Dow Jones futures reversed higher Friday, as Russian military units reportedly entered Kyiv. The major stock indexes pointed higher following Thursday’s impressive stock market rebound, and as markets in Europe traded briskly higher. Etsy and Square were key earnings movers ahead of Friday’s open.
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Among the Dow Jones leaders, Apple (AAPL) rose 0.8% and Microsoft (MSFT) traded up 0.5% in today’s stock market. American Express (AXP), a Dow Jones stock to watch, is back below its buy point amid a losing streak.
Electric-vehicle leader Tesla (TSLA) rose more than 2% premarket Friday after an analyst upgrade. Tesla stock looked to add to Thursday’s 4.8% rally.
Amid an extremely volatile market, Anthem (ANTM), Northern Oil & Gas (NOG), Nutrien (NTR) and Palo Alto Networks (PANW) are among Friday’s top stocks to watch. Keep in mind that current stock market condition should keep investors in cash and on the sidelines.
Microsoft and Tesla are IBD Leaderboard stocks.
Dow Jones Today: Russian Invasion
Ahead of the stock market open Friday, Dow Jones futures traded up 0.4%, while the S&P 500 futures rose 0.5%. Nasdaq 100 futures gained 0.6% in morning trade. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) rose 0.6%, and the SPDR S&P 500 ETF (SPY) added 0.5% before Friday’s open.
The 10-year Treasury yield ticked up to 1.98% Friday morning. On Thursday, the 10-year Treasury yield closed just below 1.97% after recovering from sharp losses. Meanwhile, U.S. oil prices climbed 0.6% Friday, with West Texas Intermediate crude trading above $93 a barrel. On Thursday, WTI topped $100 a barrel before retreating.
On Friday, Russian tanks were reported entering Ukraine’s capital Kyiv, and gunfire was heard across the city. Overnight, the city was hit by a series of Russian airstrikes, as the invasion entered its second day.
On Friday morning, Russian news agency Interfax reported that Russian press secretary Dmitry Peskov said that Russian President Vladimir Putin is ready to send a Russian delegation to Minsk (the capital of Belarus) for negotiations with Ukraine. Ukrainian President Volodymyr Zelensky had earlier in a video statement called on Putin to meet for talks.
Stock Market Correction
The stock market posted positive action Thursday, as the major stock indexes reversed from sharp early losses to close higher. Amid the current volatility, it’s an important time to read IBD’s The Big Picture column.
Thursday’s The Big Picture commented, “One day after IBD downgraded the market outlook from “uptrend under pressure” to “market in correction,” the stock market put in Day 1 of a new rally attempt with its big reversal. Be on the lookout for a follow-through day, which would signal the start of a new uptrend, on Day 4 or later of a rally attempt. But this year’s market volatility could make such a signal less significant. Follow-throughs in December and January failed.”
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
Stock Market Earnings: Etsy, Square
Etsy (ETSY) reported fourth-quarter results late Thursday that beat estimates but its first-quarter revenue outlook came in below expectations. ETSY shares soared 17% early Friday.
Square-parent Block (SQ) surged nearly 18% Friday after its December-quarter earnings, net revenue and gross payment volume topped analyst estimates.
Dow Jones Stocks To Watch: American Express
American Express broke out on Feb. 8 past what IBD MarketSmith chart analysis plotted as a cup base buy point at 189.13. Shares are below the buy point amid five straight days of losses. AXP stock traded down 0.5% in premarket trade Friday.
Bullishly, the stock’s relative strength line is at new highs, indicating significant stock market outperformance.
Four Top Growth Stocks To Watch In The Current Stock Market Rally
Stocks To Watch: Anthem, Nutrien, Northern Oil, Palo Alto
IBD Leaderboard stock Anthem is about 5% away from a 470.12 flat-base entry following Thursday’s 0.2% fall. Positively, the stock’s RS line hit a new high. Anthem shares were flat premarket Friday.
Fertilizer maker Nutrien is trading near a flat base’s 77.45 buy point after reclaiming the entry during Thursday’s 3.2% advance. The relative strength line hit a new high Thursday, which is a sign of strong stock market outperformance. NTR stock shows a perfect 99 IBD Composite Rating, per IBD Stock Checkup. NTR shares gained 1.2% premarket Friday.
Northern Oil & Gas is about 9% away from a cup with handle’s 25.57 buy point, according to IBD MarketSmith chart analysis. NOG shares added 1% premarket Friday.
Cybersecurity leader Palo Alto Networks bullishly reclaimed its 50-day line Thursday, surging 13%. Shares are building a consolidation with a 572.77 buy point, according to IBD MarketSmith chart analysis. The RS line hit a new high Thursday. Earlier this week, the company reported strong earnings and sales. Palo Alto stock moved slightly lower early Friday.
Join IBD experts as they analyze leading stocks in the current stock market correction on IBD Live
Tesla Stock
Tesla stock rose more than 2% Friday morning, looking to add to Thursday’s 4.8% rebound. Early Friday, Daiwa Securities upgraded Tesla to outperform, but lowered its price target from 980 to 900. The stock remains below its long-term 200-day line after big losses earlier in the week. There is no proper entry in sight, as the stock continues to consolidate.
The stock traded as high as 1,243.49 on Nov. 4, but ended Thursday about 36% off that all-time high.
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Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple stock rebounded 1.5% Thursday, finding support at the long-term 200-day line. Despite recent losses, shares continue to build a new base. But a forming cup with handle has broken down and is no longer in play. Apple shares rose 0.8% premarket Friday.
Software leader Microsoft climbed 5.1% Thursday, snapping a five-day losing streak. Last week, the top Dow Jones stock gave up support around its long-term 200-day line. MSFT stock moved up 0.5% Friday morning.
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 Rally As Russia Enters Kyiv; Etsy, Square Soar On Earnings appeared first on Investor’s Business Daily.
