The Dow Jones Industrial Average briefly climbed 250 points on Friday as U.S. oil prices continued to fall. The stock market traded slightly lower for the week after three days of very tight closings. Retailers supported early trading as Foot Locker, Gap and Ross Stores soared on results ahead of the holiday season.
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The National Association of Realtors served October existing home sales at 10 a.m. ET. Analysts forecast a ninth straight monthly decline, with sales estimated at 4.36 million from 4.71 million in September, according to Econoday estimates. Existing home sales beat estimates at 4.43 million, still down 5.9% month-over-month.
Profit movers to watch for Friday morning included Applied materials (AMAT), Foot locker (FL), Difference (GPS), JD.com (JD), Palo Alto Networks (PANW), Ross Stores (ROST), Williams Sonoma (WSM).
AMAT stock rebounded 4.5% in morning trading. Foot Locker shares rose 15%, while GPS shares jumped 9%. JD.com reversed sharply lower as shares of Palo Alto Networks rose nearly 9%. Shares of Ross Stores jumped nearly 16%. And WSM stock fell 8% in morning trading.
Electric vehicle giant You’re here (TSLA) was trading down 1% on Friday morning. Dow Jones Technology Leaders Apple (AAPL) and Microsoft (MSFT) were also downright higher after today’s stock market open.
IBD Ranking Stock Arista Networks (A NET), GlobalFoundries (GFS), Phillips 66 (PSX), Shoal technologies (SHLS) – as well as the Dow Jones name caterpillar (CAT) – are among the best stocks to buy and watch.
Arista Networks is an IBD Leaderboard stock and was Monday’s IBD stock of the day. GlobalFoundries was featured in this week’s Stocks Near A Buy Zone column. Shoals was Thursday’s IBD 50 Stocks To Watch pick.
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Dow Jones Today: Oil Price, Treasury Yields
After Friday’s opening bell, the Dow Jones Industrial Average rose 0.3%, while the S&P 500 rose 0.35%. The tech-heavy Nasdaq composite traded down 0.2% in morning action.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) rose 0.2% early Friday, and the SPDR S&P 500 ETF (SPY) gained 0.3%.
The 10-year Treasury yield rose to 3.8%, looking to add to Thursday’s gains. The 10-year Treasury yield is still on course to fall for a second straight week. Meanwhile, U.S. oil prices fell more than 4%, threatening to extend a two-day losing streak that saw West Texas Intermediate futures fall below $82 a barrel. WTI futures traded below $78 a barrel on Friday.
Stock market rally
On Thursday, the Dow Jones Industrial Average ended down less than 0.1% after bouncing off short-term support. The S&P 500 trimmed its loss to 0.3%. The tech-heavy Nasdaq composite pared losses to 0.4%, after finding support at its 50-day line. Finally, the small cap Russell 2000 lost 0.8%.
Thursday’s The Big Picture commented: “So far, the market pullback should be seen as normal as major equity indices take a needed break to consolidate recent gains. The last two days of losses have done nothing. to disrupt the current uptrend in the stock market.”
Now is an important time to read IBD’s The Big Picture column amid current stock market volatility.
Five Dow Jones Stocks to Buy and Watch Now
Dow Jones Stocks to Buy and Watch: Caterpillar
Dow Jones member Caterpillar extended its losing streak to three sessions and sits about 3% below the 238 cut base buying point, according to IBD MarketSmith pattern recognition. Shares of CAT rose 0.9% on Friday.
The CAT stock boasts an impressive 97 out of a perfect IBD composite score of 99, according to the IBD stock balance sheet.
4 growth stocks to watch in the currentrStock market rally
Top stocks to buy and watch: Arista, GlobalFoundries, PSX, Shoals
IBD Leaderboard Arista Networks stock remains below the buy point of 132.97 from a choppy base amid Thursday’s 1.05% gain. ANET stock traded down 2.2% on Friday.
Chip foundry GlobalFoundries is back above a buy point of 66.06 in a cup basis after Thursday’s 3.7% gain, according to IBD MarketSmith pattern recognition. GFS shares rebounded 1.3% on Friday morning.
Monday’s IBD 50 Stocks To Watch pick, Phillips 66, attempts to break above the buy point of 110.08 from a cup base with handle, and the breakout appeared to be back on track with a 1 lead. .9% Thursday. PSX the stock lost 2% in morning trading.
The shoals broke out of the buy range on Thursday, rising 9.45%. The 5% buy zone past a buy point of 28.57 peaked at 30. Wait for an orderly pullback into the buy range before considering a stock purchase. SHLS stock rose another 1.4% early Friday.
Join IBD experts as they analyze the top stocks of the current stock market rally on IBD Live
Tesla Stock
Tesla stock slipped another 2% on Thursday, falling sharply for a second consecutive session. The stock is still holding above last week’s 52-week low at 177.12. Tesla shares are about 55% off their 52-week high and significantly below their 50- and 200-day moving averages.
Shares of the electric vehicle giant traded more than 1% on Friday morning.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares climbed 1.3% on Thursday, rebounding from support around their 50-day line. The stock traded down 0.7% on Friday.
Microsoft fell slightly on Thursday, still holding above its recently recovered 50-day line. The software giant remains around 30% off its 52-week high. Microsoft shares rose 0.3% on Friday morning.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen to learn more about growth stocks and the Dow Jones Industrial Average.
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