The Dow Jones Industrial Average rallied over 200 points Friday, as Nike surged as much as 15% on earnings. Tesla stock reversed lower, while Dow Jones leader Microsoft is in buy range past a new entry.
XAmong the Dow Jones leaders, Apple (AAPL) fell 0.1% Friday, while Microsoft (MSFT) moved down 0.4% in today’s stock market. Microsoft is just above a new entry. Nike (NKE) surged after smashing earnings estimates late Thursday.
Tesla (TSLA) advanced as much as 2% Friday before reversing lower midday, looking to cap off the week with a modest loss for the day, but up significantly for the week.
Among the top stocks to buy and watch, PayPal (PYPL), Roku (ROKU) and Snap (SNAP) are trading in or near buy zones.
Microsoft is an IBD Leaderboard stock. PayPal was featured in this week’s Stocks Near A Buy Zone column. Snap is an IBD SwingTrader stock.
Dow Jones Today
The Dow Jones Industrial Average rallied 0.7% Friday, while the S&P 500 moved up 0.3%. The tech-heavy Nasdaq composite traded flat midday.
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Among exchange traded funds, the Innovator IBD 50 (FFTY) traded up 0.6% Friday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) moved down 0.1%. Meanwhile, the SPDR S&P 500 ETF (SPY) gained 0.2%.
Stock Market Rally
The Nasdaq and S&P 500 hit record highs Thursday, while the Dow Jones Industrial Average broke past resistance at its 50-day line.
Thursday’s Big Picture column commented, “Following solid gains earlier in the week, the tech-heavy Nasdaq and S&P 500 notched more record highs Thursday, providing additional confirmation of a strengthening market trend. Meanwhile, the Dow Jones Industrial Average remains just below its 50-day moving average.”
For more stock market commentary, check out IBD’s The Big Picture.
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Dow Jones Earnings: Nike
Nike blew away fiscal fourth-quarter earnings estimates late Thursday. The company reported EPS of 93 cents on revenue of $12.3 billion, much higher than analyst estimates.
The stock surged as much as 15% Friday morning and is in buy range past a consolidation’s 148.05 buy point, according to IBD MarketSmith chart analysis.
Stocks To Buy And Watch: PayPal, Roku, Snap
IBD Leaderboard stock PayPal is at the top of the 5% buy range above a 277.96 buy point. The 5% buy zone goes up to 291.86. Shares fell 1% Friday.
Roku rallied 0.3% Friday morning, looking to extend a win streak to seven sessions. Shares are tracing a cup base with a 486.82 buy point. Be on the lookout for a potential handle to offer a more risk-optimal entry.
IBD SwingTrader stock Snap is just out of buy range past a 63.94 buy point in a cup with handle. The 5% buy zone tops out at 67.14. Shares initially broke out on June 11, but quickly ran into resistance. After falling as much as 7% below the entry on June 16, the stock regained its entry on Wednesday and extended gains Thursday. An alternate entry in a cup base exists at 65.96. That 5% buy zone goes up to 69.26.
Shares fell 0.9% Friday morning.
According to IBD Stock Checkup, SNAP stock shows a strong 97 out of a perfect 99 IBD Composite Rating. The IBD Composite Rating easily identifies stocks with a blend of strong fundamental and technical characteristics.
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Tesla stock reversed slightly lower Friday, on pace to snap a three-day win streak. The stock is set to rally about 9% this week. The EV giant bullishly reclaimed its key 50-day line Wednesday and is moving up the right side of a new base.
On Jan. 25, Tesla stock hit a record high at 900.40, after climbing as much as 93% from a 466 buy point in a cup with handle.
Dow Jones Leaders: Apple, Microsoft
Among the top Dow Jones stocks, Apple lost 0.1% Friday. Apple stock continues to trace a new flat base with a 137.17 buy point. Shares are about 2% away from the entry.
Dow Jones software giant Microsoft is breaking out above a new cup base’s 263.29 buy point, according to IBD MarketSmith chart analysis. Shares lost 0.4% Friday and are in buy range. The 5% buy zone goes up to 276.45. The stock’s relative strength line is nearing recent highs, a positive sign of stock market outperformance in recent weeks.
On Tuesday, Microsoft joined Apple in the $2 trillion-valuation club.
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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