The Dow Jones Industrial Average briefly rose on the stock market today due to U.S.-China trade news. However, the index reversed lower in early afternoon trading due to negative news regarding Apple (AAPL).
Two leading stocks nearing or trading in buy zones include IBD Leaderboard stocks Domino's Pizza (DPZ) and Atlassian (TEAM). Additionally, Nike (NKE) is close to a key buy zone ahead of its earnings due next week.
XOn Friday, the Nasdaq traded down 0.2% midday after rising nearly 0.8% in morning trade. Meanwhile, the S&P 500 was down 0.5% and the Dow Jones fell 0.7%. Volume was higher on both the Nasdaq and NYSE exchanges vs. the same time Thursday.
The major indexes reacted negatively to Apple news. The company announced its plans to re-close some U.S. stores due to rising levels of Covid-19. The recent resurgence of coronavirus cases around the U.S. have caused a total of 11 Apple stores to once again temporarily close in Florida, North Carolina, South Carolina and Arizona.
Apple traded 0.4% lower on the market today.
Meanwhile, all three major indexes are on track for modest weekly gains — a bullish reversal after the sharp decline last week.
The Nasdaq traded above the key psychological area of 10,000 Friday morning as the tech-heavy index swung between modest gains and modest losses. It previously reached an all-time high of 10,086.89 on June 10, but has since sold off from that level.
The Innovator IBD 50 ETF (FFTY) outperformed on the stock market today, rising nearly 1%.
Education, gold and software stocks were among the best-performing industry groups within the IBD 50. Meanwhile, REITs and financial services were some of the biggest decliners among IBD's 197 industry groups.
Dow Jones Stocks: Nike Forms Base Ahead Of Earnings
According to MarketSmith chart analysis, the Dow Jones is now struggling to trade back above the key 200-day moving average. The blue-chip index fell below this level last Thursday, after selling off nearly 7% on resurfacing coronavirus fears. Meanwhile, the S&P 500 held support at its 200-day after reclaiming the line late last month.
Twenty-four of the 30 Dow Jones components traded lower, and 14 of the components were down more than 1%. Among the Dow's biggest decliners were financial stocks JPMorgan Chase (JPM) and American Express (AXP), down about 2% each.
Meanwhile, Nike stock is forming a cup-with-handle base ahead of the athletic gear maker's quarterly report due in six days, on or around June 25. The stock, which maintains a 91 EPS Rating and 89 Composite Rating, shows a cup-with-handle base with a 104.79 buy point. The buy zone tops out at 110.03.
On the plus side, this current base is a first-stage pattern, which is a bullish sign. But the relative strength line, which compares a stock's trend against the S&P 500, is lagging slightly, which remains a risk to investors. Nike stock maintains a RS Rating of 76.
Stocks To Watch
Stocks on the move included Chegg (CHGG), Wingstop (WING) and Datadog (DOGG), which traded higher by 7.7%, 6.5% and 1.9%, respectively.
Meanwhile, Domino's Pizza is hovering just below a flat-base buy point.
The buy zone ranges from 387.95 to 407.35. The top coronavirus play joined the S&P 500 on May 12 as Wall Street bets more people staying at home will be good for business. The stock currently maintains a strong 91 out of best-possible 99 Composite Rating. But given that the relative strength line is lagging slightly, the stock still remains a risk to investors.
Follow Fox on Twitter at @foxonstocks for more market insight and Dow Jones commentary.
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