The stock market today turned in a resilient performance, ending slightly higher Friday, after weakness in shares of Apple (AAPL) fueled negative sentiment early. Procter & Gamble (PG) and Walt Disney (DIS) led the Dow higher with gains of more than 1% each. In the Nasdaq 100, Micron Technology (MU) was a nice gainer, rising 3%. Earnings are due June 20 after the close.
XNasdaq 100 futures were down 0.8% before the opening bell Friday after renewed fears of slack iPhone demand hurt shares of Apple. The FAANG stock fell 1.9% early but the stock ended near its session high, down less than 1%.
Waning iPhone demand isn't exactly a new story. In April, Apple suppliers Taiwan Semiconductor (TSM) and Broadcom (AVGO) warned of soft smartphone demand. Shares of Broadcom slumped 2.5% Friday. Before the open, the company reported earnings and sales that topped expectations, but sales guidance for the current quarter came up short.
The Dow Jones industrial average and S&P 500 added about 0.3% each. The Nasdaq composite gained 0.1%. Preliminary data showed volume on the NYSE and Nasdaq coming in lower than Thursday.
For the week, the Dow jumped 2.7%, the S&P 500 added 1.6% and the Nasdaq picked up 1.2%.
In stock market results today, three recent China IPOs delivered explosive gains and scored new highs. Huya (HUYA) soared 16%, Bilibili (BILI) jumped 17% and iQiyi (IQ) vaulted 6%.
Retailers Lead Stock Market
Elsewhere, At Home (HOME) reversed higher after reporting earnings late Thursday. Shares jumped nearly 6%. The home furnishings retailer has strung together several quarters in a row of 20%+ sales growth. At Home went public in August 2016 at 15 a share.
Also in the retail sector, Five Below (FIVE) followed through after Thursday's explosive gain that saw shares soar 22%. The high-flying retailer and Leaderboard stock rose another 2% Friday on the heels of strong earnings late Wednesday.
Elsewhere, Stitch Fix (SFIX) soared 26%, also on strong earnings, in the heaviest volume in a single trading session ever. The stock has been absent from IBD growth screens due to a sharp pullback after its IPO on Nov. 17 at $15 a share. Quarterly profit jumped 200% to 9 cents a share. Sales growth accelerated from the prior quarter, rising 29% to $316.7 million. Even after Friday's move, the stock is still about 17% off its recent high.
A group of enterprise software names recovered after Thursday's shellacking. Recent IPO Pivotal Software (PVTL) gained 3% after Wednesday's breakout from an IPO base. The stock held up relatively well Thursday as the enterprise software group lost nearly 2.7%. Coupa Software (COUP), meanwhile, bounced 2.2% after falling 2.8% Thursday.
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