The Dow Jones Industrial Average fell 300 points Friday morning, threatening to add to Thursday’s sharp stock market losses. Dow Jones stocks American Express (AXP) and Verizon (VZ) headlined seven key earnings movers ahead of Friday’s market open.
Cleveland-Cliffs jumped 5%. ISRG shares declined more than 6% in early trade. Newmont dropped 7%. Schlumberger moved down almost 2%. Snap fell less than 1% after some wild moves late Thursday.
Twitter (TWTR) was up more than 1% after Thursday’s 1.2% gain. And electric-vehicle giant Tesla (TSLA) skidded more than 1% Friday morning. Tesla Chief Executive Elon Musk said Thursday he has secured $46.5 billion in financing to buy Twitter.
Amid the struggling stock market rally, Dow Jones leader Caterpillar (CAT) — along with IBD Leaderboard stock Edwards Lifesciences (EW), Expedia (EXPE), Raytheon Technologies (RTX) and Shell (SHEL) — are among Friday’s top stocks to buy and watch.
Microsoft and Tesla are IBD Leaderboard stocks. Caterpillar and Edwards Lifesciences were featured in this week’s Stocks Near A Buy Zone column. And Expedia was Thursday’s IBD Stock Of The Day.
Dow Jones Today: Treasury Yields, Oil Prices
After Friday’s open, the Dow Jones Industrial Average lost 1.1%, while the S&P 500 fell 0.85%. The Nasdaq moved down 0.3% in morning trade.
The 10-year Treasury yield was little changed after rising to 2.92% Thursday. On Thursday, the 10-year Treasury yield hit its highest level since December 2018. Meanwhile, U.S. oil prices were down more than 1%, as Texas Intermediate crude traded around $102 a barrel.
Stock Market Rally Continues To Struggle
On Thursday, the stock market finished sharply lower, as the major stock indexes sold off with heavy losses.
Thursday’s The Big Picture column commented, “At the market open, the Nasdaq composite jumped as much as 1.9% before reversing lower and selling off 2.1%. Bearishly, the tech-heavy index met resistance at its 50-day line and made a new low for its current down leg. The small-cap Russell 2000 declined 2.3%.”
If you’re new to IBD, consider taking a look at its stock trading system and CAN SLIM basics. Recognizing chart patterns is one key to the investment guidelines. IBD offers a broad range of growth stock lists, such as Leaderboard and SwingTrader.
Investors also can create watchlists, find companies nearing buy points, or develop custom screens at IBD MarketSmith.
Five Dow Jones Stocks To Watch Now
Dow Jones Earnings: Verizon
Verizon reported its first-quarter results early Friday, meeting earnings estimates and edging past sales targets. The Dow Jones telecom giant guided full-year earnings to the lower end of its range. The stock dropped 3.7% in morning action.
Verizon shares finished Thursday in buy range past a 54.80 entry in a cup with handle.
Dow Jones Stocks To Buy And Watch: American Express, Caterpillar
Dow Jones financial stock American Express finished Thursday about 4% away from a cup with handle’s 194.45 buy point. Early Friday, American Express reported better-than-expected first-quarter results. AXP shares were down 0.3% Friday morning.
Meanwhile, IBD SwingTrader stock Caterpillar is still in buy range past a cup-with-handle’s 227.15 buy point despite Thursday’s 1.1% decline. The 5% buy area goes up to 238.51. A bullish indicator — the stock’s RS line is at its highest level since June 2021. Shares were down 1.6% Friday.
Four Top Growth Stocks To Buy And Watch In The Current Stock Market Rally
Stocks To Buy And Watch: Edwards, Expedia, Raytheon, Shell
IBD Leaderboard stock Edwards Lifesciences is still holding above a cup with handle’s 125.21 buy point in the wake of Thursday’s 2.1% slide, according to IBD MarketSmith chart analysis. The 5% buy area goes up to 131.47. EW stock shows a 90 out of a perfect 99 IBD Composite Rating, per the IBD Stock Checkup. EW shares were down more than 1% Friday morning.
Thursday’s IBD Stock Of The Day, Expedia, is building a cup with handle with a 204.08 buy point. Shares are trying to regain their 50-day line, but are having some trouble at that key resistance level. EXPE shares were up 0.2% early Friday.
Defense contractor Raytheon Technologies gave up a flat base’s 104.44 buy point after shares skidded 3.1% Thursday. RTX shares edged lower Friday morning. Raytheon reports earnings next week.
Oil-and-gas producer Shell is still in the buy range above a flat base’s 56.23 buy point despite Thursday’s 2% drop. The 5% buy area goes up to 59.04. SHEL shares eased lower Friday morning.
Tesla stock slid around 1% Friday morning, threatening to give up a part of Thursday’s 3.2% earnings-driven gain.
Shares of the EV giant finished Thursday about 12% away from a cup-with-handle’s 1,152.97 buy point. The stock traded as high as 1,243.49 on Nov. 4. and ended Thursday about 19% away from that all-time high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares triggered the 7%-8% loss-cutting rule from a 176.75 buy point in a double-bottom base last week. Meanwhile, a handle buy point is the latest entry to watch at 179.71. The stock inched higher Friday morning.
Software leader Microsoft rose 0.4% Thursday, but remains sharply below its 50- and 200-day lines. The stock is around 20% off its 52-week high. MSFT shares were up 0.4% early Friday.
Apple and Microsoft report earnings next week.
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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