Stock Market Today: Stocks Fade Badly After Jobs Report; Apple Leads Dow Jones, But Nvidia Suffers Bearish Reversal

The Dow Jones Industrial Average and other major stock indexes faded off highs after the February jobs report came in stronger than expected for the second straight month. Nvidia stock outperformed in the early going in the stock market today, one day after Mizuho lifted Nvidia‘s (NVDA) price target to 1,000. But a 5% early gain faded badly to a loss of more than 3% in afternoon trading.

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Nvidia stock is start to showing aspects of a climax top, which raises the likelihood of a near-term pullback.

The iShares Russell 2000 ETF (IWM) was up 1.6% intraday, but the gain faded to around 0.4%.

Top price gainers in the Dow Jones today included Salesforce (CRM), which added just over 1%. Salesforce continues to be a strong performer after a breakout from a 19-week consolidation Nov. 30. Apple (AAPL) led the Dow Jones index with a gain of around 2%, but Apple stock remains on a firm downtrend as Wall Street worries about slowing iPhone demand, among other things.

Broadcom (AVGO) slumped more than 6% despite a strong earnings report. The company also forecast $10 billion in AI chip sales this year, but investors shrugged off the news.

Several AI-related stocks moved higher early, including Super Micro Computer (SMCI), but a 6% intraday gain faded to a loss of nearly 4%.

See Which Stocks Are In The Leaderboard Model Portfolio

Inside the MarketSurge Growth 250, Samsara (IOT) surged more than 13% after reporting strong earnings. Investors also focused on revenue guidance that came in above expectations. Samsara continues to see strong demand for its sensors and cloud-based software to manage fleet vehicles and industrial operations. Samsara gapped out of a 12-week consolidation in strong volume today.

Stock Market Today

The Nasdaq composite rose to another record high and was up 1.1% in the first hour of trading, but the index reversed lower for a loss of 0.5%. The S&P 500 also hit a record high early but turned slightly lower for a loss of 0.2%. The Dow Jones Industrial Average edged up 0.1%. Volume on the Nasdaq and NYSE was higher compared to the same time…

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