The Dow Jones Industrial Average briefly rallied 150 points before reversing lower Friday, as the S&P 500 neared more record highs. Tesla stock stumbled, while Dow Jones leaders Apple and Microsoft approached new buy points.
Among the Dow Jones leaders, Apple (AAPL) rallied 0.7%, while Microsoft (MSFT) moved up 0.2% in today’s stock market. Caterpillar (CAT) and JPMorgan (JPM) gave up buy points in recent sessions.
Tesla (TSLA) declined more than 1% Friday, as it fights to retake its long-term 200-day line.
Among the top stocks to buy and watch, Alphabet (GOOGL), Applied Materials (AMAT), Avantor (AVTR) and Zebra Technologies (ZBRA) are in or near buy zones.
Alphabet and Microsoft are IBD Leaderboard stocks. Alphabet was featured in this week’s Stocks Near A Buy Zone column, while Zebra was featured in the weekly IBD Stock Analysis column. Avantor was Thursday’s IBD Stock Of The Day.
Dow Jones Today
The Dow Jones Industrial Average turned down 0.1% early Friday, while the S&P 500 inched lower, just shy of another record high. The tech-heavy Nasdaq composite erased early gains to trade flat in morning trade.
U.S. Stock Market Today Overview
Last Update: 10:38 AM ET 6/11/2021
Among exchange traded funds, the Innovator IBD 50 (FFTY) rose 0.8% Friday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) traded flat. Meanwhile, the SPDR S&P 500 ETF (SPY) was up almost 0.1%.
Stock Market Rally: S&P 500 Hits Record High
The S&P 500 neared Thursday’s record highs, while the Dow Jones Industrial Average looked to add to the prior day’s modest gains in morning trade Friday. Meanwhile, the tech-heavy Nasdaq continues to rebound from its 50-day moving average, and is trading just above potential resistance around 14,000.
Thursday’s Big Picture column commented, “Meanwhile, the Nasdaq is challenging potential resistance around the 14,000 level. If the tech-heavy composite is able to decisively break through this level, then new highs could be on the near horizon.”
For more stock market commentary, check out IBD’s The Big Picture.
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Dow Jones Stocks: Caterpillar, JPMorgan
Dow Jones financial leader JPMorgan is trading below a 161.79 buy point in a flat base, according to IBD MarketSmith chart analysis. Shares fell 0.5% Friday morning.
Meanwhile, Caterpillar is more than 5% below a 237.88 buy point in a flat base. Shares lost 0.8% Friday morning and are falling further below their 50-day line.
Stock Market Earnings: Chewy
Chewy reported mixed Q1 results, topping earnings estimates, but falling short on revenue targets. The company reported adjusted earnings of 9 cents a share on revenue of $2.04 billion.
Chewy stock slipped 2% in morning trade. Shares are trying to regain their long-term 200-day line.
Stocks To Buy And Watch: Alphabet, Applied Materials, Avantor, Zebra
IBD Leaderboard stock Alphabet is breaking out past a 2,431.48 buy point in a flat base. Shares fell 0.3% Friday morning and are right at the entry. Leaderboard noted the stock’s RS line is at new highs, which is a positive sign.
Alphabet was featured stocks in this week’s Stocks Near A Buy Zone column.
Chip giant and Applied Materials is adding a handle to a cup base, moving the buy point from 146.10 to 142.22. Shares ended about 4% away from the new entry amid Friday’s 1% loss.
According to IBD Stock Checkup, AMAT stock boasts 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.
Thursday’s IBD Stock Of The Day Avantor is nearing a flat base’s 34.09 buy point, according to IBD MarketSmith chart analysis. The stock fell more than 1% Friday morning.
Zebra Technologies is trying to break out past a cup-with-handle’s 508.43 buy point. Shares are in the 5% buy zone, which tops out at 533.85, but are having some trouble gaining traction following the June 4 breakout. The stock moved up 0.5% Friday morning.
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Tesla stock skidded more than 1% Friday morning, threatening to fall following Thursday’s nearly 2% rise.
The EV giant continues to struggle at its long-term 200-day line after giving up that level last week. A new base could be forming, but the stock is far away from any new buy point.
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 gained 0.7% Friday, looking to rebound from Thursday’s 0.8% loss. The stock continues to rebound from its long-term 200-day line, while battling to retake the 50-day line. The stock’s lagging RS line indicates significant stock market underperformance.
Apple stock is tracing a new flat base with a 137.17 buy point after triggering the 7%-8% loss-cutting sell rule from a 135.63 buy point in early May.
Software giant Microsoft moved up 0.2% Friday, and is approaching a new flat base’s 263.29 buy point, according to IBD MarketSmith chart analysis.
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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