Dow Jones Rises After Economic Data; AI Stock Soars 23% On ‘Dramatic Change’ In Sentiment

The Dow Jones Industrial Average rose Friday after the release of key economic data, as the stock market looked to add to Thursday’s gains. AI stock leader C3.ai (AI) soared 23% after the company’s better-than-expected earnings results, in which Chief Executive Thomas Siebel touted a “dramatic change” in sentiment for C3.ai’s artificial intelligence solutions.

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Economic data due out Friday morning includes S&P Global’s Services Purchasing Managers’ Index, or PMI and the Institute for Supply Management, or ISM, services index. The PMI services index came in slightly higher than estimates with a 50.6 reading, while the ISM services index fell to 55.1 in February, topping estimates that called for a decline to 54.5, from January’s 55.2 reading.

On the earnings front, Broadcom (AVGO), Costco (COST) and Zscaler (ZS) were on the move.

Broadcom shares rallied 3%, while Costco stock slipped 2.3% in morning trade. Zscaler shares plunged 11% after the company issued billings growth that barely edged by analyst estimates.

Bitcoin tumbled nearly 5% Friday morning, as investors weighed the latest financial losses at cryptocurrency-focused bank Silvergate Capital (SI). Meanwhile, U.S. Senators questioned cryptocurrency exchange Binance over its money-laundering controls, calling it a “hotbed of illegal financial activity.” Bitcoin traded around $22,400 in morning trade.

Stock Market Today

Electric-vehicle giant Tesla (TSLA) traded up 3.2% Friday morning, after a hectic week of trade that left shares pointed toward a weekly loss on Thursday. Dow Jones tech giants Apple (AAPL) and Microsoft (MSFT) were higher after the stock market open.

IBD Leaderboard watchlist stock Palo Alto Networks (PANW), Deere (DE), Toll Brothers (TOL) and Salesforce (CRM) — as well as Dow Jones stocks American Express (AXP), Cisco Systems (CSCO) and JPMorgan Chase (JPM) — are among the top stocks to watch, amid the recent stock market weakness.

Palo Alto is an IBD Leaderboard watchlist stock. Deere was a recent IBD Stock Of The Day pick. And American Express was featured in this…

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