The Dow Jones Industrial Average fell roughly 1% by midday Friday. Though the major U.S. indexes are down, stocks are still holding their gains from earlier this week as investors seem to remain bullish on the economic recovery.
On Friday, stock indexes were mixed after selling off on Thursday. Investors are bracing for President Donald Trump's announcement on China foreign policy at 2 p.m. ET. Some fear escalating tensions between the world's two biggest economies will create instability again in the stock market.
The S&P 500 lost 0.6%. The Nasdaq Composite was up slightly. Volume on the major exchanges ran lower on Friday vs. the same time on Thursday.
Despite the Thursday and Friday weakness, major U.S. indexes are on track to post gains for the month of May. The S&P 500 and Dow Jones have both gained 3.5% for the month, while the Nasdaq has risen 5.3%.
Dow Jones Today
According to Marketsmith chart analysis, the 50-day moving average on the Dow Jones has begun to rise — a bullish sign. This means that the Dow's 30 components generally have been trending higher in recent weeks. Meanwhile, the S&P 500 is now testing its key 200-day line after reclaiming this price level earlier in the week.
In midafternoon action, 28 of the 30 Dow Jones components traded lower, and seven of the components were down more than 2%. Among the Dow's biggest decliners are financial stocks Goldman Sachs (GS), JPMorgan (JPM) and American Express (AXP), down 2.5%, 2.7% and 3.1%, respectively.
Two stocks were bright spots in the Dow Jones index Friday: Home Depot (HD) and Intel (INTC) climbed 1% and 1.7%, respectively.
Stocks To Watch
As for major Dow stocks on the move, UnitedHealth Group (UNH) is one to watch as the stock remains above a handle buy point at 304.10. Shares of UnitedHealth are showing solid relative strength, with an RS Rating of 89.
Meanwhile, chip giant Intel was one of the few stocks trading with a gain on the Dow Jones today. The chipmaker remains a potential beneficiary should the White House decide to tighten restrictions on China-based technologies.
Intel's 1.7% gain lifted the stock back above the 62.23 cup-with-handle buy point. The stock maintains a strong 89 RS Rating and best possible 99 Composite Rating. Intel's recent gains are supported by both top- and bottom-line acceleration in quarterly growth year over year.
Follow Fox on Twitter at @foxonstocks for more market insight and Dow Jones commentary.
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