The stock market closed little changed Friday, while halfway around the world Alibaba (BABA) was boasting billions in sales Saturday on the Singles Day shopping event.
X The Nasdaq composite edged up a fraction. Among major Nasdaq components, Netflix (NFLX) eased and touched its 50-day moving average, where the stock now seeks support. Shares of the video streaming company remain near the 190.05 buy point of a breakout Oct. 5.
The S&P 500 fell 0.1% while the Dow Jones industrial average eased less than 0.2%. The Russell 2000 added 0.1%. Dow component General Electric (GE) rose 2.5% as shares appear to be bottoming at the 20 price level. On Monday, CEO John Flannery is unveiling a turnaround strategy for the industrial company.
Volume fell from Thursday's levels, and breadth was mixed. Winners topped losers by 7-to-5 on the Nasdaq but losers led on the NYSE by 6-to-5.
Consumer stocks led Friday's trading, capping a good week for the beaten-up retail sector. Consumer electronics, home furnishings, leisure products and footwear were among the top 15 industry groups Friday. Energy, health care and metals were some of the weakest groups.
In a gauge of Chinese consumer spending, Alibaba kicked off its annual "11.11 Global Shopping Festival" with scorching sales of $5.4 billion in the first 10 minutes, the company said. The stock is about 5% above the 177.10 buy point after a September breakout.
It was a light day for breakouts. But News Corp. (NWS) soared 5% after it beat profit expectations. The media company surged past the 15 buy point of a flat base that formed within a consolidation that goes back more than a year. News Corp. reported adjusted earnings of 7 cents a share, vs. a year-ago loss of a penny a share. Revenue increased 5% to $2.06 billion.
Trade Desk (TTD) plunged 14%, careening all the way to its 200-day moving average in heavy volume. Late Thursday, the online advertising company's Q3 results were above views, but the forecast for current-quarter sales was disappointing. Trade Desk had been on IBD Leaderboard but was kicked out on Wednesday, before the selling grew worse.
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