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Investors Business Daily
Business
VIDYA RAMAKRISHNAN

Dow Jones Flat To End Rough Week As Palo Alto Soars On Earnings; Apple Rises As iPhone 15 Release Looms

Major stock market indexes reversed early losses at the closing bell Friday. The Dow Jones Industrial Average finished nearly flat at 4 p.m. ET. The index fell below the 50-day line on Thursday and remained below it, shedding 2% for the week.

The S&P 500 rose from session lows and was unchanged, while the Nasdaq lagged 0.2%.

Volume rose on the NYSE but fell on the Nasdaq compared with the same time on Thursday.

The small-cap Russell 2000 bucked the trend and rose 0.8%.

The Innovator IBD 50 ETF reversed higher as well, adding 0.5%.

Crude oil rose 1% to trade at $80.86 a barrel.

The yield on the benchmark 10-year Treasury note eased and fell 5 basis points to 4.25%.

Bitcoin plunged after news late Thursday that SpaceX, an Elon Musk company, had exited its holding in the cryptocurrency. The digital coin was down 6%.

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Dow Jones Stocks

Cisco Systems added to Thursday's gains after quarterly results and a flat revenue growth outlook for 2024. Home Depot is holding on to its earnings breakout for now and is near a buy point of 334.97 in a cup with handle. The home improvement products company saw sales decline 2% and maintained a forecast for 2%-5% decline for the year on Tuesday.

On Friday, Walmart tested support at the 50-day line after strong results as well. WMT expects sales to increase 4% for fiscal 2024.

Apple rose ahead of the release date for the iPhone 15, widely expected in mid-September. The stock is below the 50-day line. According to reports, the stock has done well historically before its new releases. For the week, Apple stock finished 2% lower.

Stocks Moving Today

Applied Materials was among several earnings movers on Friday. The bellwether chip equipment maker rose after it gave a sales outlook for the fourth quarter of $6.51 billion with earnings per share in the $1.82-$2.18 range. Third-quarter results came in above views. The stock's nearly 4% rally put it a nose above its 50-day line.

Tesla rival Xpeng Motors and Deere gapped down after earnings, while Keysight Technologies plunged after the engineering design and test solutions company reported flat sales growth from the prior year. Xpeng's margins shrank as the company wrote down inventory.

Ross Stores jumped in strong volume, also after reporting results late Thursday.

Outside the Dow Jones, Palo Alto Networks jumped after earnings. Sales of $2 billion grew 26% while earnings per share of $1.44 were 80% higher than the prior year's 80 cents.

Several software stocks, including Intuit, Workday, Splunk and Snowflake, report next week. Intuit and Workday tested support at their 50-day lines, but Snowflake traded below the key level on Friday in the stock market today.

Chinese stocks were under pressure after reports late Thursday that property developer Evergrande is filing for bankruptcy.

Please follow VRamakrishnan on Twitter for more news on the stock market today.

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