The Dow Jones Industrial Average tumbled lower on Friday as the price of bitcoin fell below $22,000 and bed bath and beyond (BBBY), BBBY stock plummeted.
BBBY stock fell sharply on Thursday, reviving interest in meme stocks after shares more than doubled in a bullish six-day advance. On Friday, shares fell as much as 47% in premarket trading before shedding 42% in early morning trading. GameStop (GME) President Ryan Cohen’s RC Ventures announced that it had sold its entire stake in the ailing retailer. Additionally, Bed Bath & Beyond announced that it has hired bankruptcy specialists Kirkland & Ellis to help manage its growing debt burden. The stock is up 560% from its July 27 low of 4.54 to Wednesday’s high of 30.00.
Major Earnings Mover included on Friday Applicable Materials (AMAT), deer (Day), foot locker (fl) and Ross stores (roast meat). AMAT shares fell 1%. Deere stock fell 2.5%. Foot Locker is up 23%. And Ross Stores grew about 1%.
Market leader in electric vehicles Tesla (TSLA) traded 2% lower on Friday morning. Elsewhere Dow Jones Tech Leaders Apple (AAPL) and Microsoft (MSFT) both retreated after the open of today’s stock market.
In the current healthy stock market environment, the Dow Jones stock is coco-cola (KO) and note (MRK) – too Albemarle (ALB), Arista network (A trap), costs (cost) and Olis Sauda Outlet (OLLI) – among the top stocks to buy and watch.
Albemarle and Costco were featured in this week’s “Stocks Near a Buy Zone” column. Costco stock was added to the IBD leaderboard and swing trader after Tuesday’s breakout move. Albemarle was most recently IBD Stock of the Day.
Dow Jones Today: Treasury Yield, Oil Prices, Bitcoin
Early Friday, the Dow Jones Industrial Average was down 0.7% while the S&P 500 was down 1%. The Nasdaq Composite was down 1.5% in morning trade.
Among exchange-traded funds, Nasdaq 100-tracker Invesco QQQ Trust (QQQ) is down 1.6% and SPDR S&P 500 ETF (SPY) is down 1.1% in early trade.
The 10-year Treasury yield jumped to 2.97% early Friday after falling to 2.88% on Thursday. 10-year government bond yields have rebounded in recent weeks after hitting their lowest level since early April.
Meanwhile, US oil prices this week threatened to extend losses to their lowest levels since January. West Texas Intermediate futures traded down nearly 2% to $89 a barrel.
According to CoinDesk, Bitcoin’s price has fallen more than 9% in the last 24 hours. Bitcoin was trading at around $21,300 as of Friday morning.
stock market rally
On Thursday, the Dow Jones Industrial Average rose less than 0.1%, while the S&P 500 gained 0.2%. The tech-heavy Nasdaq Composite rose 0.2% but remained below the 13,000 mark and is still on track to break a four-week winning streak. Small-cap Russell 2000 was up 0.7%.
The next few sessions will likely be crucial for stock market trends as the Nasdaq and Dow Jones Industrials test support levels. Meanwhile, the S&P 500 is turning its head against its 200-day moving average, which is a key resistance level to watch.
According to Thursday’s The Big Picture column, “When the stock market trades sideways, most major stocks will also consolidate. These lulls can lead to the cup, saucer, and double bottom pattern, or even the cup, saucer, and double bottom pattern, which may have handles on a new basis and offer new buy points.
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Investors can also use IBD MarketSmith to create watch lists, find companies near a buy point, or develop custom screens.
Five Dow Jones stocks to watch right now
Eyes on Dow Jones stocks: Coca-Cola, Merco
Dow Jones soda giant Coca-Cola is building a flat base with a buy point of 67.30. There is also a handle entry that runs on 65.14. The stock is recovering from its 50-day moving average and is attempting to top handle entry. The stock fell 0.1% early Friday.
Merck is also forming a flat base, a pattern that shows a buy point at 95.82. Stocks are trying to stay above their 50-day moving average, according to chart analysis by IBD MarketSmith. Merck shares gained 0.6% on Friday.
According to the IBD Stock Checkup, MRK stock has a solid 94 out of 99 perfect overall IBD ratings. Investors can use the composite IBD rating to easily gauge the quality of a stock’s fundamental and technical metrics.
4 top growth stocks to buy and watchRstock market rally
Top stocks to watch: Albemarle, Arista, Costco, Ollie’s
Lithium producer Albemarle remains in a buying range after Friday’s breakout at 273.78 buy points in a large cup-and-handle base. The 5% buy zone extends to 287.47. Early last week, stocks surpassed a brief cup with a buy point of 250.25. Shares rose 0.7% on Thursday, ending a two-day slide. The stock was down 1.7% on Friday morning.
Arista Networks, one of this week’s IBD 50 Stocks to Watch picks, continues to move to the right of the double bottom base, which offers 143.67 buy points. With the stock down about 8% from current entry, you’re looking for a grip to provide a more risk-optimal buying argument. Arista’s RS line moves higher and hits a new high. Shares of ANET fell 2% on Friday.
IBD leaderboard stock overtakes a mug at Costco’s buy point of 552.81. The stock rose 0.8% on Thursday, trading higher in the 5% buy zone. The stock fell 0.7% early Friday.
Ollie’s Bargain Outlet is pushing the top discounter back out of its 10-week line into a new shopping zone – a key level of support. Stocks are also forming a grip after a major cup base, setting the final buy point at 72.37. The current price action is about 11% away from this entry. Shares fell 0.5% on Friday morning.
Join IBD experts as they analyze the top stocks in the current stock market rally on IBD Live
Tesla shares fell 0.4% on Thursday, extending a three-session losing streak. Shares of the EV giant fell 2% on Friday morning.
The stock closed this week at its highest level since May 4th. The stock is once again trying to move decisively above the resistance around its 200-day moving average. Tesla is down about 27% from its 52-week high. The 3:1 stock split is scheduled for August 24th.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares rose 0.9% on Thursday as the stock continues to build to the right of a one-cup base at 179.71 buy points. Another explanation could be a large double bottom extending into January. In any case, the reason for the purchase is the same. Watch for a possible hold that forms and offers a low entry.
On an optimistic note, the stock’s line of relative strength is already at fresh highs, suggesting the larger stock market is outperforming. Shares fell 0.4% on Friday morning.
Microsoft fell 0.4% on Thursday, breaching its 200-day longer-term moving average. The stock lost 0.5% early Friday.
Follow Scott Lehton on Twitter @IBD_SLehtonen Learn more about growth stocks and the Dow Jones Industrial Average.
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