QQQ Stock – Stock Market Closes Higher After Late Jump; Small Caps Lead
A late burst left the stock market with modest gains Friday as the Nasdaq and S&P 500 extended weekly win streaks. Small caps outperformed, while big techs shrugged off a threat from Washington.
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The Nasdaq added nearly 0.4% after indexes made a late push in the final 10 minutes of trading. The S&P 500 rose 0.2% and couldn’t quite beat Thursday’s record high of 4249.74. Indexes bounced off midday lows and perked up in the afternoon.
Both added to their weekly win streaks. The Nasdaq made it four up weeks in a row; the S&P 500 is now up three straight weeks.
The Dow Jones Industrial Average inched up a fraction. But small caps made up some lost ground after the Russell 2000 climbed 1%, notching a third-straight up week.
U.S. Stock Market Today Overview
Last Update: 4:14 PM ET 6/11/2021
In Washington, D.C., a bipartisan group of House lawmakers proposed a series of bills designed to rein in the power of major technology companies. One proposal would force large companies effectively to split into two companies or shed private-label products, according to the Associated Press.
Stock Market Big Techs Muted
But the big tech stocks had a muted reaction. Alphabet (GOOGL) eased just below the 2,431.48 buy point of Thursday’s soft breakout.
Invesco QQQ Trust (QQQ) ETF, which tracks the Nasdaq 100 and has those techs among its top holdings, climbed 0.3%. It is nearing a new high at 342.80.
By sector, it was a mixed stock market. Transportation, technology, financials and consumer discretionary were among the better S&P sectors Friday. Real estate, health care, consumer staples and communications services were lower.
IBD 50 Outperforms Stock Market Indexes
Innovator IBD 50 ETF (FFTY) outperformed with a 0.6% increase. UP Fintech (TIGR) rallied 11% and Cleveland-Cliffs (CLF) jumped more than 6%.
But Upstart (UPST) sold off 14.3%. The AI-based lending platform is a volatile stock and has lost more than a third of its value since a June 4 peak. Volatile leaders with no clear chart patterns are risky. Cricut (CRCT), a volatile new issue, sold off nearly 8%. It is still above an IPO buy point at 21.02 from April 19, but its trading has made big moves on the upside and downside.
In the bond market, the yield on the 10-year Treasury note also was nearly flat. It was quoted at 1.46% late Friday, falling for a fourth straight week. Thursday saw the week’s biggest decline, which caused financial stocks to tumble. Financial Select Sector SPDR (XLF) bounced 0.6% Friday.
Juan Carlos Arancibia is the Markets Editor of IBD and oversees our market coverage. Follow him at @IBD_jarancibia
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