It wasn't necessarily an unlucky Friday the 13th on Wall Street, but it was lackluster as indexes closed with minor changes while growth stocks lost more ground.
XThe Nasdaq composite fell 0.2% as software, networking and other technology industry groups fell 1% to 2%. The S&P 500 lost 0.1% and the Dow Jones Industrial Average edged up 0.1%.
Small caps continued their big stock market rebound. The Russell 2000 added more than 0.3%, with energy, materials, industrial and financial small caps providing the most firepower.
Volume fell from Thursday's totals, according to unconfirmed numbers.
The Innovator IBD 50 (FFTY) fell 0.5%. It is 16% below its prior high after several weeks of resistance at the 50-day moving average.
The IBD 50 is a proxy for growth companies, and growth lost out to value plays Friday. The iShares Russell 1000 Growth ETF (IWF) fell 0.3% while iShares Russell 1000 Value (IWD) rose a fraction. The weakness in growth and relative strength in value stocks was a theme this week, as many tech leaders suffered heavy blows.
Paylocity (PCTY) lost nearly 12% for the week, Epam (EPAM) more than 7% and Veeva Systems (VEEV) about 11%.
Among consumer stocks, Chipotle Mexican Grill (CMG) closed below its 10-week moving average in weekly volume about 50% higher than average. That's a sell signal, and it cost Chipotle a spot on IBD Leaderboard.
Real estate, telecom, utilities and technology were the weakest sectors Friday. Energy, materials and industrial sectors climbed about 1% thanks to encouraging developments in the China-U.S. trade war. Yet, that optimism didn't spread to the rest of the market.
Financials Rise As Growth Stocks Lag
Financials rose after bond yields extended a rebound. Financial Select Sector SPDR Fund (XLF) climbed 0.8%. The yield on the 10-year Treasury rose 11 basis points to 1.90%. For the week, it rose 35 basis points.
A few breakouts provided a bit of glitter to a dull session, but the stocks weren't top-shelf leaders.
Thinly traded Audiocodes (AUDC) broke out of a base-on-base pattern, topping the 19.84 buy point in heavy volume. The voice-over-internet technology company closed below the entry, however. Volume was more than double its average.
Triumph Group (TGI) rose past a 25.65 buy point in a cup without handle, but closed below the entry. The relative strength lines of Triumph and Audiocodes are near new highs, and it would be better if those lines made new highs along with the share prices.
Crestwood Equity Partners (CEQP) broke out from a base in heavy trading. Shares closed near the 37.94 buy point.
The IPO market had another winner, after internet services company Cloudflare (NET) shot up 20% to 18 a share in its debut. The company raised $525 million with an initial public offering at 15 a share, above its estimated price range.
Juan Carlos Arancibia is the markets editor of IBD and oversees market coverage. Follow him at @IBD_jarancibia
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