Wall Street traded in a tight range while closing higher despite a disappointing jobs report — and more in Thursday’s stock market recap.
The blue chips traded to a fresh record high during the morning strength. Some caution followed due to the upcoming three-day weekend with the stock market closed for Presidents Day on Monday.
The Nasdaq added 0.4% after trading to a morning high of 14,058 while closing back above the 14,000 level.
The S&P 500 climbed 0.2% following the opening push to 3,925.
The Russell 2000 edged up 0.1% with the intraday peak reaching 2,303.
The Dow fell seven points, or 0.02%, despite tapping a new all-time high of 31,511 shortly after the open.
Technology and Healthcare were the strongest sectors after rising 1.1% and 0.2%, respectively. Energy was the weakest sector following the 1.5% pullback.
Shares of Bumble Inc. (Nasdaq: BMBL) soared 63% in its initial public offering after opening at $76 a share. The company offered 50 million shares, which they increased from 45 million at $43. Bumble initially planned to offer 34.5 million shares at a price range of $28-$30.
The company offers its namesake dating app for finding platonic friends and networking connections while letting people swipe through profiles of potential matches. Bumble makes its income when users pay for premium features.
The AAII Sentiment Survey revealed bullish sentiment closed at 45.5% last week. Optimism was above its historical average of 38% for the first time in three weeks.
Neutral sentiment was at 28.2% and below its historical average of 30.5% for the fifth straight week.
Bearish sentiment was seen at 26.3%. Pessimism was below its historical average of 31.5% for the first time in five weeks.
From the global stock market recap, European markets were mixed.
Germany’s DAX 30 rose 0.8% and the Stoxx 600 added 0.5%. The U.K.’s FTSE 100 edged up 0.1%. The Belgium20 fell 0.6% and France’s CAC 40 dipped a point, or 0.02%.
Asian markets closed on both sides of the ledger in limited action with Japan’s Nikkei closed for holiday and China’s Shanghai closed for the start of the Lunar New Year celebration.
South Korea’s Kospi and Hong Kong’s Hang Seng were up 0.5%. Australia’s S&P/ASX 200 slipped 0.1%.
Initial Jobless Claims declined -19,000 to 793,000 last week, following the previous 812,000 reading. Expectations were for a drop to 730,000. The four-week moving average fell to 823,000 from 856,500 (was 848.25k). Continuing claims slid another -145,000 to 4,545,000 after slumping -95,000 to 4,690,000 previously. The insured unemployment rate dipped to 3.2% from 3.3%.
The iShares 20+ Year Treasury Bond ETF (Nasdaq: TLT) had its three-session winning streak snapped following the intraday pullback to $148.75. Fresh and upper support at $149-$148.50 failed to hold. A move below the latter reopens weakness towards $147.50-$147.
Lowered resistance is at $149.50-$150 followed by $151-$151.50.
The iPath S&P Vix Short-Term Futures (NYSEArca: VIX) fell for the first time in four sessions despite trading to a high of 23.25. Near-term and lower resistance at 23-23.50 was breached but held. A close above the latter and the 50-day moving average would signal a retest towards 24.50-25.
Support is at 21-20.50 followed by 20-19.50.
The SPDR Dow Jones Industrial Average ETF (NYSE: DIA) was up for the ninth straight session after tagging an all-time intraday of $315.76. Unchartered territory and lower resistance at $315-$315.50 was cleared but held. A close above the latter would signal further momentum towards the $317-$317.50 area.
Rising support is at $313-$312.50 followed by $310.50-$310.
RSI remains in a slight uptrend with lower resistance at 65-70 holding. A close above the latter would suggest strength towards 75 and the late August/ early September high. Support is at 60.
The Consumer Discretionary Select SPDR (NYSE: XLY) extended its losing streak to three sessions with the low reaching $169.26. Current and upper support at $169.50-$169 was tripped but held. A close below the latter would likely indicate additional weakness towards $168-$167.50.
Lowered resistance is at $171.50-$172 followed by $173-$173.50 with Monday’s all-time peak at $173.46.
RSI remains in a downtrend with upper support at 55-50 holding. A move below the latter would suggest a retest towards 45 and the January low. Key resistance is at 60.
Check back after the closing bell for the most important news and numbers in the WealthPress stock market recap.