Dow Jones futures chased Europe’s markets higher Friday morning after Russian President Vladimir Putin said there were “positive” developments in Russia-Ukraine negotiations. Treasury yields and U.S. oil prices erased early gains in the stock market today.
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Before Friday’s open, DocuSign (DOCU), Oracle (ORCL), Rivian (RIVN) and Ulta Beauty (ULTA) reported their quarterly results. DocuSign stock tumbled 17%. Oracle slipped around 2%. Rivian dived 9% and Ulta Beauty rallied more than 2% in morning trade.
Among the Dow Jones leaders, Apple (AAPL) rose 1.4% and Microsoft (MSFT) advanced 1.9% in today’s stock market. UnitedHealth (UNH), a Dow Jones stock to watch, finished Thursday within striking distance of a new buy point.
FANG stock Amazon.com (AMZN) advanced nearly 2% Friday after Deutsche Bank started the stock with a buy rating. Electric-vehicle leader Tesla (TSLA) rallied more than 1% early Friday, looking to rebound from Thursday’s losses.
Amid the still volatile, headline-driven market, Costco (COST), Nucor (NUE), Quanta Services (PWR) and Union Pacific (UNP) are among Friday’s top stocks to watch. Keep in mind that current stock market conditions should keep investors largely in cash and on the sidelines.
Microsoft, Nucor and Tesla are IBD Leaderboard stocks. Quanta was Tuesday’s IBD Stock Of The Day. Costco was Tuesday’s IBD 50 Stocks To Watch pick and was featured in this week’s Stocks Near A Buy Zone column.
Dow Jones Today: Putin Comments
Before Friday’s market open, Dow Jones futures rallied 0.9% vs. fair value, and S&P 500 futures gained 1.05%. Nasdaq 100 futures advanced 1.3% vs. fair value. Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) rose 1.4%, and the SPDR S&P 500 ETF (SPY) moved up 1.1% before Friday’s open.
In Europe, Frankfurt’s benchmark DAX index rallied 3.3% near mid-session. The CAC-40 in Paris gained 2.2%, while London’s FTSE 100 climbed 1.4%.
Just one day after Russian and Ukrainian foreign ministers met for talks in Turkey, reportedly with little progress, Russian President Putin told Belarusian leader Alexander Lukashenko at a meeting in Moscow, “There are certain positive shifts there, negotiators on our side tell me.” He added that talks continue “practically on a daily basis,” according to Reuters.
Meanwhile, Russian troops in Ukraine appeared to reposition, fueling worries of a renewed attack on Kyiv.
The 10-year U.S. Treasury yield held steady around 2.01%, following a four-day win streak. U.S. oil prices reversed slightly lower Friday, as West Texas Intermediate crude traded below $106 a barrel.
Stock Market Rally Attempt
The stock market posted mixed action Thursday, as the major stock indexes finished down but well off their session lows.
Thursday’s The Big Picture commented, “The S&P is holding mainly above the 4200 level, while the 13,000 level may give the Nasdaq a foothold. So watch how the indexes behave around those levels.”
If you’re new to IBD, consider taking a look at its stock trading system and CAN SLIM basics. Recognizing chart patterns is one key to the investment guidelines. IBD offers a broad range of growth stock lists, such as Leaderboard and SwingTrader.
Investors also can create watchlists, find companies nearing a buy point, or develop custom screens at IBD MarketSmith.
Four Dow Jones Stocks To Watch Now
Dow Jones Stocks To Watch: UnitedHealth
Managed care giant UnitedHealth continues to show a 501.03 buy point in a double-bottom base. Shares ended Thursday about 2% away from their latest entry after the session’s 1.2% gain. UNH shares were flat early Friday.
Bullishly, the stock’s relative strength line is near new highs, indicating significant stock market outperformance.
Four Top Growth Stocks To Watch In The Current Stock Market Correction
Stocks To Watch: Costco, Nucor, Quanta Services, Union Pacific
Costco stock continues to build a cup base with a 571.59 buy point, according to IBD MarketSmith chart analysis. Keep an eye out for a handle to form, which would lower the risk-optimal entry. Bullishly, the stock’s relative strength line already hit new highs, a sign of extreme strength especially during periods of significant market weakness. Costco shares rose 0.6% early Friday.
IBD Leaderboard stock and steelmaker Nucor moved out of buy range above a double bottom’s 126.77 buy point following Thursday’s 2.7% rally. The 5% buy area went up to 133.11. Nucor stock fell 0.5% Friday morning.
Tuesday’s IBD Stock Of The Day, Quanta Services, topped an 113.81 early buy point Tuesday during the session’s 8.2% surge. Meanwhile, the stock continues to move up the right side of a consolidation with a 124.79 buy point. PWR shares were unchanged early Friday.
Union Pacific is back above its 256.21 flat-base entry after Thursday’s bullish upside reversal. The 5% buy area goes up to 269.02. UNP shares were flat early Friday.
Join IBD experts as they analyze leading stocks in the current stock market correction on IBD Live
Tesla Stock
Tesla stock rallied more than 1% early Friday, looking to recover from Thursday’s 2.4% decline. Shares continue to fight for support around their long-term 200-day moving average.
The stock traded as high as 1,243.49 on Nov. 4, but ended Thursday about 33% off that all-time high.
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Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple is building a double-bottom base with a 176.75 buy point, according to IBD MarketSmith chart analysis. Shares remains relatively far from the potential entry following Thursday’s 2.7% loss. Apple shares rose 1.1% Friday.
AAPL stock found support at its long-term 200-day line on Feb. 24, but remains below its 50-day moving average. The stock’s relative strength line remains near recent highs in the face of the stock market weakness, signifying that institutions remain hesitant to sell their Apple shares.
Software leader Microsoft dropped 1% Thursday, giving back a part of Wednesday’s 4.6% advance. Shares are still far below the 200-day line, as they continue to build a new base. MSFT stock rose 1.4% early Friday.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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The post Dow Jones Futures Jump On Putin’s Ukraine Comments; Rivian Dives On Earnings appeared first on Investor’s Business Daily.
