Stock Market Today – Investor's Business Daily

This Article Was Originally From This Site

Stocks opened firmly higher Friday, but quickly pared gains with the Nasdaq composite turning negative.

The Dow Jones industrial average rose 0.4% and the S&P 500 index 0.2%, already off early highs, despite a significant assist from Nike (NKE).  The Nasdaq composite opened higher, but turned down 0.1%. Apple (AAPL) edged higher but the FANG stocks reversed for fractionally losses.

Nike Gets Amazon Boost; Applied Opto, Micron Lead Techs

XAutoplay: On | OffNike vaulted 8% higher after announcing strong fourth-quarter results late Thursday, as well as a potential alliance with Amazon.com (AMZN).  The gain sent Nike shares decisively above resistance at their converged 10- and 40-week moving averages. Amazon shares traded 0.3% higher.

Applied OptoElectronics (AAOI) popped 1%, off early highs D.A. Davidson initiated coverage on the stock with a buy rating and a 95 price target. The stock is in the fourth week of a 22% deep consolidation, ending Thursday with a year-to-date gain of 156%.

Micron Technology (MU) tumbled nearly 5%, despite landing a healthy fiscal third-quarter sales and earnings beat late Thursday. The stock is 5% below its June 9 high, and at the top of a buy range above a 29.97 flat base buy point.

Cara Therapeutics (CARA) dived 29.5%. The Stamford, Conn.-based biotech reported that lower dosages of its joint pain medication CR845 fell short of targets in a phase 2 clinical trial. The stock ended Thursday with a 54% gain since the start of June.

Online retailer 58.com (WUBA) dropped 2.4% in early trade. Morgan Stanley downgraded the China-based merchant to underweight, from equal weight.

Q2 Wrap: Wireless Telecom, Solar Lead; Energy, Retail Lag

For the second quarter, wireless telecom services providers were the strongest-performing industry, rising 40% through Thursday largely due to a bidding war for Straight Path Communications (STRP), which Verizon won with a $3.1 billion bid in early June. Straight Path on Thursday traded up 411% since March 31.

Solar energy stocks were the quarter’s second-strongest industry, adding a third month to a rebound that followed a steep 31-month decline.  Profit outlooks are strengthening across the group, and Canadian Solar (CSIQ) remains in a buy range above a cup-base buy point of 15.95.

Automakers posted the quarter’s third-strongest advance among industries, led by two names: Tesla (TSLA) and Ferrari (RACE). Tesla posted a 29% gain for the quarter through Thursday, Ferrari climbed 16%, putting it 65% above its October 2015 IPO price.

At the weak end of the list, oil-related industries took five of the 10 worst hits among industries for the quarter, as oil prices backed off 11% during the quarter. Retail was also a sore spot, with auto parts and apparel chains leading the declines. For the month of June, retail posted three of the four worst performances among industry groups.

Oil Jumps; Consumer Spending Slows

Oil bounced 0.6%, putting West Texas Intermediate back above $45 a barrel and up 5% for the week. Baker HughesBHI reports its weekly rig count at 1 p.m. ET.

Gold dipped 0.2% to below $1,244 an ounce. The dollar was mixed, up vs. the euro and down against the yen. The 10-year yield was flat at 2.26%.

Personal income advanced 0.4% in May, the Commerce Department said, about even with April’s performance and a tad above consensus views for a 0.3% rise. Spending was positive, up 0.1%, inline with expectations but sharply below April’s 0.4% surge.

Consumer prices edged higher, with the PCE Price index up 0.2%, reversing a 0.1% slip in April. Economists had forecast another 0.1% dip.

RELATED:

5 Cybersecurity Stocks Near Buy Points: Investing Action Plan

These 5 Tech Trends Are No Longer Your Friend

Draghi Drama Undercuts Key Stock-Market Support

Priceline, Expedia Travel Empire Still Faces Hurdles, Threats

This Article Was Originally From *This Site*