Stocks rose at the starting bell Friday as the market moved to bolster Thursday's powerful advance. Analyst actions boosted Moderna (MRNA) and Broadcom (AVGO), as earnings lifted Alcoa (AA) and JBHunt Transport Services (JBHT). Meanwhile, Alphabet (GOOGL) and AMD (AMD) moved closer to buy points, and Goldman Sachs (GS) led the Dow Jones today following its third-quarter report.
XThe Dow Jones Industrial Average opened 250 points higher, rising 0.65% as it topped the 35,000 mark for the first time since September and opened a small margin above its 50-day moving average. The S&P 500 gained 0.5%, also earning a little breathing room above its 50-day line. The Nasdaq Composite clocked into today's stock market with a 0.3% advance, setting up a test of resistance at its 50-day level.
Marriott International (MAR) rallied to the top of the Nasdaq 100, up 2.4% after the White House announced that vaccinated individuals would be permitted to travel to the U.S. starting Nov. 8. The gain moved Marriott to within 1% of a 160.08 buy point in a 33-week saucer base.
JBHunt swept up 4.9% to lead the S&P 500. The logistics operation's third-quarter revenue and earnings came in ahead of expectations, but volumes fell due to supply-chain constraints. JBHunt stock ended Thursday 5% below a 184.48 buy point in a six-week flat base.
Earnings also sent Alcoa almost 12% higher, while fintech vendor Duck Creek Technologies (DCT) dived nearly 26%.
Ore miner Freeport McMoRan (FCX) popped 3%, angling for a third-straight advance after regaining its 50-day moving average on Wednesday. Shares are rising toward a possible buy point at 39.30, in a base formed within a larger consolidation. Freeport reports its September-quarter results on Thursday.
Chip stocks generally moved higher, as Broadcom gained 1.4% on an upgrade to buy from neutral from Goldman Sachs. Taiwan Semiconductor (TSM) climbed 0.8%, following its 2.4% post-earnings rally on Thursday. The VanEck Semiconductor ETF (SMH) added 0.5% in morning trade.
Dow Jones Today: Goldman Earnings Blow Past Targets
Goldman Sachs rose 2.1%, running just behind Visa's (V) 2.2% gain on the Dow Jones today.
Goldman's revenue and earnings both topped views by wide margins, as investment banking revenue soared nearly 88% and the company repurchased $1 billion of its own shares during the quarter. Goldman stock rose 1.3% on Thursday. Shares have been attempting to regain support at its 50-day moving average since mid-September. It is forming a flat base with a buy point at 420.86.
The Dow Jones today wraps up a week in which Goldman was the fourth blue chip to report, after JPMorgan (JPM), Walgreens Boots Alliance (WBA) and UnitedHealth Group (UNH). Walgreens and UnitedHealth are sitting on big gains for the week. JPMorgan gained 1.5% on Thursday, but remains down 4% for the week.
Next week is a busy one for the Dow, with nine companies due to report. Procter & Gamble (PG), Travelers (TRV) and Johnson & Johnson (JNJ) kick off the action with reports due early Tuesday.
Retail Sales, Empire State Survey
Retail sales rose a much stronger-than-expected 0.7% in September, the Commerce Department reported Friday. Economists had projected a 0.1% decline. The report also revised its August sales figures upward to 0.9%. September sales minus vehicles and gas rose 0.7%, in line with expectations.
The New York Federal Reserve Bank reported regional manufacturing growth slowed, sending the index for its October Empire State Manufacturing Survey to 19.8, down from 34.3 in September. Economists had projected a slowdown to 25. Prices paid and prices received both held near record highs, while new orders and shipments decreased. The report noted that "the index for future business conditions increased four points to 52.0, indicating continuing optimism about the six-month outlook."
Vital Signs: Oil Prices, Bond Yields Rise, Bitcoin ETFs Set To Go
Oil prices climbed, positioning West Texas Intermediate crude futures for a seventh-straight up day within an eight-week rally. WTI futures moved up 1.4% early Friday, trading above $82 a barrel and at their highest level since October 2014. Reuters reported Wednesday that the White House had reached out to oil industry companies for assistance in managing rising fuel costs. WTI oil is up about 3% so far this week, and is up almost 32% from a late-August low.
Bond yields bounced early Friday, moving to cap a three-day slide, with the 10-year Treasury yield up 5 basis points to 1.56%. A week ago, yields settled above 1.60%. In March, they hit a high for the year above 1.76%.
Stock Market ETF Strategy And How To Invest In The Current Uptrend
Copper futures jumped 2.8%, trading above $4.76 a pound and up more than 10% so far this week.
Bitcoin rallied more than 4%, to above $59,900, putting its gain for the week at more than 9%. The cryptocurrency swung as high as $60,326 and as low as $56,871 over the last 24 hours, according to CoinDesk. Bloomberg reported that the Securities and Exchange Commission had decided not to prevent next week's launch of the first U.S. bitcoin futures exchange-traded fund. Bloomberg said applications for the ProShares and Invesco funds were filed under mutual fund rules that Securities and Exchange Commission Chairman Gary Gensler has said provide "significant investor protections."
Stocks To Watch: Alphabet, AMD, Zscaler, Stifel
It's been a change-up week for Alphabet's chart as the stock punched back up through resistance at its 50-day moving average on Thursday. That left the stock not quite 4% below a 2,925.17 buy point in a seven-week-old flat base.
Another rock-star stock, Advanced Micro Devices (AMD), regained its 10-week moving average on Wednesday. The stock, also an IBD Leaderboard listing, moved to within 3% of a 114.59 buy point in a double-bottom base. That is strong positioning ahead of the chip developer's third-quarter report on Oct. 26.
Zscaler (ZS) is in a buy range above a 293.54 buy point in a five-week flat base. The cloud-based security software provider was Wednesday's IBD 50 Stock To Watch.
Stifel Financial (SF) is in a buy range above a buy point at 72.30 in what IBD MarketSmith analysis charts as a 21-week consolidation.
Nasdaq, S&P 500, Dow Jones Today
Thursday's big 1.6% gain positioned the Dow Jones today effectively even with its 50-day moving average. It is the Dow's fourth attempt since late September to break above resistance at that technical level. A move above the line would mark a bullish shift in the benchmark's disposition. A fourth retreat from resistance would set the stage for further consolidation.
The move did succeed in reversing the Dow higher for the week, giving it a 0.5% gain through Thursday. The Dow has a 3.2% gain so far for October.
The Nasdaq and the S&P 500 each jumped 1.7% on Thursday, marking a notable shift in the market's status. The moves broke both indexes above short-term resistance levels, giving the S&P 500 a 1.1% gain and the Nasdaq a 1.7% gain for the week through Thursday.
For more detailed analysis of the current stock market and its status, study the Big Picture.
But the S&P 500 ended Thursday just even with its 50-day line, challenging its young rally attempt to prove itself against that level of resistance. The Nasdaq composite finished a fraction below its 50-day line, also facing a test of resistance.
Most investors are more than ready to begin acting on their well-tended watchlists and pushing cash back into the market. It is a good time to do that — but only with a high degree of caution.
While the start of the third-quarter earnings season was positive, reporting periods are always wildcards. If the big benchmarks get firmly back above resistance at their 50-day lines and clarify their direction, the market should be on better footing.
You can find Alan R. Elliott on Twitter @IBD_Aelliott
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