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Dow Jones sells; Citigroup and JPMorgan drop in profits

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The Dow Jones Industrial Average fell sharply on Friday morning, extending losses from Thursday’s stock market sell-off. Earnings season heats up with quarterly results from financial giants Citigroup (VS),JP Morganhunt (JPM) and wellFargo (WFC).




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Among the leaders of the Dow Jones, Apple (AAPL) fell 0.4% on Friday, while Microsoft (MSFT) was down 0.1%. Also among the Dow 30, financial leaders Goldman Sachs (GS) and JPMorgan are close to new buy points in the current stock market.

Leader in electric vehiclesYou’re here (TSLA) traded down 1.5%. EV Truck Rival Rivian (BANK) fell nearly 1%. Lucid Group (LCID) fell 1%. And the Chinese leaders in electric vehicles Li-Auto (TO)and Xpeng Motors (XPEV) were higher.

Among Friday’s best stocks to buy and watch, Applied materials (AMAT), Mosaic (MOS), SVB Financial (SIVB) and Semiconductor manufacturing in Taiwan (TSM) are in or near new buying areas. Keep in mind that the current health of the stock market is not exactly conducive to further buying.

Microsoft and Tesla are IBD stocks. Applied Materials is an IBD SwingTrader stock. Commercial Metals and SVB Financial feature in this week’s Stocks Near A Buy Zone column.

Dow Jones today:

After trading opened on Friday, the Dow Jones Industrial Average fell 0.95%, while the S&P 500 fell 0.6%. And the tech-heavy Nasdaq composite fell 0.4%. Among listed index funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) fell 0.4% in morning trading, and the SPDR S&P 500 ETF (TO SPY) fell 0.6%.

The 10-year Treasury yield rose, nearly 1.74% on Friday morning. On Thursday, the 10-year Treasury yield fell for a third straight day, closing at 1.71%.

Stock market rally weakens

The stock market posted a disappointing performance on Thursday, as the Nasdaq and S&P 500 sold off sharply. The Nasdaq more than erased all of the gains from the previous two days, leaving it near its 200-day moving average. Meanwhile, the S&P 500 dropped its 50-day support level.

Thursday’s The Big Picture commented: “Don’t completely give up on the market rally just yet. The Nasdaq found support at its long-term 200-day line earlier this week. This could still provide a launch pad for a further sustained rally, although less likely at this time If the Nasdaq weakens further and removes its 200 day line, then more downside is likely As usual, don’t predict market direction; be flexible and let the market decide your best course of action.”

For more daily stock market commentary, check out IBD’s The Big Picture.


Five best Dow Jones stocks to watch now


Moving stocks: Ford, NetApp

Stock market leader Ford (F) fell 2.5% on Friday after RBC Capital Markets downgraded the stock from outperform to sector performance. Shares closed Thursday more than 50% above a buy point of 16.56 in a cut basis.

NetApp (NTAP) rose almost 1% on Friday morning after Cowen lifted the stock from market performance to outperform. Stocks are in the buy range past a buy point of 94.79 in a flat basis.

Stock market results: Citigroup, JPMorgan, Wells Fargo

Ahead of Friday’s opening, financial giants Citigroup, JPMorgan Chase and Wells Fargo released their quarterly results.

Citigroup fell about 3% on Friday, just after the release of fourth quarter results. Stocks are back above their 50-day line, but still below their 200-day line despite a six-day advance. Shares ended Thursday about 15% off their 52-week high.

Dow Jones JPMorgan stock reported strong earnings and sales figures, but the shares sold more than 6% on Friday morning. The stock is building a flat base with an entry of 173.06.

Wells Fargo reported strong earnings and sales results, triggering a 2% rise in morning trading. The stock is extended beyond a buy point of 52.67 in a flat basis after a January 4 breakout.

Dow Jones Stocks to Buy and Watch: Goldman Sachs

Dow Jones Goldman Sachs stock rose 0.1% on Thursday, shrugging off market weakness, but remains below the 50-day line. Stocks continue to chart a cup-handle base with a buy point of 412.76, according to IBD MarketSmith’s chart analysis. Shares fell 3.2% on Friday. The company reports its December quarter results on Tuesday.


Three growth stocks to watch in the current stock market rally


Stocks to buy and watch: Applied Materials, Commercial Metals, Diamondback, SVB Financial

IBD SwingTraderstock Applied Materials failed to follow Wednesday’s bullish action, falling below its fixed base buy point of 159.10, according to IBD MarketSmith’s chart analysis, on the 1.5% loss of Thursday. On the positive side, the stock’s relative strength line is just below new highs. AMAT stock rose 0.5% on Friday.

Mosaic gave up part of Wednesday’s breakout, falling 0.7% on Thursday. Shares closed in the buy range above the 41.25 one-cup-with-handle entry. Stock MOSboasts a perfect 99IBD composite rating, according to theIBD inventory check. The stock rebounded 3% on Friday after BMO Capital improved the stock from market performance to outperform.

SVB Financial is plotting a cup basis with a buy point of 763.32. Look for a potential handle to offer a more risk-optimal buying point. Shares slid 3.5% on Thursday, ending just at the 50-day line. Shares fell more than 2% on Friday. The Santa Clara, Calif.-based bank released its fourth-quarter results on Thursday.

Taiwan Semiconductor rose above a buy point of 135.60 in a cup with handle, jumping more than 5% on Thursday after the company beat analyst estimates for the fourth quarter. The 5% buy zone peaks at 142.38. TSM stock fell 1.5% on Friday.


Join IBD experts as they analyze the top stocks of the current stock market rally on IBD Live


Electric vehicle stocks: Li Auto, Xpeng, Lucid Motors, Rivian

Li Auto shares rose for a third consecutive session on Thursday, gaining 0.1%. The stock is rising on the right side of a consolidation with an entry at 37.55 while an early entry at 33.86 is also in play. The shares were up 0.15% on Friday.

Xpeng Motors fell 1.8% on Thursday but still held above the 50-day line. The actions formed a cup with a handle, but this formation has now disappeared. The stock continues to build a consolidation with an entry at 56.55. Aggressive investors could use 51.60 as a prior entry. Shares rose slightly on Friday.

Among U.S.-based electric vehicle stocks, shares of Lucid Motors fell about 1% on Friday. LCID stock remains extended beyond a buy point of 28.49 in a cup base with handle. Meanwhile, the stock’s core process ran into some issues after Thursday’s 8.85% drop.

Electric truck maker and recent initial public offering Rivian fell about 1% on Friday, on track to add to Thursday’s 7.1% drop. RIVN shares closed Thursday at around 55% of their post-IPO highs

Tesla Stock

Tesla stock traded down 1.5% on Friday, threatening to add to Thursday’s nearly 7% drop. Stocks dropped their 50-day moving average again on Thursday. Last week, the EV leader dropped its critical 50-day moving average line and triggered the sell rule cutting losses by 7% to 8% from a buy point of the trendline of 1,119.10 before staging a three-day bounce.

The shares traded as high as 1,243.49 on Nov. 4, but the stock ended Thursday about 17% off that 52-week high.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks, Apple stock fell 1.9% on Thursday, ending a four-day winning streak. The shares are around 12% off a buy point of 153.27 on a cup-with-handle basis, according to chart analysis from IBD MarketSmith. Shares fell 0.4% on Friday.

Software leader Microsoft slipped 4.2% on Thursday, hitting a new recent low. The top Dow Jones stock continues to etch a flat base with a buy point of 349.77, but the stock clearly has more work to do before a potential breakout. The shares were down 0.1% on Friday.

Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen to learn more about growth stocks and the Dow Jones Industrial Average.

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