The Dow Jones Industrial Average lagged the other major stock indexes near midday Friday but still held a decent gain. Intel stock was the top gainer in the blue-chip index, one day after the Dow ended a 13-session win streak with a sharp downside reversal.
After a bullish breakout from a nine-week consolidation during the week ended June 16, Intel jumped 6% after the company delivered an unexpected Q2 profit and gave bullish guidance.
Another Dow Jones component, Procter & Gamble, was a solid gainer in the stock market today. The consumer products giant reported adjusted profit of $1.37 a share, up 13% from the year-ago quarter and above the $1.32 consensus. Revenue increased 5% to $20.55 billion, also better than expected.
A key inflation report was also in focus. Inside the June Personal Income and Spending report, the personal consumption expenditures (PCE) price index rose 0.2% month over month and 3% year over year. Core PCE also rose 0.2% from the previous month. Year over year, prices were up 4.1%, a hair below the 4.2% consensus forecast.
After soaring 16 basis points Thursday to 4.01%, the 10-year Treasury yield slipped 4 basis points to 3.97%.
In the oil patch, Dow Jones stock Chevron and Exxon Mobil gave back 1% and 2%, respectively, after reporting earnings.
Outside The Dow Jones
The Nasdaq composite rebounded after the index marked a distribution day Thursday, reversing lower in higher volume. The Nasdaq was up 2% near noon ET on Friday.
Invesco QQQ Trust also gained 2%, helped by a strong gain for Dexcom. The maker of continuous glucose monitoring systems for diabetics reported a 100% surge in quarterly profit. Revenue growth was also impressive, rising 25% to $871.3 million.
Meantime, four of the "Magnificent 7" stocks showed gains of at least 3% in the Nasdaq 100, including Meta Platforms, Alphabet, Amazon.com and Leaderboard stock Tesla.
Sentiment was also positive around chip-equipment firm KLA after the company reported a healthy earnings and revenue beat.
The S&P 500 added 1.1% and iShares Russell 2000 ETF picked up 1.4%. The Dow Jones lagged with a 0.8% gain.
Volume on the Nasdaq was 7% lower compared to the same time Thursday. NYSE volume eased 10%.
First Solar was an early top gainer in the S&P 500, up more than 12% after the company reported a big earnings and revenue beat. But gains faded badly. Adjusted profit jumped 206% year over year to $1.59 a share, with revenue up 31% to $810.7 million.
Sellers knocked group peer Enphase Energy sharply lower after the company missed on revenue and offered weak guidance. ENPH stock has been on a sharp downtrend since late last year.
Elsewhere on the earnings front, Boston Beer surged more than 10% and gapped above its 200-day moving average. Earnings and revenue topped expectations as continued weakness in the hard seltzer category was offset by strength in its Twisted Tea brand.
In the biotech group, Reata Pharmaceuticals soared more than 50% on news that Biogen is buying the company in an all-cash deal worth $7.3 billion, or $172.50 a share.
Artificial Intelligence News And AI Stocks To Watch
Growth Stocks On The Move
While the Dow Jones was filled with several strong price performers, IBD growth screens were also strong.
Inside the IBD 50, strong early gainers included Chinese stocks Li Auto and Futu Holdings. Futu operates an online brokerage platform and is currently an IBD Sector Leader.
Samsara jumped more than 4% in the IBD 50. It's holding support at the 10-week moving average in an erratic, seven-week consolidation.
Sellers hit On Holding again after Thursday's reversal in higher volume. It slid below a 33.67 entry, but the premium running shoe and apparel company reversed higher and is back above the buy point.
Inside the MarketSmith Growth 250, small-cap Huron Consulting broke out past an 87.44 buy point. Shares were strong after the company reported a 66% jump in quarterly profit. Revenue growth accelerated from Q1, rising 26% year over year to $354.9 million.
In the oil and gas space, Chart Industries looked poised to break a six-session losing streak in fine fashion. Shares jumped 9% after the equipment provider reported a 35% jump in quarterly profit.
Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.
