The Dow Jones Industrial Average continued to fall Friday after Thursday’s stock market sell-off. Cathie Wood’s Ark Invest ETFs loaded up on Palantir stock, while biotech Seagen surged on positive trial results.
S&P Global released its preliminary composite Purchasing Managers’ Index (PMI) for September, with the manufacturing index rising to 48.9, up slightly from August’s 47.9 reading. And the services index fell to 50.2 this month compared to August’s 50.5.
Seagen (SGEN) bolted almost 4% higher in early action, after announcing positive phase 3 trial results in a combination drug using Keytruda to treat advanced bladder cancer.
Palantir Technologies (PLTR) rose 1.6% Friday morning, as Cathie Wood’s Ark Invest ETFs bought more than one million shares of the AI stock, valued at $14.92 million based on the closing price. Shares are consolidating below their 50-day line after a big move starting in May. Look for a retake of that level as a bullish sign for the stock’s prospects.
Stock Market Today
Dow Jones aerospace giant Boeing (BA) rose modestly after CFRA downgraded the stock from buy to hold, with a lowered price target from 253 to 210. Shares are set to snap a five-day losing streak.
EV giant Tesla (TSLA) traded down 0.8% Friday morning, while Nvidia (NVDA) gained 1.1%. Dow Jones tech icons Apple (AAPL) and Microsoft (MSFT) traded higher, after today’s stock market open.
Stock market leaders Alphabet (GOOGL) and Meta Platforms (META) both moved up modestly in early action.
Dow Jones Today: Oil Prices, Treasury Yields
After Friday’s opening bell, the Dow Jones Industrial Average fell 0.1%, while the S&P 500 gained 0.2%. The tech-heavy Nasdaq composite rallied 0.45%, with China-based names leading the index after a strong session overnight in Hong Kong.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) added 0.4%, while the SPDR S&P 500 ETF (SPY) rose 0.2% early Friday.
Early action Friday also showed the 10-year U.S. Treasury yield at 4.47%, set to finish with a big weekly gain.
Oil prices retook some ground after…