Table of Contents
- 1 Dow Jones Today
- 2 Stock Market Rally
- 3 Dow Jones Stocks To Watch: Amex, Goldman, JPMorgan
- 4 Dow Jones Earnings: Intel
- 5 Stock Market Earnings: Chipotle, Snap
- 6 Stocks To Buy And Watch: AMD, Argo Blockchain, Dutch Bros, Olaplex
- 7 Donald Trump SPAC Soars
- 8 Tesla Stock Hits New Highs
- 9 Dow Jones Leaders: Apple, Microsoft
The Dow Jones Industrial Average rose 140 points Friday, as Intel (INTC) and Snap (SNAP) took a dive on earnings. Former President Donald Trump-linked SPAC Digital World Acquisition (DWAC) soared as much as 284% in morning trade before being halted. Tesla stock hit record highs Friday morning.
Among the Dow Jones leaders, Apple (AAPL) rose 0.4% Friday, while Microsoft (MSFT) moved down 0.2% in today’s stock market. American Express (AXP), Goldman Sachs (GS) and JPMorgan Chase (JPM) eyed new buy points in the current rally.
Dow Jones stock Intel — along with Chipotle Mexican Grill (CMG) and Snap — reported earnings after the close Thursday.
Tesla (TSLA) rose 0.8% Friday morning following Thursday’s earnings-fueled advance. Shares are at new highs.
Among the top stocks to buy and watch, Advanced Micro Devices (AMD), Argo Blockchain (ARBK), Dutch Bros (BROS) and Olaplex (OLPX) are in or near new buy zones.
Microsoft, Olaplex and Tesla are IBD Leaderboard stocks. AMD was featured in this week’s Stocks Near A Buy Zone story. Argo Blockchain featured in this week’s IPO Leaders column.
Dow Jones Today
After the stock market open, the Dow Jones Industrial Average rose 0.4%, while the S&P 500 moved up 0.1%. The tech-heavy Nasdaq composite lost 0.4% in morning trade.
Among exchange-traded funds, Innovator IBD 50 (FFTY) dropped 0.8% Friday. The Nasdaq 100 tracker Invesco QQQ Trust (QQQ) fell 0.2%. And the SPDR S&P 500 ETF (SPY) ascended 0.1%.
Stock Market ETF Strategy And How To Invest
Stock Market Rally
The stock market rally put in a solid performance Thursday, as the S&P 500 hit a record high and marked its seventh straight gain. The Nasdaq easily recovered from Wednesday’s small loss and made its highest close since Sept. 9.
Following last week’s significant market strength, this is an important time to read The Big Picture.
On Thursday, The Big Picture commented, “Investors should be adding exposure to new breakouts in top growth stocks. But stay disciplined and be sure to cut losses quickly if breakouts start to fade. Keep in mind that Q3 earnings season is in full swing. Strong earnings can fuel top stocks to previously untouched levels, so be on the lookout for breakaway gaps.”
Five Best Dow Jones Stocks To Watch Now
Dow Jones Stocks To Watch: Amex, Goldman, JPMorgan
American Express ended Thursday below a 178.90 buy point in a cup with handle, according to IBD MarketSmith chart analysis. Shares were up more than 3% Friday.
Goldman Sachs was up 1.1% Friday, as it trades about 3% away from a 420.86 buy point in a flat base. Meanwhile, JPMorgan is in the 5% buy zone past a 163.93 entry in a cup with handle and has bounced off the 50-day moving average. The 5% buy area tops out at 172.13. JPM stock rose 0.6% in morning trade.
American Express and Goldman Sachs both have strong relative strength lines. A strong relative strength line at the start of a new uptrend is indicative of a potential market leader.
Dow Jones Earnings: Intel
Intel earnings crushed Wall Street’s earnings target for the third quarter, but disappointed investors with its sales and outlook. Intel shares tumbled more than 10%.
The stock ended Thursday nearly 20% off its 52-week high.
Stock Market Earnings: Chipotle, Snap
Chipotle beat third-quarter earnings expectations Thursday, and the stock was down 1.5% in morning trade. CMG shares have been stuck below their 50-day line for weeks.
Snap beat views on third-quarter earnings late Thursday. But it but fell short on sales and presented a fourth-quarter revenue outlook short of expectations due to various issues. Snap estimated fourth-quarter revenue in the range of $1.16 billion to $1.2 billion. That’s below analyst estimates of $1.36 billion.
Snap, the parent of Snapchat, crashed about 20% in early trade.
Stocks To Buy And Watch: AMD, Argo Blockchain, Dutch Bros, Olaplex
Advanced Micro Devices broke out past a 114.59 buy point out of a double-bottom base earlier this week and is still in buy range. AMD stock jumped more than 1.5% at the open.
According to IBD Stock Checkup, AMD boasts a perfect 99 IBD Composite Rating. The IBD Composite Rating identifies stocks with a blend of strong fundamental and technical characteristics.
Argo Blockchain stock is trying to break out past its first buy point — a 19.43 entry in an IPO base — according to IBD MarketSmith chart analysis. The stock pared gains to 4% Thursday and closed below the entry. Argo is part of IBD’s IPO Leaders screen. Shares were down almost 2% Friday.
Dutch Bros closed Thursday further below a 62.10 buy point in an IPO base following Tuesday’s breakout move. Shares are about 2% below the buy point after two straight days of losses. Dutch Bros stock rallied 3% Friday morning.
IBD Leaderboard stock Olaplex cleared an IPO base entry at 27.84 Thursday, advancing 7.8% to close in the 5% buy zone. The buy area tops out at 29.23. Per Leaderboard analysis, it also cleared an aggressive trendline entry near 27. Shares were down nearly 1% Friday.
Join IBD experts as they analyze leading stocks in the new stock market uptrend on IBD Live
Donald Trump SPAC Soars
Digital World Acquisition — a special-purpose acquisition company, or SPAC, merging with Trump Media & Technology Group — soared as much as 284% early Friday morning to 175 before being halted due to a circuit breaker, on pace to add to Thursday’s 356% surge after former president Trump announced plans to launch a social media company.
The firm plans to launch a social media site named Truth Social. There will also be a subscription-based video-on-demand service to be called TMTG+.
A SPAC, also known as a blank-check company, is an alternative to a traditional initial public offering. These blank-check companies have no assets beyond cash. They trade on stock exchanges and then merge with private companies, taking those companies public.
Tesla Stock Hits New Highs
Tesla stock rallied 1.4% Friday, looking to add to Thursday’s bullish 3.3% gain. TSLA shares remain comfortably above a 764.55 buy point in a cup with handle, as well as earlier entries at 700.10 and 730.
The stock hit new highs Friday morning, topping out at 907.88. On Jan. 25, Tesla stock hit a previous record high of 900.40, after climbing as much as 93% from a 466 buy point in a cup-with-handle pattern.
Dow Jones Leaders: Apple, Microsoft
Among the top Dow Jones stocks, Apple rose 0.4% Friday, on pace to extend a six-day win streak. A new cup base is forming that has a 157.36 buy point, according to IBD MarketSmith chart analysis.
Software giant Microsoft lost 0.2% Friday, as the stock stays in buy range above its latest buy point. The flat base had a 305.94 buy point and the 5% buy zone tops out at 321.24.
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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