The major stock indexes opened higher, then turned mixed Friday. The Dow Jones industrials turned red in today’s stock market, despite a boost from Dow Jones stock Intel (INTC). Tech leaders Adobe (ADBE) and Broadcom (AVGO) reported their quarterly results late Thursday to sharply mixed reactions.
Current Stock Market Action
The tech-heavy Nasdaq composite gained 0.5%. The S&P 500 rose 0.2%, while the Dow Jones industrials reversed narrowly lower. Year to date, the Nasdaq is up about 15%, while the S&P 500 shows a 12% gain. The Dow has advanced about 10%.
The Nasdaq remained above a key support level in today’s stock market, the 200-day moving average, which it regained amid Monday’s big advance. The S&P 500 and Dow Jones industrials, meanwhile, were also above it, with the S&P 500 edging above long-term resistance near 2,800. (For updates on this story and other market coverage, visit the Stock Market Today page.)
Dow Jones Stocks: Intel Stock Leads
Among the Dow Jones stocks, Intel stock was one of the top performers in early Friday trade. The chipmaker moved up 2% and is back above a 54.20 buy point in a cup with handle.
Stock Market Earnings: Broadcom, Ulta Jump
Broadcom surged 10% despite weaker-than-expected sales results. The chip giant crushed analyst earnings estimates in the fiscal first quarter. Broadcom stock is breaking out above a 286.73 buy point, which is a result of a handle added to a long consolidation base.
FANG Stock Facebook Swoons
Facebook (FB) stock dropped almost 4% after two executives left the company late Thursday, according to a company announcement. Facebook is trying to recover from a near-44% drop from its highs in late December, but remains over 22% off those highs. Facebook stock is looking for support near its 200-day line.
Elsewhere among the FANG stock, Amazon.com (AMZN) gained 1%, as the right side of a deep base continues to form. Amazon stock is still below its 200-day line, a potential resistance level.
Top Stocks To Watch: Adobe Stock
Among the IBD 50 stocks, software stock Adobe beat the Street’s Q1 quarterly targets, but fell short in its guidance for the current quarter in results after the stock market close Thursday. Adobe stock declined 5% and is back below a 260.82 buy point of a double bottom. Shares are nearing a test of their 50-day line.
According to the IBD Stock Checkup, Adobe stock has a 98 out of a highest-possible 99 IBD Composite Rating. The Composite Rating is a blend of key fundamental and technical metrics to help investors gauge the strengths of a company’s stock.
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