The Dow Jones Industrial Average briefly rose 250 points on Friday, as US oil prices continued to fall. The stock market traded slightly lower for the week after three days of a very tight close. Retailing rebounded early as Foot Locker and Gap & Ross stores rose to earnings ahead of the holiday season.
The National Association of Realtors presented the October existing home sales at 10 a.m. ET. Analysts expected the ninth consecutive monthly decline, with sales expected to fall to 4.36 million versus 4.71 million in September, Econoday estimated. Existing home sales beat estimates at 4.43 million, still down 5.9% month over month.
Earnings drivers to watch for Friday morning included Applied materials (AMAT), foot locker (FL), difference (GPS), JD.com (Dinar) , Palo Alto Networks (Bannu), Ross Stores (rust), Williams Sonoma (WSM).
AMAT stock rose 4.5% in morning trading. Shares of Foot Locker rose 15%, while GPS stock jumped 9%. JD.com fell sharply, with shares of Palo Alto Networks up nearly 9%. Ross Stores stock is up about 16%. WSM shares fell 8% in morning trade.
electric car giant Tesla (TSLA) fell 1% Friday morning. Technology pioneers at Dow Jones apple (AAPL) and Microsoft (MSFT) was also higher right after the stock market opened today.
IBD Stock Leaderboard Arista Networks (Network), GlobalFoundries (GFS), Phillips 66 (PSX), Scholes Technologies (SHLS) – as well as the name of Dow Jones Larva (CAT) – Among the top stocks to buy and watch.
Arista Networks is an IBD stock on the leaderboard and was IBD stock for Monday. This week’s GlobalFoundries column featured Stocks Near the Buy Zone. Shoals was the stock pick to watch out of the IBD 50 on Thursday.
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Dow jones today: oil prices and treasury yields
After the opening bell on Friday, the Dow Jones Industrial Average rose 0.3%, while the S&P 500 rose 0.35%. The Nasdaq Composite Heavy Index traded 0.2% lower in the morning move.
Among exchange-traded funds, the Nasdaq 100 Tracking 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 extend Thursday’s gains. The 10-year Treasury yield is still on track to fall for the second week in a row. Meanwhile, US oil prices fell more than 4%, threatening to extend the two-day losing streak that saw WTI futures drop below $82 a barrel. West Texas Intermediate crude futures traded below $78 a barrel on Friday.
Stock market rise
The Dow Jones Industrial Average closed Thursday down less than 0.1% after bouncing back from short-term support. The S&P 500 pared its losses to 0.3%. The high-tech Nasdaq Composite cut losses to 0.4%, after finding support at the 50-day line. Finally, small capital Russell 2000 lost 0.8%.
The Big Picture commented on Thursday, “So far, the market’s decline should be considered normal, as major stock indices take a much-needed break to consolidate recent gains. The losses in the last two days have done nothing to disrupt the stock market’s current bull run.”
Now is an important time to read IBD’s Big Picture column amid the ongoing volatility in the stock market.
Five Dow Jones stocks to buy and watch now
Dow Jones Stock to Buy and Watch: Caterpillar
Dow Jones member Caterpillar extended its losing streak to three sessions and is about 3% short of the 238-point Buy Cup base, According to IBD MarketSmith Pattern Recognition. CAT shares rose 0.9% on Friday.
CAT stock boasts an impressive 97 out of 99 IBD Composite Perfection rating, according to an examination of IBD stocks.
4 growth stocks to watch in Cursstock market rally
Top stocks to buy and watch: Arista, GlobalFoundries, PSX, and Shoals
IBD Leaderboard Arista Networks stock remains below the 132.97 buy point of a choppy base amid Thursday’s 1.05% gain. ANET shares were trading up 2.2% on Friday.
Chip foundry GlobalFoundries is back above 66.06 buy points at the base of the cup after Thursday’s gain of 3.7%, According to IBD MarketSmith Pattern Recognition. GFS shares rose 1.3 percent on Friday morning.
Monday’s IBD 50 stock pick, Phillips 66, is trying to clear a 110.08 buy point for a cup with handle base, and the breakout looks set to be back on track with a 1.9% advance on Thursday. psx The stock lost 2% in morning trading.
Shoals rose out of a buy range on Thursday, up 9.45%. 5% buy zone after 28.57 buy up point at 30. Wait for an orderly pullback in the buy range before considering buying stocks. SHLS stock rose 1.4% early Friday.
Join IBD experts as they analyze the leading stocks of the current stock market rally on IBD Live
Tesla shares slid another 2% on Thursday, falling sharply for the second straight session. The stock is still holding above last week’s 52-week low of 177.12. Tesla shares are down about 55% from their 52-week highs and sharply below the 50- and 200-day moving average lines.
Shares of the electric vehicle giant were trading down more than 1% on Friday morning.
Dow Jones leaders: Apple and Microsoft
Among Dow Jones stocks, Apple shares rose 1.3% Thursday, bouncing back from support around the 50-day line. The stock was trading up 0.7% on Friday.
Microsoft pulled back on Thursday, still holding above the recently restored 50-day line. The software giant is still about 30% off its 52-week high. Microsoft shares rose 0.3% Friday morning.
Be sure to follow Scott Lehtonen on Twitter at @tweet Learn more about developing stocks and the Dow Jones Industrial Average.
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