The Dow Jones Industrial Average trimmed some losses in afternoon trading Friday as investors faced rising Treasury yields and a rise in oil prices.
The Dow was down 0.6% after falling as much as 0.9% earlier today. The S&P 500 was down 1% in the afternoon, and the Nasdaq composite was off 1.8%. It was off session lows, though. The small-cap Russell 2000 fell 2%.
The yield on the key 10-year Treasury rose 10 basis points to 2.98%. Crude oil reclaimed levels above $90 per barrel and is trading at $91.57.
Volume was higher on the NYSE by 27% while it was lower by 1% on the Nasdaq compared with the same time on Thursday.
Dow Jones Leader Apple Nears Buy Point
Tech megaweights are off yesterday's close but some of these stocks could be nearing a run-up to a buy point as key events near.
Dow Jones leader Apple will likely unveil the iPhone 14 during a widely anticipated Sept. 7 event. The stock is close to a buy point of 179.71.
Tesla's 3-for-1 stock split goes into effect Thursday, which could drive the stock up. The stock made it to the highly selective growth IBD 50 yesterday. The split will take shares to around the 300 range after the split. Tesla was off 2.7% in afternoon trading.
Leaders In TV Streaming Growth Spot
Streaming outpaced cable TV, according to a social media and data analytics firm Nielsen. Viewers clocked 190.9 billion minutes of weekly streamed content in July, higher than during April 2020's lockdown.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 33744.80 | -254.24 | -0.75 |
| S&P 500 | (0S&P5) | 4229.92 | -53.82 | -1.26 |
| Nasdaq | (0NDQC ) | 12693.78 | -271.56 | -2.09 |
| Russell 2000 | 194.52 | -4.40 | -2.21 | |
| IBD 50 | 29.13 | -0.46 | -1.55 | |
Last Update: 1:44 PM ET 8/19/2022 |
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Volume grew 22.6% from last year, and 3.2% from June. Cable TV dropped 2% from June and broadcast TV fell 3.7%.
Netflix, Dow Jones leader Disney's Hulu, Google parent Alphabet's YouTube, and Amazon Prime Video drove viewing time growth.
Earnings Movers
Chip equipment bellwether Applied Materials increased its 2023 outlook but warned about weaker demand from chipmakers. Shares fell nearly 4%. Weeks ago, Micron and Dow Jones component, Intel revealed slowing demand.
Foot Locker beat earnings with $1.10 a share against estimates of 80 cents. The stock gapped up nearly 20%. Bank of America upgraded the stock to neutral from underperform and raised its price target. Analysts from BofA, Citi and Goldman Sachs view the entry of Mary Dillon as the new Foot Locker CEO as a positive.
Deere missed with $6.16 a share earnings against expectations of $6.65. The stock fell but trimmed its loss to 0.2%.
Outside Dow Jones, Energy Story Pivot
As West Texas Intermediate Crude Oil reclaims the $90 per barrel level, watch for top energy stocks that are quietly trading in strong bases or near buy points.
Liquefied natural gas transporter Golar LNG is in a buy zone with a buy point of 27.62, according to IBD MarketSmith. Chesapeake Energy is forming a cup base with a buy point of 105.10.
Matador is in a buy zone with a buy point of 58.68 from a cup-with-handle base. The stock gapped up 5% last week on strong volume and after earnings, indicating a bullish trend. The market leader is also ranked first in the IBD's U.S. exploration and production industry group, according to IBD Stock Checkup. Strong fundamentals support the price action. Matador's Q2 earnings of $3.47 a share came well above year-ago 89 cents EPS while revenue doubled to $8.9 billion.
Range Resources is in a cup-with-handle base with a buy point of 34.10. It was an IBD Stock of the Day on Aug. 9.
Elsewhere, the week's meme-stock carnage has left Bed, Bath and Beyond down 40% today, its largest single-day loss ever, according to Dow Jones Market Data. GameStop CEO Ryan Cohen exited his position in the stock after shares had skyrocketed.
General Motors will pay a quarterly dividend after a two-year hiatus. The return of capital will be 9 cents to shareholders of record on Aug. 31, to be paid on Sept. 15. The yield is 0.8% based on today's stock price of 39.79. The company will also extend its share repurchases to $5 billion.
Follow Vidya on Twitter at @IBD_Vidya for more Dow Jones and stock market commentary.
