Dow Jones rises as Apple shares show new buy point
The Dow Jones Industrial Average rose on Friday, looking to cap a solid weekly gain as both the Nasdaq Composite and the S&P 500 aim for their fourth straight weekly gains. Tech titan Apple stock is nearing its latest buy point as it goes on a six-week winning streak.
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Key revenue movers include Endeavour Group (EDR), Rivian Automotive (RIVN) and Sierra Wireless (SWIR).
Endeavor shares were slightly lower in early morning trade. The Rivian share fell 3 percent. And Sierra Wireless stock was slightly higher.
Chinese shares were sharply lower on Friday morning as several Chinese state-owned enterprises, including PetroChina (PTR), announced that it will voluntarily delist from the New York Stock Exchange. Ali Baba (BABA) fell 3%, while Li Auto (LI) slid more than 3% in morning trading.
Head of electric vehicles Tesla ( TSLA ) traded nearly 1% higher. Elsewhere, Dow Jones tech leaders apple (AAPL) and Microsoft (MSFT) both rose after today’s market opening.
In today’s healthy stock market environment, Dow Jones stocks Cola (KO) and UnitedHealth (UNH) — as well as American Tower (AMT), Monolithic power systems (MPWR), Ollie’s Bargain Outlet (OLLI) and Vertex Pharmaceuticals (VRTX) — is among the best stocks to buy and watch.
UnitedHealth and Vertex are IBD Leaderboard stocks. Ollie’s and Vertex were featured in this week’s Stocks Near A Buy Zone column. Monolithic Power was the IBD Stock Of The Day a week ago. Vertex is also an IBD SwingTrader idea. American Tower was Wednesday’s IBD 50 Stocks To Watch pick.
5 NYSE Stocks to Buy and Watch Right Now
Dow Jones today: Treasury yields, oil prices
Early Friday, the Dow Jones Industrial Average was up 0.4%, and the S&P 500 was up 0.5%. The Nasdaq 100 traded up 0.7% in morning trading.
Among exchange-traded funds, Nasdaq 100 tracker Invesco QQQ Trust (QQQ) rose 0.7%. And the SPDR S&P 500 ETF ( SPY ) rose 0.5%.
The 10-year Treasury yield fell to 2.84% on Friday morning, stopping after Thursday’s jump to 2.88%. The 10-year government yield is on the way up again after hitting its lowest level since early April last week.
Meanwhile, US oil prices appear to be setting up a new trading range after a pullback from recent peaks. West Texas Intermediate futures fell more than 1% on Friday, trading just below $93 a barrel. Last week, WTI fell below $88 a barrel for the first time since mid-February – down from peaks above $117 in the first half of June.
Stock market rally
On Thursday, the Dow Jones Industrial Average trimmed a 1% gain to just 0.1%, while the S&P 500 turned slightly lower. The tech-heavy Nasdaq composite finished down 0.6%, after an early 1.3% rally found strong resistance around the 13,000 level. The Nasdaq remains higher for the week, on course for a four-week winning streak.
The small-cap Russell 2000 rose 0.3%, also facing resistance but on track for a fourth straight weekly win.
Thursday’s The Big Picture column commented: “Among a series of big gains in recent weeks, it would be natural for the major stock indexes to consolidate for a period to digest those gains. Thursday’s reversals were a sign that the indexes could take a walk broken.”
If you are new to IBD, consider taking a look at the stock trading system and CAN SLIM basics. Recognizing chart patterns is a key to investment guidelines. IBD offers a wide variety of growth stock lists, such as Leaderboard and SwingTrader.
Investors can also create watch lists, find companies nearing a buy point, or develop custom screens at IBD MarketSmith.
Five Dow Jones stocks to watch now
Dow Jones stocks to watch: Coca Cola, UnitedHealth
Dow Jones soft drink giant Coca Cola is building the right side of a flat base that has a buy point of 67.30. Meanwhile, the stock is about 3% off an early entry at 65.14. The KO share rose 0.3% early Friday.
Health insurance giant and IBD Leaderboard stock UnitedHealth remains in buy territory above its double-bottom-with-handle base 518.80 buy point amid Thursday’s 0.9% loss, according to IBD MarketSmith chart analysis. The 5% hunting zone goes up to 544.74. The shares rose 0.6 percent on Friday.
UNH stock scores a solid 93 out of a perfect 99 IBD Composite Rating, according to IBD Stock Checkup. Investors can use the IBD Composite Rating to easily measure the quality of a stock’s fundamental and technical metrics.
4 top growth stocks to watch right nowra stock market rally
Top stocks to watch: American Tower, Monolithic, Ollie’s, Vertex
Wednesday’s IBD 50 Stocks To Watch pick, American Tower, is in buy territory past a cup-of-handle buy point at 271.19, according to IBD MarketSmith chart analysis. Shares fell 1.4% on Thursday, snapping a six-day winning streak. AMT stock traded up 0.6% on Friday morning.
Recent IBD Stock Of The Day Monolithic Power Systems continues to build the right side of a consolidation with a buy point of 580.10. Meanwhile, shares remain above 514.80 early entry despite Thursday’s 2.6% decline. Keep an eye out for a potential handle that is close to offering another alternative point of purchase. The stock rose 0.7 percent on Friday.
Ollie’s Bargain Outlet is back from its 10-week line – a critical support level – placing the top discount retailer in a new buying zone. Shares are also cutting a handle after a major cup base, setting the latest buy point at 72.37. Current price action is about 10% away from this entry. Shares rose early Friday.
IBD SwingTrader stock Vertex Pharmaceuticals fell another 1.2% Thursday, and is back in buy territory past a cup handle at 279.23. The 5% hunting zone goes up to 293.19. The stock’s June 23 breakout is back on track following last week’s second-quarter earnings results. Vertex shares rose 0.5% on Friday morning.
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla shares
Tesla shares slid 2.6% Thursday, giving back most of Wednesday’s 3.9% gain. Shares traded nearly 1% higher Friday morning.
Last week, Tesla shares hit their highest level since early May, but are now finding strong resistance around the 200-day line, which is a key level to watch. The stock is nearly 30% off its 52-week high. A 3-for-1 stock split will take place on August 24.
Dow Jones Leaders: Apple Stock Eyes New Buy Point
Among the Dow Jones stocks, Apple shares turned 0.4% lower on Thursday, as the stock continues to build the right side of a cup base that has a buy point at 179.71. Another interpretation could be a major double bottom extending back to January. Regardless, the point of purchase is identical. Keep an eye out for a potential handle that could form and provide a lower entry.
Bullishly, the stock’s relative strength line is already at new highs, indicating big stock market returns. The stock rose 0.8 percent on Friday morning.
Microsoft fell 0.7% on Thursday, ending a two-day winning streak. Shares are moving closer to the longer-term 200-day line, which is an important resistance area to watch. The share rose 0.4 percent early Friday.
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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