The Dow Jones Industrial Average fell Friday as big banks like JPMorgan Chase and Bank of America fell after earnings. Meta Platforms led the Magnificent Seven while Tesla lagged.
A trio of stocks moved higher cleared entries. Parsons, MercadoLibre and Rollins flirted with buy points.
Nasdaq Rebounds, Small Caps Dive
The Nasdaq composite closed a fraction higher. Diabetes play Dexcom was among the laggards as it fell more than 3%.
The S&P 500 was nearly flat. Bank of New York Mellon impressed with a lift of 4% after its earnings report.
S&P 500 sectors were mixed. Energy and real estate fared best in the stock market today. Health and consumer discretionary lagged the most.
Small caps were also struggling, with the Russell 2000 falling 0.3%. Growth stocks also slipped, the Innovator IBD 50 ETF lost 0.2%.
Dow Jones Today: JPMorgan Stock Falls
The Dow Jones Industrial Average was off lows, but closed 0.3% lower.
JPMorgan Chase) reversed lower after missing top- and bottom-line views, though its adjusted EPS was better than Wall Street expectations. The stock erased its early gains by midday before falling 0.4%. Profits suffered as it was among the large U.S. banks hit by a Federal Deposit Insurance Corporation charge to help pay for regional bank rescues.
Other big-bank stocks reported earnings Friday. Citigroup) rose around 1% despite earnings and revenue missing analyst views. Costs related to restructuring efforts contributed to its underperformance. Citi plans to cut 20,000 jobs.
Wells Fargo fell more than 3% despite meeting Wall Street earnings expectations as it hiked its credit loss provisions. It ended back near its 47.24 buy point. And Bank of America dipped around 1% after missing views amid two charges that hit results.
Health insurance giant UnitedHealth weighed on the Dow Jones today. It tumbled more than 3% despite beating earnings views after the firm saw a rise in medical costs throughout the quarter. Its medical loss ratio of 85% was above expectations.
Magnificent 7: Meta Shines, Tesla Tumbles
Meta Platforms stock fared best out of the so-called Magnificent Seven. It was up more than 1%. Meta is extended from its most recent buy point.
Microsoft was also in positive territory, lifting about 1%. It is in a buy zone above a flat base with an ideal buy point of 384.30, MarketSmith analysis shows.
Apple and Google parent Alphabet made fractional gains. The search giant rose more than 5% for the week.
AI play Nvidia and Amazon.com were down slightly. AMZN is trading above a cup base with an entry point of 145.86.
Tesla stock lost ground on the 200-day moving average as it fell almost 4%. It is now down about 12% so far this month.
Futures: Market Rally Stellar; Four Stocks In Buy Zones
Outside Dow Jones: Three Stocks Test Entries
With the market in a confirmed uptrend now is the time to be tracking stocks breaking out of proper bases.
Enterprise software play Parsons is in a buy zone after breaking past a flat base entry of 64.63, MarketSmith analysis shows. Volume was not heavy, though.
Overall performance is very strong, with its IBD Composite Rating coming in at 97 out of 99.
Latin American e-commerce play MercadoLibre has cleared a flat-base entry of 1,660. This is a second-stage base, which is a bonus.
Price performance is a notable strength here, with MELI ranking in the top 8% of issues in terms of price performance over the past 12 months.
Rollins tested a cup-with-handle entry of 43.91. The pest control stock closed below this level and volume was below average.
Please follow Michael Larkin on X, formerly known as Twitter, at @IBD_MLarkin for more analysis of growth stocks.
