Dow Jones futures rose Friday morning, looking to add to Thursday’s strong gains, as the young stock market rally strengthens. Treasury yields continued higher, while U.S. oil extended losses to trade around $110 a barrel.
Before Friday’s open, Tesla rival Nio (NIO) reported a wider-than-expected fourth-quarter loss, while revenue growth slightly topped estimates. Nio shares skidded 4% in morning trade. The stock ended Thursday 60% off its 52-week high.
Tesla (TSLA) rose 0.6% early Friday, on pace to add to Thursday’s gains.
Among Dow Jones stocks, Apple (AAPL) rose 0.2% and Microsoft (MSFT) moved up 0.6% in today’s stock market. UnitedHealth (UNH), a Dow Jones stock to watch, finished Thursday in buy range after a recent breakout.
Amid the stock market’s strengthening uptrend, IBD Leaderboard stock Arista Networks (ANET), Broadcom (AVGO), Alpha & Omega Semiconductor (AOSL), GlobalFoundries (GFS) and CVS Health (CVS) are among Friday’s top stocks to buy and watch.
Arista, Microsoft and Tesla are IBD Leaderboard stocks. Arista was also Tuesday’s IBD 50 Stocks To Watch pick. And Broadcom was featured in this week’s Stocks Near A Buy Zone column.
Dow Jones Today: Treasury Yields, Oil Prices
Before Friday’s market open, Dow Jones futures rose 0.3% vs. fair value, while S&P 500 futures moved up 0.35%. Nasdaq 100 futures added 0.4% 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) gained 0.4%, and the SPDR S&P 500 ETF (SPY) was up 0.4% before Friday’s open.
The 10-year U.S. Treasury yield ticked higher to 2.36% Friday following Thursday’s close at 2.34%. U.S. oil prices extended losses Friday morning, as West Texas Intermediate crude briefly traded under $110 a barrel.
The U.S. pledged to boost shipments of liquefied natural gas to Europe, as the European Union seeks to reduce its dependence on Russian natural gas. The U.S. aims to ship 50 billion cubic meters of LNG to Europe annually through at least 2030, officials said Friday, up from the record-high 22 billion cubic meters of LNG it purchased from the U.S. last year.
Stock Market Rally
The stock market posted strong gains Thursday, as the Nasdaq composite rallied nearly 2%. For more daily stock market commentary, check out IBD’s The Big Picture column.
Thursday’s The Big Picture column commented, “Chip giant and IBD Leaderboard stock Nvidia joined the rally, soaring nearly 10%. Per Leaderboard commentary, Nvidia was raised to a three-quarter size position after it surged past a trendline entry point of 272.38 and is actionable as high as 286.”
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 Buy And Watch: UnitedHealth
Managed care giant UnitedHealth shows a 500.10 buy point with a handle entry on a double-bottom base. Shares held in a buy range above that entry after Thursday’s 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 Rally
Stocks To Buy And Watch: Arista, Broadcom, GlobalFoundries, CVS
IBD SwingTrader stock Arista Networks is in buy range past a double bottom’s 133.97 buy point following Thursday’s 4.9% advance. The stock gained 0.4% early Friday.
Chip giant Broadcom advanced 4.5% Thursday, topping an early entry at 614.74. Shares are moving up the right side of a new cup base. The cup base’s proper buy point is 677.86. AVGO shares added 0.5% Friday morning.
Chip leader Alpha & Omega Semiconductor is out of the 5% buy range that topped out at 62.45 in the wake of Thursday’s 8.4% jump, according to IBD MarketSmith chart analysis. AOSL shares popped 2.7% early Friday.
Last week’s IPO Stock Of The Week, GlobalFoundries, is back above a cup base’s 73.35 buy point following a gain of nearly 9% Thursday. The buy area goes up to 77.02. GFS stock moved up 1.2% Friday morning.
Recent IBD Stock Of The Day CVS Health continues to build a flat base with a 111.35 buy point. CVS shares were flat Friday morning.
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla stock rose 0.3% early Friday, looking to extend an eight-day win streak. Shares decisively reclaimed their 50-day line this week, as they move up the right side of a cup base that has a 1,208.10 buy point. Be on the lookout for a potential handle to offer a more risk-optimal buy point.
The stock traded as high as 1,243.49 on Nov. 4, but ended Thursday about 18% off that all-time high.
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Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares rose 2.3% Thursday, extending a win streak to eight sessions. The stock rallied back above the 50-day line and is approaching a double bottom’s 176.75 buy point. AAPL stock moved up 0.2% early Friday.
Software leader Microsoft advanced 1.5% Thursday, as shares once again reclaimed their 200-day line. Microsoft shares rose 0.6% 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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