The Dow Jones Industrial Average edged lower on Friday, with bitcoin prices falling below $22,000 Bed Bath & Beyond (PPPY), BBBY stock, crashed.
BBBY shares fell sharply on Thursday, after the meme stock regained interest, leading shares to more than double in a steep, six-day advance. On Friday, shares fell as much as 47% in pre-market trading, before losing 42% in morning trade. Stop the game (GME) Chairman Ryan Cohen’s RC Ventures has announced that it has sold its entire stake At the struggling retailer. Additionally, Bed Bath & Beyond announced that it has hired bankruptcy specialist Kirkland & Ellis to help it manage its unwieldy debt load. The stock rallied 560% from a July 27 low of 4.54 to a high of 30.00 on Wednesday.
Major earnings moves include Friday Utility items (Big), Deer (OF), Foot Locker (FL) and Rose Stores (Roast) ALOT shares fell 1%. Deer shares fell 2.5%. Call Locker rose 23%. And Rose Stores Up almost 1%.
In the current healthy stock market environment, Dow Jones stocks Coke (There is) and Merck (MRK) – as well as Albemarle (ALB), Arista Networks (On the sides), Costco (cost) and Ollie’s Bargain Outlet (Ollie) — are among the best stocks to buy and watch.
Albemarle and Costco were featured Near the column of this week’s stock buy zone. Costco added stock IBD Leaderboard And Swing Trader Following Tuesday’s breakout move. Albemarle was recently IBD stock of the day.
Dow Jones today: Treasury yields, oil prices, Bitcoin
In early Friday, the Dow Jones industrial average was down 0.7%, while the S&P 500 was down 1%. The Nasdaq composite was down 1.5% in morning trade.
The 10-year Treasury yield rose to 2.97% early Friday, following Thursday’s drop to 2.88%. The 10-year Treasury yield has rebounded in recent weeks after hitting its lowest level since early April.
Meanwhile, US oil prices threatened to extend this week’s losses, falling to their lowest level since January. West Texas Intermediate futures traded nearly 2% lower below $89 a barrel.
Bitcoin price has fallen by more than 9% in the last 24 hours. According to CoinDesk. Bitcoin is trading at $21,300 in Friday morning action.
Stock market rally
On Thursday, the Dow Jones industrial average gained less than 0.1%, while the S&P 500 rose 0.2%. The tech-heavy Nasdaq composite rose 0.2% but remained below the 13,000 level and is on pace to snap a four-week winning streak. The small-cap Russell 2000 rallied 0.7%.
The next few sessions will be key to the direction of the stock market as the Nasdaq and Dow Jones Industrial Average test support levels. Meanwhile, the S&P 500 is poking its head up against its 200-day line, a key resistance level to watch.
Thursday’s The Big Picture column “If the stock market trades sideways, most of the leading stocks will consolidate. These rest periods can occur handles Cups, saucers and double-bottom shapes or even New BasicsIt provides new purchase points.”
If you’re new to IBD, check it out Stock trading system And Can Slim Basics. approves Chart formats It is an important aspect of investment guidance. IBD offers a wide range of Growth Stock Listsetc Leaderboard And Swing Trader.
Dow Jones Stocks to Watch: Coca-Cola, Merck
Dow Jones Soda Company Coca-Cola is forming a flat base with a 67.30 buy point. A handle entry also plays at 65.14. Shares are recovering from their 50-day line and trying to top the handle entry. The stock was down 0.1% in early Friday trading.
Merck is forming a flat base, showing a buy point of 95.82. Stocks are trying to hold above their 50-day line, according to IBD MarketSmith Chart analysis. Merck shares rose 0.6% on Friday.
Share of MRK Showing a solid 94 out of a perfect 99 IBD Joint Assessment, for one IBD Stock Checkout. Investors can use the IBD Composite Rating to easily gauge the quality of a stock’s fundamental and technical metrics.
Top stocks to watch: Albemarle, Arista, Costco, Ollie’s
Lithium producer Albemarle remains in buy range after breaking above 273.78 on Friday. Point to buy Handle base with a large cup. 5% buy zone goes up to 287.47. Earlier last week, the stock topped the minor cup with handle at 250.25 buy point. Shares rose 0.7% on Thursday, ending a two-day slide. The stock was down 1.7% on Friday morning.
Arista Networks, One of this week’s IBD 50 stocks to watch, continues to advance to the right of the double bottom base, providing a buy point of 143.67. With the stock up about 8% from current entry, look for a handle to provide a more risk-optimal buy point. Arista’s RS line is trending high and approaching new heights. ANET shares fell 2% on Friday.
IBD Leaderboard Shares of Costco crossed a cup with a handle with a 552.81 buy point. The stock rose 0.8% on Thursday, 5% in buying territory. Shares were down 0.7% in early Friday trading.
Ollie’s Bargain Outlet is recovering from that 10 week line – An important support level – placing the best discount seller in a new buying zone. Stocks also carve a Handle after a large cup base, placing a recent buy point at 72.37. Current price action is about 11% away from that entry. Shares were down 0.5% on Friday morning.
Tesla shares lost 0.4% Thursday, extending a losing streak to three sessions. EV company shares fell 2% Friday morning.
This week, the stock closed at its highest level since May 4. Shares are once again trying to rise decisively above resistance around their 200-day line. Tesla is 27% off its 52-week high. Its 3-for-1 stock split is set for August 24.
Dow Jones Leaders: Apple, Microsoft
in the middle Dow Jones StocksShares of Apple rose 0.9% on Thursday A cup continues to form the right side of the base It has a buy point of 179.71. Another explanation could be a big double bottom that extends into January. Either way, the point of purchase remains the same. Consider creating a viable handle and providing minimal entry.
Happily, the stock’s relative strength line is already at new highs, indicating the performance of the larger stock market. Shares were down 0.4% on Friday morning.
Microsoft fell 0.4% on Thursday, breaking further away from its long-term 200-day line. The stock lost 0.5% in early Friday trading.
Don’t forget to follow Scott Lehtonen on Twitter @IBD_SLehtonen Learn more about growth stocks and the Dow Jones Industrial Average.
You may also like:
“Friend of animals everywhere. Coffee maven. Professional food trailblazer. Twitter buff.”