The Dow Jones Industrial Average dived over 500 points early Friday, as the blue-chip index headed for its worst week since January. Tesla stock briefly reversed higher in morning trade, while software giant Adobe jumped on strong earnings results.
XAmong the Dow Jones leaders, Apple (AAPL) fell 0.6% Friday, while Microsoft (MSFT) moved down 0.35% in today's stock market. Goldman Sachs (GS) and JPMorgan (JPM) triggered sell rules during the current weakness in financial stocks.
Tesla (TSLA) was down 0.2%, after briefly traded higher Friday, fighting to add to a two-day win streak. Adobe (ADBE) reported earnings after the close Thursday.
Among the top stocks to buy and watch, Align Technology (ALGN), Crocs (CROX) and KKR (KKR) are trading in or near buy zones.
Alphabet is an IBD Leaderboard stock. Microsoft was featured in this week's Stocks Near A Buy Zone column. Crocs was Monday's IBD Stock Of The Day.
Dow Jones Today
The Dow Jones Industrial Average lost 1.5% 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 tech-heavy Nasdaq composite extended losses to 0.9% in morning trade.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % 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: 10:38 AM ET 6/18/2021 |
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Among exchange traded funds, the Innovator IBD 50 (FFTY) traded down 0.7% Friday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) moved down 0.4%. Meanwhile, the SPDR S&P 500 ETF (SPY) fell 0.8%.
Stock Market Rally: Sector Rotation Back?
The S&P 500 looked to extend a losing streak to four sessions Friday morning, while the Dow Jones Industrial Average fell further below its 50-day line. Meanwhile, the tech-heavy Nasdaq remains on the cusp of all-time highs following Thursday's solid gains.
Thursday's Big Picture column commented, "Rather, Thursday may have marked the start of a reversal in 2021 fortunes for major sectors — ranging from the metals plays to health care to old fashioned computer and information technology. The Market Pulse highlights a big scoop of both emerging new leadership and stocks that are quickly losing their strength.
For more stock market commentary, check out IBD's The Big Picture.
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Dow Jones Stocks: Goldman Sachs, JPMorgan
Dow Jones financial leaders continue to fall sharply. Goldman Sachs stabbed below its 50-day support level and is also now below its 356.95 cup-base buy point amid Friday's over-2% drop. The stock climbed as much as 10% past the buy point before nearly erasing that gain. Goldman triggered the round-trip sell signal.
Meanwhile, JPMorgan is trading sharply below a 161.79 buy point in a flat base, according to IBD MarketSmith chart analysis. Shares hit the 7%-8% loss-cutting sell rule.
The stock dropped 2% Friday morning.
Stocks To Buy And Watch: Align, Crocs, KKR
Thursday's IBD Stock Of The Day, Align Technology, is forming a consolidation with a 647.30 buy point, according to IBD MarketSmith chart analysis. An early entry looms at 615.80. Shares dipped 0.3% Friday.
According to IBD Stock Checkup, Align stock boasts a strong 98 out of a perfect 99 IBD Composite Rating. The IBD Composite Rating easily identifies stocks with a blend of strong fundamental and technical characteristics.
IBD Leaderboard stock Crocs is trading below a new buy point following Thursday's losses. Shares broke out on Monday past a flat base's 110.01 buy point. Crocs stock slipped 1% Friday morning, falling further below the buy point.
Leaderboard noted the stock's strong relative strength line, which indicates strong stock market outperformance.
IBD SwingTrader stock KKR is tracing a flat base with a 59.25 buy point. Shares fell almost 2% Friday morning and are about 4% away from the new buy point.
Stock Market Earnings: Adobe
After the close Thursday, Adobe easily beat Wall Street's targets for its fiscal second quarter. It also guided above views for the current period.
Adobe stock jumped 2% in morning trade, pushing the software giant to new highs.
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Tesla Stock
Tesla stock reversed slightly higher, looking to add to a two-day win streak. Shares are on pace for a modest gain this week. The EV giant continues to battle for support around its long-term 200-day line. 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 dropped 0.6% Friday, as the stock continues to trace a new flat base with a 137.17 buy point. Shares are about 4% away from the new entry.
Software giant Microsoft moved down 0.35% Friday, and is within striking distance of a new cup 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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