Dow Jones Rises; Nasdaq Clears Key Level; Apple Earnings On Deck

The Dow Jones Industrial Average underperformed Big Tech but held on to the green at 1:30 pm ET on Friday. The blue chips index rose 0.2%. The Nasdaq rose 0.3%, turning a profit despite the chip leader being slammed.


The tech-dominated index rose 1% in late afternoon trading, breaking through resistance with strong volume along its 200-day moving average. It has surpassed that critical level for the first time since April 2022.

The S&P 500 traded 0.3% higher. The exponent regained his 200-day line.

Volumes were lower on the NYSE and higher on the Nasdaq compared to the same time on Thursday.

The small-cap Russell 2000 rose 0.4%. Oil prices have fallen nearly 2%, trading at $79.61 a barrel, but rising gasoline prices have rekindled inflation concerns.

The resumption of economic activity in China may be boosting energy demand. Quincy Crosby, chief of LPL Financial and his global strategist, said inventories were down in an Energy Information Administration report as crude exports resumed after bad weather in December hampered refining activity. I said yes.

The Innovator IBD 50 ETF (FFTY) rose nearly 0.6% in line with the broader market.

The benchmark 10-year Treasury yield rose 4 basis points to 3.53%.

Apple earnings next week.

Dow Jones leader apple (AAPL) earnings are up after the market close on Thursday, Feb. 2. Amazon (AMZN) and Google parent alphabet (GOOGL) also reports that night.

The Cupertino, Calif.-based company will ship 72.3 million iPhones in 2022, down 14.9% from the previous year, according to an IDC report. China’s lockdown in Zhengzhou’s iPhone City has plagued Apple and hit production. However, Foxconn’s factory reportedly returned to its 90% capacity in January.

Quarterly earnings per share are expected to fall 8% to $1.94, and revenue is expected to shrink 2% to $121.8 billion, according to Apple’s FactSet estimates.

Japan and the Netherlands were in talks on Friday to curb exports of advanced chips to China, reports said.The action will most likely affect Dutch lithography machine makers ASML (ASML) and Tokyo Electron in Japan. ASML fell nearly 2% in the afternoon.

An Overview of the US Stock Market Today

index symbol price profit/loss % Change
Dow Jones (0 USD) 34029.33 +82.11 +0.24
S&P 500 (0S&P5) 4073.40 +13.24 +0.32
Nasdaq (0NDQC) 11620.27 +108.43 +0.95
Russell 2000 (IWM) 189.52 +0.92 +0.50
IBD50 (FFTY) 23.34 +0.15 +0.56
Last updated: July 27, 2022 12:00 PM ET

The PCE price index, which supports the Fed’s gauge of the economy, rose 0.1% in December, beating flatprint expectations. On an annual basis, inflation fell to 5% from 5.5%, as expected.

Excluding food and energy, the index rose 0.3%. Goods increased 0.7% as services rose 0.5%.

Equities rose on Thursday as GDP slowed by 2.9%, creating hopes that the Fed’s decision on February 1st will ease interest rate hikes.

According to LPL Financial’s chief economist Jeffrey Roach, the revised numbers show that consumer spending declined in both November and December, making a first-quarter contraction likely.

Dow Jones Leaders

Chip makers and Dow Jones tech giants after Thursday’s close intel (INTC) underperformed its top and bottom line estimates for the fourth quarter, posting earnings of just 10 cents a share on sales of $14.04 billion. FactSet estimated him at 21 cents on $14.49 billion.

CEO Pat Gelsinger sees “some of the biggest destockings the industry has literally ever seen.” The stock plunged more than 10% before trading opened, but recovered slightly by 1:30 p.m. ET.

chip giant Advanced Micro Devices (AMD) and NVIDIA (NVDA) rose despite dismal news from the pioneering chipmaker. Applied Materials (AMAT) fell nearly 3%.

Dow Jones leader chevron (CVX) topped the top-line view, with revenue of $56.57 billion versus expectations of $52.7 billion. Earnings of $4.09 per share missed estimates of $4.33. Shares fell more than 4% in late trading on Friday.

Dow Jones Ingredients american express (AXP) raises guidance, increasing dividend payout by 15% after record cardholder activity. Shares rose 12% in the afternoon.

stock movements today

Other than Dow Jones IndicesKLA (KLAC) beat expectations for the second quarter of 2023 with revenue of $2.98 billion and earnings per share of $7.38. But it lowered its third-quarter outlook, putting pressure on stocks. The stock has fallen more than 5%, dropping to the 50-day moving average.

shares of auto life (ALV) rose more than 10% after earnings. EV and hydrogen electric car maker stocks broke out of cup base at 89.98 buy point.

IBD Leaderboard Strains axon (AXON) broke above the 193.95 buy point on a cup basis, but fell slightly in late trading. Axon is featured in this week’s The New America.

in healthcare, immunocore (IMCR) closed the buy point at 65.10 on cup base with handles.

shares of encore wire (WIRE) topped 155.45 entries from cup base. The RS line is his 52-week high. box (BOX) also broke out of flat base with a buy point at 32.10. Titan Machinery (TITN) Breakout from Handled Cup Base and buy 43.59 points

in energy, Champion X (CHX) rose from the Handled Cup base at the 32.85 buy point.

Follow VR Ramakrishnan @IBD_VRamakrishnan For more stock market news today.

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