climbed 1% early in the game, before the first quarter report released after the day's close.
Microsoft, 3M divide the Dow Jones
Microsoft's earnings and revenues easily outperformed analysts' expectations, raising equity by 4.1%. Cloud computing revenues jumped 41 percent to $ 9.6 billion.
The title Microsoft is working on its seventh consecutive weekly advance, and Thursday's move pushed stock by more than 20% above a 108-cup buying point. This put the stock in a for-profit area.
The shares of 3M plunged 10% after the lack of results and significant income in the first quarter. Management cut forecasts, citing "slowing conditions in key end markets", and said it had accelerated its restructuring plans.
The shares of 3M had gained 24% from the December low and were on the right side of a 14-month consolidation.
Breakouts: ServiceNow, Aaron & # 39; s
The cloud-based workflow software developer, ServiceNow, has announced an 8% increase in revenues after a 20% increase in profits and 34% in first quarter revenue. Both figures have easily cleared the hurdles of analysts. Canaccord has raised its price target from 240 to 285, while maintaining its purchase price. Keybanc maintained its overweight rating and raised the price target from 250 to 270.
This decision created a decisive gap for the stock of the IBD ranking, opening well above a point of purchase of 251.75 points on a flat basis of five weeks. The separation gap establishes a buy zone from the opening price of the stock at 261.89.
The Aaron & # 39; s electronics equipment and furniture leasing chain was up 6%. First-quarter profits increased 33%, better than expected. Revenues rose 6% to release $ 1 billion for the first time. The anticipated gain on Thursday lifted the stock to a point of purchase of 54.13 points on an eight-week basis with a cup. This could also be considered a breakaway, although the relative strength of the late stock leaves some doubt about the strength of the break. Shares opened at 55.05.
Durable goods, data on unemployment claims
Durable goods orders climbed 2.7% in March, the Commerce Department said, reversing the 1.6% decline recorded in February and giving way to a defensive view for a 0.7% increase. Transportation was the determining factor, without which orders rose only 0.4%, compared with 0.1% in February. Core capital goods advanced 1.3%, up from 0.1% and best estimates up 0.1%.
The first jobless claims filed during the week ended April 20 jumped 20 percent to 230,000, the Labor Department said. This was higher than expected and projected an increase of 209,000. This is the largest increase in the number of applications filed since September 2017.
Dow Jones: a bullish asset?
The Dow Jones Industrial Average recorded a 0.1% rise for the week until Wednesday, maintaining its gradual pace over the past two weeks. The Dow is getting closer to its previous highest level, finishing Wednesday at 1.3% below that mark.
The Nasdaq briefly broke its previous record on Wednesday and then picked up that mark on Thursday, as did the August record of 8133. The S & P 500 remains below its September record, sitting at a fraction of of the brand Wednesday.
Exceeding the previous peaks would effectively wipe out all the problems posed by the progressive increases in tariffs of the trade war and by the sanctions imposed by Iran which allowed the big indicators to be between August and last October. The resolution of these issues remains a potential, a pair of bulls for global markets and economies, and for the Trump government as we approach the 2020 election cycle.
For a more detailed analysis of the current stock market and its upward trend confirmed, study the big picture.
Shanghai slips on the concerns of the revival
In China, shares in Shanghai have been sold as regulators plan to relax economic stimulus measures that led to better-than-expected growth in the first quarter. The Shanghai Composite plunged 2.4%. The Hang Seng Hong Kong index fell 0.9%. The Shanghai Composite is up 28.4% since the beginning of the year.
The scene was clearer in Japan, where the Tokyo Nikkei 225 gained 0.5%. The results have been generally positive and the Bank of Japan has announced that it will keep short- and long-term interest rates at current and historically low levels until at least the spring of 2020.
See the table of general market indicators here.
Find Alan R. Elliott on Twitter @IBD_Aelliott
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