The Dow Jones Industrial Average was modestly higher at midday Friday, with Apple, Amgen and Microsoft among the top gainers. AAPL stock is down 5% so far this week, hurt by reports Thursday that Chinese government workers could be banned from using iPhones.
The Dow Jones index halted two days of sharp losses Thursday with a modest gain. But the blue-chip index will have overhead supply issues to face if it rallies back to its 50-day moving average. It's a potential resistance area to watch with the stock market uptrend under pressure.
AMGN stock is back above all of its key moving averages as the biotech eyes a 268.24 entry. Microsoft, meanwhile, poked above its 50-day line, and it's in the early stages of forming the right side of a new base.
Boeing lagged in the Dow Jones today, one day after the company said 737 deliveries this year would be at the low end of prior guidance.
At the New York Mercantile Exchange, West Texas intermediate crude oil futures rose 1% to $87.75 a barrel. The 10-year Treasury yield was down 3 basis points to around 4.24%.
Interest rates have been on Wall Street's mind lately ahead of the Sept. 19-20 Federal Reserve meeting. The 10-year yield is up around 17 basis points so far this week as investors weigh the possibility of one more rate hikes before the end of the year. The Fed is widely expected to leave the federal funds rate unchanged in a range of 5.25% to 5.50% at its next meeting. However, futures traders peg the chances of another 25-basis-point hike at the Nov. 1 meeting at just under 50%.
Outside The Dow Jones
After four straight declines, the Nasdaq composite pared early gains but still rose 0.2% in afternoon trading. Despite the gain, declining stocks had a slight edge over advancers.
Palo Alto Networks outperformed with a gain of nearly 2%. Volume has been very light during the stock's recent advance, but the security software leader is still in a buy zone from an early entry of 246.30.
The S&P 500 added 0.2%, and the iShares Russell 2000 ETF fought back to flat after falling 0.5% earlier today.
Winners beat losers on the NYSE by about 3 to 2.
How To Know It's Time To Sell Your Favorite Stock
IBD Leaderboard stock Adobe rose 0.2% in the stock market today, helped by a Mizuho upgrade. Analyst Gregg Moskowitz raised Adobe to buy from neutral. He also lifted the price target to 630 from 520. Adobe reports earnings Thursday after the close.
Nvidia, another Leaderboard stock, edged lower as the chip leader holds just above its 50-day line. Stock market bulls don't want to see NVDA lose support at the 50-day line because it could unleash another wave of selling in the technology sector.
Earnings And Upgrades
In earnings news, grocery chain Kroger reversed higher after earnings topped expectations, but revenue of $33.85 billion was just short of the $34.13 billion consensus. Kroger also agreed to pay up to $1.2 billion to settle most nationwide opioid claims that accused it of fueling the opioid epidemic through poor oversight of its pill sales.
DocuSign was an early earnings winner, but the stock reversed lower after a strong start. The company's board announced a $300 million increase to its share repurchase program. DocuSign's 200-day moving average, currently around 54, remains a possible resistance level to watch.
Snowflake opened solidly higher after D.A. Davidson initiated coverage of the software giant with a buy rating and 200 price target. Snowflake has been a laggard in IBD's enterprise software group, stuck below its downtrending 50-day moving average. But a decisive move above the 50-day line would strengthen SNOW's technical picture.
Dow Jones stock Salesforce, an industry group peer of Snowflake, continues to hold gains well after a strong earnings report last week.
IBD Growth Screens
Inside the MarketSmith Growth 250, enterprise software firm Manhattan Associates cleared a cup-with-handle base with a 205.70 buy point, rising more than 2% in strong volume. But the stock fell off highs.
Samsara erased a modest gain. It's near the top of the 5% buy zone after a breakout from a double-bottom base at 29.79.
Retailer RH gapped sharply below its 50-day line, down 13% in heavy volume, after the company reported earnings and gave a cautious outlook. It expects the luxury housing market and overall economy to remain challenging through the end of this year.
Language-learning specialist Duolingo also erased gains. It is trending toward a 162.20 double-bottom entry.
Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.
