The Dow Jones Industrial Average scored 100 points early Friday Johnson & Johnson (JNJ) jumped on the plans to break up the company. Rivian drove higher in the morning trade, while the Tesla stock skidded.
Among the Dow Jones executives, apple (AAPL) rose 0.1% on Friday, while Microsoft (MSFT) added 0.8% in the current stock market. American Express (AXP), JPMorgan Chase (JPM) and Nike (NKE) continues to trade close to new buying points in the current rally.
Tesla (TSLA) fell almost 2% on Friday. Rivian (RIVN) rose more than 5% in morning trading.
Among the best stocks to buy and see, MP materials (MP), On Hold (ONON) and Spire Social (SPT) are in or near shopping zones.
Microsoft, On Holding and Tesla are IBD Leaderboard shares. Apple is featured in this week’s Stocks Near A Buy Zone story. And Sprout was Tuesday’s IBD 50 Stocks To Watch selection.
Dow Jones today
After the stock exchange opened on Friday, the Dow Jones Industrial Average rose 0.2%, while the S&P 500 rose 0.1%. The technology-heavy Nasdaq composite cut the rise to less than 0.1% in morning trading.
Among exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) rose 0.2% after the market opened. And the SPDR S&P 500 ETF (SPY) rose 0.2%.
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Stock market rally
The withdrawal in the stock market tried to stabilize on Thursday, but the large stock indices gave a mixed performance. The Nasdaq and S&P 500 jumped with modest gains, while the Dow Jones Industrial Average extended a losing streak to three sessions.
On Thursday, The Big Picture commented: “Currently, the current withdrawal is completely normal, so investors should be optimistic about the health of the uptrend. Continue to buy outbreaks in peak growth stocks. And look for stocks that hold up best. During this week’s weakness; they may continue to be some of the market leaders.
For daily stock market comments, be sure to check out IBD’s The Big Picture.
Five best Dow Jones stocks to see now
Dow Jones shares to buy and look at: Amex, JPMorgan, Nike
American Express ended Thursday in the shopping area past an entrance of 178.90 in a cup with handles, according to IBD MarketSmith chart analysis. Shares were 0.5% lower on Friday.
Meanwhile, JPMorgan remains in the 5% buying zone past an entry of 163.93 in a cup with handles after a recent setback from the 50-day moving average. The buying area of 5% tops at 172.13. JPM shares fell 0.3 percent on Friday.
Dow Jones retail leader Nike fell further below the cup base’s buying point of 174.48 after Thursday’s loss of 0.8%. The stock rose 0.6 percent on Friday.
Dow Jones stocks on the move: J&J
Johnson & Johnson jumped 2% early Friday after the company said it plans to split into two separate companies. One company will focus on consumer products and the other will concentrate on prescription drugs and medical devices. J&J is the third company to announce such plans this week, following similar news from General Electric (GE) and Japan Toshiba (TOSYY).
The JNJ stock ended Thursday with about 9% of its 52-week high. The shares track a flat base with a buy point of 180.02.
Shares to buy and look at: MP Materials, On Holding, Sprout
Tuesday’s IBD stock of the day, MP materials (MP), regained its buying point of 40.78 cups during Thursday’s almost 10% increase. The shares closed near the top of a buying area that peaks at 42.82. The MP share rose 4% on Friday, and moved outside the buying area.
The IBD Stock Checkup shows that the MP stock has a 96 out of a perfect 99 IBD Composite Rating. The IBD Composite Rating identifies stocks with a mix of strong basic and technical characteristics.
The IBD Leaderboard stock On Holding is building a cupbase with a buy point of 40.90, according to the IBD MarketSmith chart analysis. The stock fell 0.5 percent on Friday. Per Leaderboard analysis, the stock has recently crossed an aggressive trend line buying point near 36. The stock is close to completing a handle that will lower the entry to 39.90.
Tuesday’s IBD 50 Stocks To Watch election, Sprout Social, continues to form a choppy consolidation with a buy point of 145.52. The shares tried to demand an early entry to 139.90 this week, but are back below the buy point after two straight falls. The stock rose almost 2 percent on Friday.
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EV shares: Rivian, Tesla
The new issue Rivian rose more than 4% on Friday, in line with increasing Thursday’s 22% increase. Remember that investors should be disciplined when it comes to buying new issues. Wait until a listing base is formed and offer the stock’s first point of purchase before considering a purchase.
Tesla shares fell above 3% in early action, in line with Thursday’s fall of 0.4%. Early Friday, CEO Elon Musk unveiled an additional $ 687.3 million sale of Tesla shares. The stock is about 14% lower than its 52-week high, amid this week’s heavy losses. Tesla traded as high as 1,243.49 on November 4. TSLA shares remain sharp above a buy point of 764.55 in a cup with handles, as well as previous entries of 700.10 and 730. The chart also showed an alternative entry of 900.50.
Dow Jones executives: Apple, Microsoft
Among the best Dow Jones stocks, Apple has formed a new cup-with-handle base with a buy point of 153.27, according to IBD MarketSmith chart analysis. Meanwhile, an early entry of 152.53 is also in play. The shares rose 0.1% on Friday and are now fighting for support at the most important moving average of 50 days. An important mistake is the stock’s lagging relative strength line. This line is at the last lowest levels, which indicates a strong underperformance in the stock market compared to the S&P 500.
Software giant Microsoft rose 0.8% on Friday, looking to increase Thursday’s slight increase. On October 18, Microsoft broke past a flat base’s buying point of 305.94. The 5% buy zone tops at 321.24, so the stock has now expanded. The shares are just outside new peaks.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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