Dow Jones Gains As Pelosi Hints At Spending Bill Changes; Tesla CEO

The Dow Jones Industrial Average inched higher amid broad weakness. House Speaker Nancy Pelosi hinted at changes as she moved to push ahead with mooted spending bills. Snap (SNAP) passed a buy point even as growth stocks struggled. Tesla (TSLA) got a lift as CEO Elon Musk made bullish noises on chips.

Nike (NKE) was the biggest blue chip laggard amid supply chain woes. This had a knock-on effect on Deckers Outdoor (DECK), causing it to flash multiple sell signals. Bitcoin plunged as China vowed a crackdown.

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Indexes had tried to rally even as the Evergrande Group crisis deepened, and they remained off session lows. Evergrande, China’s biggest property developer, missed a Thursday deadline on an $83.5 million bond payment. It now has a 30-day grace period on this payment to global investors before a default can be called.

Pelosi Hints At Spending Bill Changes

Pelosi said Friday she is looking to pass both the infrastructure bill and the controversial Build Back Better Act next week. But there may be tweaks, she says.

“As negotiations continue, there may be changes,” Pelosi told Democratic colleagues in a letter Friday. The Democrat leader told reporters that a vote on the $1.2 billion bipartisan infrastructure package will be held Monday.

The exact time frame for the more lavish $3.5 trillion social spending package is not clear. Democrats aim to pass this spending bill through the reconciliation process, which would sidestep a Senate filibuster.

Nasdaq Flat As Growth Stocks Lag

The Nasdaq was the worst-performing major index. While it slipped slightly, it closed virtually flat. Match.com (MTCH) was one of the top performers, turning in a gain of about 4%.

The S&P 500 had a better day, posting a minor gain of almost 0.2%. Pioneer Natural Resources (PXD) was one of the top performers, rising almost 3%.

The S&P sectors were mixed, with energy and communication services making the best progress. Health and real estate were the worst laggards.

Small caps were struggling, with the Russell 2000 dipping 0.8%.

But growth stocks were having the toughest time, with the Innovator IBD 50 ETF (FFTY) giving up 1.4%.

Dow Jones Today: Nike Stock Slides On Supply Chain Woes

The Dow Jones Industrial Average was just about positive, though it closed with a gain of less than 0.1%.

Nike was the clear laggard. While it finished off lows, it dropped more than 6% Friday. The athletic shoe and apparel giant reported mixed fiscal Q1 results late Thursday. The firm’s sales missed targets amid supply-chain struggles. Analysts expected earnings of $1.12 a share on sales of $12.47 billion, according to FactSet. Nike earned $1.16 on sales of $12.2…