Major indexes made progress in the afternoon Friday after hitting session lows. The Dow Jones Industrial Average pared some losses, falling 0.3% in early afternoon trading. Yields eased while gold, bitcoin rose.
X
The S&P 500 also pared some losses at 1:30 p.m. ET in the stock market today, down 0.6%, while the Nasdaq also reversed but was down over 0.7%, on track for a four-day losing streak.
Gold rose. The SPDR Gold ETF (GLD) climbed just above a buy point of 184.23. Bitcoin tested the key $30,000 level as a spot Bitcoin ETF awaits authorization.
The yield on the benchmark 10-year Treasury note backed off from its steep recent ascent, dropping to 4.92%.
On Thursday, Fed Chair Jerome Powell said financial conditions have tightened quite a bit as yields continue to surge. But the crisis in the Middle East remains a near-term risk. The stock market’s fear gauge, or VIX, remains elevated.
Elsewhere, student loan payments resumed this month which can have a potential effect on discretionary spending. The Education Department, however, found more than 300,000 student borrowers were given the wrong repayment information.
Ohio Congressman and Trump ally Jim Jordan lost a third bid for House Speaker on Friday. The Wall Street Journal reported that 194 Republicans voted for Jordan and 25 against. That’s up from 22 against in the second round and 20 in the first. The failed vote extends an impasse in the House leadership.
Volume on the NYSE was higher and on the Nasdaq lower compared with the same time on Thursday.
The small-cap Russell 2000 gapped down nearly 2% to a new low for the year, while the Innovator IBD 50 ETF (FFTY) reversed to a smaller 1% loss.
Crude oil rose nearly 1% to $89.05 a barrel amid fears of the crisis in the Middle East spreading beyond the region.
Dow Jones Stocks
American Express (AXP) reported early Friday that Q3 revenue rose 13% to $15.4 billion and earnings per share rose 34% to $3.30. Nonetheless, shares fell 4% in heavy volume, on pace for the lowest close since Nov. 3, 2022.
Intel (INTC) dipped just below the 50-day line, while Apple (AAPL) and Microsoft (MSFT) narrowed their losses to less than 1%.
Outside the Dow Jones, Intuitive Surgical (ISRG) and SLB (SLB) pared back early losses but remained lower after earnings were announced.
Growth continued to slow for SLB, which reported earnings of 78 cents per share while revenue increased 11% to $8.31 billion. Late Thursday, Intuitive Surgical missed views with sales of $1.74 billion and earnings per share of $1.46.
Meanwhile, Baker Hughes (BKR) reported that drilling activity increased last week. The rig count climbed to 501.
SolarEdge (SEDG) warned of weak demand in Europe and lowered its third-quarter revenue outlook. Shares plunged to the lowest point since March 2020 in huge volume. Other solar plays Enphase Energy (ENPH) and First Solar (FSLR) fell in sympathy.
Tech stocks are on watch with earnings due. Meta Platforms (META), Google parent Alphabet (GOOGL) and Microsoft report next week. All three tech heavyweights are testing the 50-day line.
Datadog (DDOG) is on watch as it joins the IBD Sector Leaders. Shares of the software maker are in a base with a buy point of 118.02. The stock dipped just below the 200-day moving average, so watch for a bounce around that level.
Recent IBD Stock Of The Day Adobe (ADBE) is in a cup base with a buy point of 570.24. Adobe is also on the IBD 50 list of growth stocks. Shares fell 2% Friday afternoon.
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