April 24, 2024

The Dow Jones Industrial Average closed with a modest gain Friday, extending its weekly win streak to seven. Boeing (BA) and Intel (INTC) were strong gainers in the Dow Jones, while Verizon (VZ), Johnson & Johnson (JNJ) and Coca-Cola (KO) showed losses of around 1%.


BA stock was up nearly 3%, helped by positive comments from UBS, which maintained a buy rating and lifted Boeing’s price target to 315 from 275.

Intel, meanwhile, marked its third straight gain after the company on Thursday launched an AI chip to compete with Advanced Micro Devices (AMD) and Nvidia (NVDA).

E-signature firm DocuSign (DOCU) soared more than 11% after the Wall Street Journal reported the company is exploring a sale.

Outside The Dow Jones

The S&P 500 closed flat and the Nasdaq composite rallied nearly 0.4%. The Nasdaq and S&P 500 also extended their weekly win streaks to seven. But including the Dow Jones, all three main indexes are quite extended after big price runs. That raises the probability of a pullback.

The iShares Russell 2000 ETF (IWM) slid 0.9% after soaring 2.7% Thursday and 3.5% on Wednesday.

All in all, it was an orderly performance for the stock market on a quadruple-witching Friday where stock options, index futures, option derivative contracts and single stock futures expired at the close.

A few Magnificent Seven stocks outperformed, with Nvidia (NVDA), Amazon.com (AMZN) and Microsoft (MSFT) closing with gains of just over 1%.

Earnings Preview: Wall Street Awaits Results From Micron, FedEx

Losers outnumbered winners on the Nasdaq by less than 2-to-1. The ratio was nearly 2-to-1 negative on the NYSE.

The 10-year Treasury yield eased 2 basis points to around 3.92%. Bond yields plunged this week after the Federal Reserve at the conclusion of its two-day meeting Wednesday signaled three interest-rate cuts next year.

U.S. crude oil futures settled at $71.43 a barrel, down 0.2%. Oil marked its first weekly gain in eight weeks. Chevron (CVX) lagged in the Dow Jones today, down 0.4%

Growth Stocks On The Move

Leading retailer Costco (COST) was one of the top gainers in the MarketSmith Growth 250, up more than 4% to an all-time high. A strong earnings report was the catalyst.

Leading security software stocks also outperformed, with names like CrowdStrike (CRWD), Zscaler (ZS) and SentinelOne (S) up more than 2%.

Payment processor Shift4Payments (FOUR) rallied 4% after the stock gave back a sizable gain Thursday. A report from Bloomberg said that Global Payments (GPN) was in talks to acquire FOUR, but GPN denied the report. Global Payments slid back below a 129.69 buy point.

Homebuilders held up relatively well despite an earnings sell-off for Lennar (LEN). LEN stock slumped more than 3%, but IBD’s homebuilder industry group eased just over 1%. The group still rallied more than 5% for the week.

Dow Jones stock Salesforce.com (CRM) also outperformed. CRM stock is holding gains well after gapping up sharply Nov. 30 on strong earnings.

Follow Ken Shreve on X/Twitter @IBD_KShreve for more stock market analysis and insight.


Earnings Preview: Wall Street Awaits Results from Micron, FedEx

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Source: investors.com

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