The Dow Jones Industrial Average rose on Friday to cap a solid weekly gain as both the Nasdaq Composite and S&P 500 target their fourth consecutive weekly gains. The tech titan’s Apple stock is nearing its final buy point and heading for a six-week winning streak.
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The most important profit drivers include Make an effort group (EDR), Rivian Automotive (RIVN) and SierraWireless (SCHWIR).
Endeavor shares were slightly lower in early morning trade. Rivian shares fell 3%. And Sierra Wireless stock was slightly higher.
Chinese stocks were significantly lower on Friday morning than several Chinese state-owned companies, including PetroChina (PTR), announced that they will voluntarily delist from the New York Stock Exchange. Alibaba (BABA) meanwhile down 3% Li car (LI) slipped more than 3% in morning trade.
Market leader in electric vehicles Tesla (TSLA) traded nearly 1% higher. Elsewhere, the technology leaders from Dow Jones Apple (AAPL) and Microsoft (MSFT) both rose after the market open today.
In the current healthy stock market environment, Dow Jones stocks are Coke (KO) and UnitedHealth (UNH) – as well American tower (GOVERNMENT OFFICE), Monolithic Energy Systems (MPWR), Ollie’s Bargain Outlet (OLLI) and Apex Pharma (VRTX) – are among the top 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 idea of IBD SwingTrader. American Tower was IBD 50 Stocks To Watch Pick on Wednesday.
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 rose 0.7% in morning trade.
Among exchange-traded funds, Nasdaq 100 tracker Invesco QQQ Trust (QQQ) was up 0.7%. And the SPDR S&P 500 ETF (SPY) gained 0.5%.
The 10-year Treasury yield fell to 2.84% on Friday morning and held at 2.88% after Thursday’s jump. 10-year government bond yields are rebounding after hitting their lowest level since early April last week.
Meanwhile, US oil prices appear to be building a new trading range after retreating from recent highs. West Texas Intermediate futures were down 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 after peaking above $117 in the first half of June.
stock market rally
On Thursday, the Dow Jones Industrial Average pared a 1% gain to just 0.1%, while the S&P 500 turned slightly lower. The tech-heavy Nasdaq Composite ended down 0.6% after an early 1.3% rally met stiff resistance around the 13k level. The Nasdaq remains higher for the week and on course for a four-week winning streak.
Small-cap Russell 2000 rose 0.3%, also encountering resistance but heading for a fourth straight weekly gain.
Thursday’s The Big Picture column commented, “Amid a string of big gains over the past few weeks, it would be natural for the major stock indices to consolidate for a period of time to digest those gains and the disruption.”
If you are new to IBD, you should take a look at the CAN SLIM stock trading system and basics. Recognizing chart patterns is a key to investing guidelines. IBD offers a wide range of growth stock lists, such as Leaderboard and SwingTrader.
Investors can also create watch lists, find companies approaching a buy point, or develop custom screens at IBD MarketSmith.
Five Dow Jones stocks to watch right now
Dow Jones stocks to look at: Coca Cola, UnitedHealth
Dow Jones soda giant Coca Cola is building the right side of a flat base with a buy point of 67.30. Meanwhile, the stock is about 3% away from an early entry at 65.14. KO stock was up 0.3% early Friday.
Health insurance giant and IBD leaderboard stock UnitedHealth remains in the buy range above the 518.80 buy point of its handle-based double bottom, despite posting a 0.9% loss on Thursday, according to chart analysis by IBD MarketSmith. The 5% pursuit zone goes all the way down to 544.74. Shares rose 0.6% on Friday.
UNH stock shows a solid 93 out of 99 perfect IBD Composite Ratings according to the IBD Stock Checkup. Investors can use the IBD Composite Rating to easily gauge the quality of a stock’s fundamental and technical metrics.
4 Top Growth Stocks to Watchrightde Stock market rally
Top stocks to watch: American Tower, Monolithic, Ollie’s, Vertex
Wednesday’s IBD 50 Stocks To Watch pick, American Tower, is range-buyed behind a cup with Handle’s buy point at 271.19, according to chart analysis by IBD MarketSmith. Shares fell 1.4% on Thursday, breaking a six-day winning streak. AMT shares rose 0.6% on Friday morning.
Latest IBD-Share of the Day Monolithic Power Systems continues to form the right side of a consolidation with a buy point of 580.10. Meanwhile, shares remain above an early entry of 514.80 despite Thursday’s 2.6% drop. Keep an eye out for a potential grip that’s about to offer another alternative buying point. The stock rose 0.7% on Friday.
Ollie’s Bargain Outlet bounces back from its 10-week line – a critical level of support – and places the top discounter in a new buying zone. Stocks are also carving out a grasp for a major cup base, setting the final buy point at 72.37. The current price action is about 10% away from this entry. Shares are higher early Friday.
Vertex Pharmaceuticals’ IBD SwingTrader shares tumbled another 1.2% on Thursday and is back in the buy range behind a cup with handle entry at 279.23. The 5% pursuit zone goes to 293.19. The stock’s June 23 breakout is back on track following last week’s second-quarter earnings results. Vertex stock was up 0.5% on Friday morning.
Join IBD experts as they analyze leading stocks from the current stock market rally on IBD Live
Tesla stock
Tesla shares slipped 2.6% on Thursday, giving back most of Wednesday’s 3.9% gain. Shares were trading nearly 1% higher on Friday morning.
Last week, Tesla shares hit their highest level since early May but are now facing strong resistance around their 200-day moving average, which is a key level to watch. The stock is down nearly 30% from its 52-week high. A 3:1 stock split will take place on August 24th.
Dow Jones Leaders: Apple Stock Sees New Buy Point
Among Dow Jones stocks, Apple stock fell 0.4% on Thursday as the stock continues to form the right side of a cup base that has a buy point of 179.71. Another interpretation could be a large double bottom going back to January. In each case, the point of purchase is identical. Be on the lookout for a potential hold that is forming and offer a lower entry.
On an optimistic note, the stock’s relative strength line is already at fresh highs, suggesting a major outperformance from the stock market. Shares were up 0.8% on Friday morning.
Microsoft fell 0.7% on Thursday, ending a two-day winning streak. Stocks are approaching the 200-day long-term moving average, which is a key area of resistance to watch. The stock was up 0.4% early Friday.
Follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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