China Bans Cryptos, Nike Falls; Stocks Drop Friday

During trading Friday, 57 stocks traded to a 52-week high, while 15 stocks bottomed out at new 52-week lows. The S&P 500 is down 0.04% so far today while the Dow is down 0.06%, the Nasdaq is down 0.32%, and the Russell 2000 is down 0.35%.

Stocks are declining Friday afternoon. China expanded its ban on cryptos to deem all cryptocurrency transactions as illicit financial activity. Meanwhile, New Home Sales increased more than expected in August to an annualized rate of 740,000 from 729,000 homes in July. Lastly, Nike (NKE) is 6.34% lower after the company missed revenue estimates and downwardly revised FY22 guidance due to supply chain constraints.

Sector Highlights

Technology stocks dominated our list of highs today with 12 out of the 57 total stocks that reached their high coming from the Technology sector. The Technology sector is underperforming the market, decreasing 0.13% so far on the day. Over the last month, the Technology sector has outperformed the market, increasing 0.7% while the S&P increased 0.16%.

Progress Software (PRGS) is up 14.9% after comfortably beating EPS estimates, reporting $1.18 per share against estimates for $0.82 per share.

Technology: ADI, APH, BRKS, CRM, DT, IT, NOVT, PAYC, PCTY, PRGS, SPSC, TXN

Energy had the second-largest presence on our 52-week highs, with 10 out of 57 highs coming from the Energy sector. The Energy sector is outperforming the market today, increasing 0.82% so far on the day. Over the last month, the Energy sector has outperformed the market, increasing 11.46% while the S&P increased 0.16%.

Energy: CLR, COG, COP, DVN, EPM, ETRN, KRP, LNG, RRC, XEC