The Dow Jones Industrial Average briefly rose 250 points on Friday as U.S. oil prices continued to slide. The stock market was down modestly for the week after three days of very tight closes. Retailers revived early trading as Foot Locker, Gap and Ross Stores rose on earnings results ahead of the holiday season.
The National Association of Realtors served on existing home sales on Oct. 10 ET. Analysts forecast a ninth straight monthly decline, with sales expected to fall to 4.36 million from 4.71 million in September, according to Econoday estimates. Existing home sales were still down 5.9% month over month to 4.43 million.
Includes earnings movers to watch for Friday morning Applied materials (AMAT), Leg lock (FL), Gap (GPS), JD.com (JD), Palo Alto Networks (PANW), Ross Stores (ROST), Williams-Sonoma (WSM).
AMAT shares rose 4.5% in morning trading. Foot Locker shares rose 15%, while GPS shares rose 9%. JD.com fell sharply as Palo Alto Networks shares advanced nearly 9%. Ross Stores shares rose nearly 16%. And WSM shares fell 8% in morning trading.
The electric car giant Tesla ( TSLA ) was down 1% on Friday morning. Dow Jones technology leaders apple (AAPL) and Microsoft ( MSFT ) also rose sharply after today’s stock market open.
IBD Stock Leaderboard Arista Networks (ANET), GlobalFoundries (GFS), Phillips 66 (PSX), Shoals Technologies (SHLS) – also known as Dow Jones Caterpillar (CAT) — is among the best stocks to buy and watch.
Arista Networks is an IBD Leaderboard fund and was Monday’s IBD fund of the day. GlobalFoundries was featured in this week’s Stocks Near Buy Zone column. Shoals was an IBD 50 Stocks to Watch pick on Thursday.
IBD’s latest MarketDiem newsletter delivers actionable ideas for stocks, options and cryptocurrencies straight to your inbox.
Dow Jones today: Oil prices, Treasury yields
The Dow Jones Industrial Average rose 0.3% and the S&P 500 rose 0.35% after Friday’s opening bell. The tech-heavy Nasdaq composite rose 0.2% in morning action.
Among exchange-traded funds, Nasdaq 100 tracker Invesco QQQ Trust ( QQQ ) was up 0.2% early Friday, while the SPDR S&P 500 ETF ( SPY ) was up 0.3%.
The 10-year Treasury yield rose to 3.8% to add to Thursday’s gains. The 10-year Treasury yield is still on pace for a second straight week of declines. Meanwhile, U.S. oil prices fell more than 4%, threatening to extend a two-day losing streak in which West Texas Intermediate fell below $82 a barrel. WTI futures traded below $78 a barrel on Friday.
Stock market rally
The Dow Jones Industrial Average was down less than 0.1% on Thursday after recovering from short-term support. The S&P 500 narrowed its losses to 0.3%. The technically 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%.
On Thursday, The Big Picture commented: “The market pullback so far should be considered normal as the major stock indexes take a necessary breather to consolidate recent gains. The past two days of losses have done nothing to disrupt the current stock market uptrend. .”
Now is an important time to read IBD’s The Big Picture column amid continued 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 is about 3% below 238 buy points in its cup base, According to IBD MarketSmith model recognition. CAT shares rose 0.9% on Friday.
The CAT fund has an impressive 97 out of a perfect 99 IBD Composite Rating according to the IBD Fund Check.
4 Best Growth Stocks to Watch on Current Stock Market Rally
Best stocks to buy and watch: Arista, GlobalFoundries, PSX, Shoals
IBD Leaderboard shares Arista Networks remain below a 132.97 buy point on Thursday, with a 1.05% gain. ANET shares rose 2.2% on Friday.
Chip foundry GlobalFoundries breached the 66.06 buy point on the cup base after a 3.7% gain on Thursday. According to IBD MarketSmith model recognition. GFS shares gained 1.3% on Friday morning.
Monday’s IBD 50 Stocks To Watch pick, Phillips 66, was trying to break through the handle base’s 110.08 buy point, and was trying to bounce back with a 1.9% advance on Thursday. PSX the stock lost 2% in morning trading.
Shoals broke out of Thursday’s buy range with a 9.45% gain. 5% buy zone reached 30, past 28.57 buy point. Wait for an orderly pullback to the buy line before considering buying the stock. SHLS shares rose another 1.4% on Thursday.
Join IBD’s experts as they analyze the leading stocks in the current stock rally on IBD Live
Tesla shares fell another 2% on Thursday, falling sharply for the second session in a row. The stock still holds last week’s 52-week low of 177.12. Tesla shares are down about 55% from their 52-week highs and are sharply below their 50- and 200-day moving averages.
Shares of the EV giant were down more than 1% on Friday morning.
Dow Jones Leaders: Apple, Microsoft
Among the Dow Jones stocks, Apple shares rose 1.3% on Thursday, bouncing back from support around the 50-day line. Shares rose 0.7% on Friday.
Microsoft fell lower on Thursday, still above its recently recovered 50-day line. The software giant remains about 30% below its 52-week high. Microsoft shares were up 0.3% on Friday morning.
Be sure to follow Scott Lehtonen on Twitter @IBD_SLehtonen For more information on growth stocks and the Dow Jones Industrial Average.
YOU MAY ALSO LIKE:
The best growth stocks to buy and track
How to Time the Market with IBD’s ETF Market Strategy
Find the best long-term investments with IBD long-term leaders
MarketSmith: Research, Charts, Data and Coaching All in One
How to Research Growth Stocks: Why This IBD Tool Makes Finding the Best Stocks Simple