The Nasdaq indexes outperformed in afternoon trading Friday, unfazed by an April jobs report that missed expectations by a mile. Several stocks were up nicely in the Nasdaq 100, including Align Technology (ALGN), Match (MTCH) and Idexx Laboratories (IDXX).
Top gainers in the Dow Jones Industrial Average included Nike (NKE) and Boeing (BA). Nike stock gapped above its 50-day moving average, helped by strong earnings from peer competitor Adidas (ADDYY), which also gapped above its 50-day line.
The Nasdaq composite was up 1% and the Nasdaq 100 gained 0.7%. The S&P 500 rallied 0.7% and the Dow Jones industrials added 0.5%. Small caps also did well, with the Russell 2000 up 1.3%. Volume on the NYSE and Nasdaq was lower compared to the same time Thursday.
A weak jobs report brought buyers into the bond market Friday, sending the 10-year Treasury yield lower by 5 basis points to 1.52% before the opening bell. But the yield was well off lows in afternoon trading, up 1 basis point to 1.58%
U.S. Stock Market Today Overview
Last Update: 1:14 PM ET 5/7/2021
The economy added 266,000 jobs in April, well below the consensus estimate of 998,000. March job growth was revised lower to 770,000 from an initially reported 916,000.
Outside the Dow Jones
Growth stocks perked up after some selling this week.
In the retail sector, Revolve Group (RVLV) surged past a buy point of 55.93 on strong Q1 results. Shares were up 12% to $57.91.
In the oil and gas sector, EOG Resources (EOG) hit a new high, helped by a 195% jump in quarterly profit. Sideways movement for EOG stock since March resulted in a flat base with a 77.24 buy point. The 5% buy zone went up to 81.10.
Roku (ROKU) gapped up after Q1 revenue growth accelerated nicely from Q4, up 79% to $574.2 million. But gains faded as the stock trades below its 50-day line.
Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.
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