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The Dow Jones Industrial Average fell more than 500 points early Friday, as the blue-chip index headed for its worst week since January. Tesla stock briefly reversed higher in morning trading, while software giant Adobe jumped with solid earnings results.
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Among Dow Jones’ leaders, Apple (AAPL) stock is down 0.6% on Friday, while Microsoft (MSFT) is down 0.35% in the stock market today. Goldman Sachs (GS) and JPMorgan (JPM) launched selling rules during the current weakness in financial stocks.
Tesla (TSLA) is down 0.2%, after trading briefly higher on Friday, struggling to add more consecutive wins over two days. Adobe (ADBE) announced its earnings after the close on Thursday.
Among the best stocks to buy and watch, Align Technology (ALGN), Crocs (CROX), and KKR (KKR) are traded in or near the buying areas.
Alphabet is the IBD Leaderboard stock. Microsoft appeared in the stock column near the buy zone for this week. Crocs was the IBD stock today.
Dow Jones today
The Dow Jones Industrial Average lost 1.5% on Friday morning, threatening to fall more than 3% for the week, its worst week since January. The S&P 500 fell 1.1%, while the technology Nasdaq Composite extended its losses to 0.9% in morning trading.
US Stock Market Today Index Overview Price Symbol Gain / Loss Percentage Change Dow Jones (0DJIA) 33371.34 -452.11 -1.34 S&P 500 (0S&P5) 4183.03 -38.83 -0.92 Nasdaq (0NDQC) 14088.29 -73.06 -0.52 Russell 2000 (IWM) 223.81 -3.48 -1.53 IBD 50 (FFTY) 44.29 -0.46 -1.03 Last update: 10:38AM ET 06/18/2021
Among the exchange-traded funds, the Innovator IBD 50 (FFTY) is down 0.7% on Friday. The Nasdaq 100 Invesco QQQ Trust ETF (QQQ) Index is down 0.4%. Meanwhile, the SPDR S&P 500 Index (SPY) is down 0.8%.
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The S&P 500 seemed to extend its losing streak into four sessions on Friday morning, while the Dow Jones Industrial Average fell below the 50-day line. Meanwhile, the high-tech Nasdaq is still on the cusp of all-time highs after Thursday’s strong gains.
Thursday’s big picture column commented, “Alternatively, Thursday may have seen the beginning of a reversal in the 2021 fortunes of key sectors – from metal plays to healthcare to legacy computer and IT. New emerging leadership and rapidly losing steam.”
For more stock market commentary, check out the IBD big picture.
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Dow Jones stocks: Goldman Sachs, JPMorgan
Dow Jones’ financial leaders continue to fall sharply. Goldman Sachs stabbed below the 50-day support level and is now also below the buy point at 356.95 cups amid Friday’s drop of more than 2%. The stock surged as much as 10% past the buy point before nearly erasing those gains. Goldman fired the sell signal back and forth.
Meanwhile, JPMorgan is trading at a minimum of 161.79 buying points on a flat base, according to IBD MarketSmith chart analysis. Stocks hit a 7%-8% sell base to cut losses.
The stock was down 2% on Friday morning.
Stocks to buy and watch: Align, Crocs, KKR
Thursday’s IBD stock, Align Technology, is forming a consolidation with 647.30 buying points, according to IBD MarketSmith chart analysis. Early entry looms at 615.80. Shares were down 0.3% on Friday.
According to an IBD stock check, Align stock boasts a strong 98 of the perfect 99 IBD compound rating. The IBD composite rating easily identifies stocks with a combination of strong fundamental and technical characteristics.
IBD Leaderboard’s Crocs stock is trading less than a new buying point after Thursday’s losses. Stocks broke out on Monday, breaking 110.01 buying points for a flat base. Crocs stock is down 1% Friday morning, falling further below the buying point.
Leaderboard noted the stock’s strong relative strength line, indicating an outperformance of the strong stock market.
The IBD SwingTrader KKR stock is tracking a flat base with 59.25 buy points. Shares are down about 2% on Friday morning and about 4% away from their new buying point.
Stock Market Earnings: Adobe
After Thursday’s close, Adobe easily beat Wall Street targets for its second fiscal quarter. The above views were also drawn for the current period.
Adobe’s stock jumped 2% in morning trading, pushing the software giant to new heights.
IBD Live: New tool for daily stock market analysisتحليل
Tesla Stock
Tesla stock has reversed somewhat higher, looking to add more consecutive wins for two days. Stocks are on track for modest gains this week. The EV giant continues to fight for support around its long-running 200-day streak. A new base may form, but the stock is far from any new buying point.
On January 25, Tesla stock hit a record high of 900.40, after rising 93% from 466 buying points in a cup with a handle.
Dow Jones Leaders: Apple and Microsoft
Among Dow Jones’ biggest stocks, Apple fell 0.6% on Friday, as the stock continues to track a new flat base at 137.17 buying points. The stock is about 4% away from the new entry.
Software giant Microsoft is down 0.35% on Friday, within walking distance of 263.29 buying points for its new trophy base, according to IBD MarketSmith chart analysis.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen to learn more about developing stocks and the Dow Jones Industrial Average.
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