Dow Jones Futures Rise as JPMorgan, UnitedHealth Rally Based on Earnings; Retail Miss
The Dow Jones Industrial Average rose early Friday amid weaker-than-expected US retail sales data. Dow Jones Securities JP Morgan (JPM) and UnitedHealth (UNH) rose after better-than-expected earnings results.
September retail sales were flat, missing Econoday’s estimate of a 0.2% increase.
Stock market today: Earnings heat up
Friday started with a bunch of busy earnings news. JPMorgan Bank, Morgan Stanley (TEACHER), Citigroup (OLD) and Wells Fargo (WFC) is reported. So does healthcare giant UnitedHealth.
Citigroup shares rose less than 1% immediately following the company’s report. JPM stock jumped about 1.5%, despite better-than-expected third-quarter results, while Morgan Stanley stock fell 3% on weak sales and revenue. UNH stock soars 0.5% on good results, along with a positive outlook. And Wells Fargo shares rose 1% despite missing earnings estimates.
Delta Airlines (DAL) increase by more than 2% on analyst upgrade, after third quarter report on Wednesday. Chain of grocery stores Kroger (KR) and Albertsons (ACI) transaction was significantly lower, after the companies confirmed Kroger would acquire Albertsons, in an attempt to better compete with Walmart (WMT) and Amazon (AMZN).
Electric vehicle leader Tesla (TSLA) rose more than 1% on Friday. Among Dow Jones Industrial Averages, Tech Giants Apple (AAPL) and Microsoft (MSFT) is modestly higher than before stock market today open.
Cardinal Health (CAH), ConocoPhillips (COP), Denbury (THE CAVE) and Vertex Pharmaceuticals (VRTX) – as well as Dow Jones stock Chevron (CVX) and Merck (A) – is one of the top stocks to watch. Remember that the ongoing stock market correction is a time for investors to sit on the sidelines and build a watchlist of top growth stocks.
Cardinal Health and Vertex are IBD Rankings share. Chevron and Conoco has been featured in this week’s Stocks Near Buy Area column, along with two other top stock ideas. Vertex is from IBD Stocks of the day on Friday. Merck is Tuesday’s 50 IBD Stocks To View Selection.
Dow Jones today: Treasury yields, oil prices
Before Friday’s opening bell, Dow Jones futures were up 1.1% above fair value, while S&P 500 futures were up 1.15%. Tech-heavy Nasdaq 100 futures were up 1.2% in morning trade.
Remember that action overnight in Dow Jones Futures and elsewhere it doesn’t necessarily translate into actual trading the next week stock market meeting.
Between exchange fundNasdaq 100 Invesco QQQ Trust tracker (QQQ) rose 1.2% and the SPDR S&P 500 ETF (SPY) increased by 1.1%.
The yield on the 10-year Treasury note fell on Friday, falling to 3.88% after Thursday’s rapid rise above 4%. That spike came after hot inflation data showed prices in September rose 0.4 percent, up from a 0.1 percent gain in August.
Meanwhile, US oil prices lost about 2% on Friday, bringing West Texas Intermediate oil futures prices below $88 a barrel. Oil prices are threatening to recover a large part of Thursday’s rally.
Try to rally the stock market
On Thursday, the Dow Jones Industrial Average sold off 1.6% before closing with a 2.8% gain. The tech-heavy Nasdaq composite reversed an earlier decline of 3% to a gain of 2.2%. Nasdaq had its best comeback since February 24, according to Dow Jones Market Data.
Thursday’s Big Picture commented, “With the market in correction mode, investors should be watching for companies that beat earnings results easily and have a strong bullish response. They could be one of those companies. lead the stock market if the market can extend its rally.”
Thursday is the first day of the stock market’s latest rally attempt, so investors are now patiently waiting. track date, which could happen as early as the following Tuesday. The next day confirms the start of a new uptrend. Be aware that not all followings work, so it’s important to increase your exposure slowly and methodically, as the uptrend proves itself.
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Five Dow Jones stocks to watch now
Dow Jones Stocks to Watch: Chevron, Merck
Energy giant Chevron found 50-day line support on Thursday, with gains of nearly 5%. Shares are consolidating below a buy level of 112.50 ahead of the company’s Oct. 28 earnings release date. Shares of Chevron fell 0.8% early Friday, trailing lower with oil prices.
CVX stock is proud a strong 98 in a perfect 99 IBD Composite Rating, every Check out IBD stock. Investors can use the IBD Composite Rating to easily gauge the quality of a stock’s fundamental and technical indicators.
Dow Jones members and IBD 50 shares Merck is playing a double bottomof 93.12 buy points, based on IBD MarketSmith . Pattern Recognition. The relative strength line hit new highs this week, as the stock decides to reclaim the key 50-day moving average. Q3 earnings results will be released on October 27 before the opening bell.
Merck shares fell 0.6% on Friday morning.
Top 4 growth stocks to watchrent Stock Market Adjustment
Top stocks to watch: Cardinal, Conoco, Denbury, Vertex
IBD Rankings Securities and health leader Cardinal Health is shaping a flat base with a 72.38 buy point, according to IBD MarketSmith chart analysis. Heavyweight drug delivery company stocks are once again gaining support around their key 10-week moving averages, according to Leaderboard commentary. Earnings are due on Nov. 4. Shares traded unchanged on Friday.
Energy giant ConocoPhillips takes it back 118.49 buy points in cup with handle amid Thursday’s 5.5% gain. The stock’s RS line hit a new high on Thursday, suggesting a better stock market. Earnings are due on Nov. 3. Shares fell 0.2% on Friday.
Denbury tested the cup base’s 94.05 buy point on Thursday, briefly abandoning that level before closing above it. Stocks exploded earlier this week after the report that Exxon Mobil (XOM) is considering a takeover. Shares are in the 5% chase up to 98.75, though the market is still correcting. The company will report earnings on Nov. 3. Shares fell 0.6% on Friday.
Biotech leader Vertex Pharmaceuticals continues to build a solid base with a buy point of 306.05 and an early entry at 296.90. Its RS line hit a new high this week, confirming the biotech leader as an important stock to watch. VRTX stock found support at the 50-day level on Thursday. Earnings are due on October 27. Shares traded unchanged on Friday.
Join IBD experts as they analyze the top stocks in the current stock market recovery effort on IBD Live
Tesla shares up 2.1% on Thursday, reversing from big losses in the morning. Shares remain at their lowest levels since early July and are down about 47% from their 52-week high. Tesla shares were up more than 1% Friday morning.
The EV giant’s Q3 results are October 19. Tesla is expected to earn adjusted $1.03 per share from sales of $22.4 billion.
Dow Jones Leaders: Apple, Microsoft
Between Dow Jones Securities, Apple shares rose 3.4% Thursday, recovering from recent new lows. Still, the stock is down about 22% from its 52-week high and below their 50- and 200-day highs. Apple shares were up 0.5% on Friday.
Microsoft rose 3.8% on Thursday, recovering from this week’s 52-week low. The software giant is down about 33% from a 52-week high. Shares of Microsoft were up 0.8% early Friday.
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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