The Dow Jones Industrial Average fell lower Friday as the price of Bitcoin fell below $22,000 and Bed Bath & More (BBBY), BBY stock, crashed.
BBY shares fell sharply on Thursday after the resurgence in meme stock holdings led stocks to more than double in a steep, six-day lead. On Friday, stocks crashed as much as 47% in premarket trading before cutting losses to 42% in morning trading. GameStop (GME) Chairman Ryan Cohen’s RC Ventures announced it had sold its entire stake in the struggling retailer. In addition, Bed Bath & Beyond announced that it had hired bankruptcy specialist Kirkland & Ellis to help manage its unmanageable debt burden. The stock rose a whopping 560% from a July 27 low of 4.54 to Wednesday’s high at 3:00 p.m.
The top profit movers on Friday include: Applied materials (AMAT), Deere (THE), Foot Locker (FL) and Ross stores (ROSE). AMAT shares fell 1%. Deere stock slipped 2.5%. Foot Locker was up 23%. And Ross Stores rose nearly 1%.
Electric driving leader Tesla (TSLA) fell 2% Friday morning. Elsewhere, Dow Jones Tech Leaders Apple (AAPL) and Microsoft (MSFT) both retreated after today’s stock market open.
In the current healthy stock market environment, Dow Jones shares Coca Cola (KO) and Merck (MRK) — as well as Albemarle (ALB), Arista Networks (A NET), Costco (COST) and Ollie’s bargain outlet (OLLI) — are among the top stocks to buy and watch.
Albemarle and Costco were featured in the Stocks near a buy zone column this week. Costco shares were added to IBD Leaderboard and SwingTrader in the wake of Tuesday’s breakout move. Albemarle was a recent IBD stock of the day.
Dow Jones Today: Treasury Yields, Oil Prices, Bitcoin
Early Friday, the Dow Jones Industrial Average fell 0.8%, while the S&P 500 fell 1.1%. The Nasdaq composite was trading 1.6% lower in morning trading.
Of the exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) fell 1.6% and the SPDR S&P 500 ETF (SPY) fell 1.1% in early trading.
The yield on 10-year Treasuries rose to 2.97% early Friday, after falling to 2.88% on Thursday. 10-year government bond yields are recovering after hitting their lowest levels since early April in recent weeks.
Meanwhile, US oil prices threatened to extend this week’s losses, which had fallen to their lowest level since January. West Texas Intermediate futures traded nearly 2% lower, below $89 a barrel.
According to CoinDesk, the price of Bitcoin has fallen by more than 9% in the past 24 hours. Bitcoin was trading around $21,300 in morning action on Friday.
stock market rally
On Thursday, the Dow Jones Industrial Average gained less than 0.1%, while the S&P 500 rose 0.2%. The tech-heavy Nasdaq composite climbed 0.2% but stayed below the 13,000 level and is still on pace to take a four-week winning streak. The small-cap Russell 2000 rose 0.7%.
The next few sessions are likely to be critical for the stock market trend as the Nasdaq and Dow Jones test support levels. Meanwhile, the S&P 500 is bumping its head against its 200-day line, which is an important resistance level to watch.
Thursday’s The Big Picture column noted: “If the stock market trades sideways, most leading stocks will also consolidate. These rests can lead to grabs on cup, saucer, and double bottom patterns, or even new bases, creating new ones. points of sale.”
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Five Dow Jones Stocks to Watch Now
Dow Jones Stocks to Watch: Coca-Cola, Merck
Dow Jones soft drink giant Coca-Cola is building a flat base with a buy point of 67.30. A handle input at 65.14 is also in play. Shares are rebounding from their 50-day line and trying to outperform the entry. The stock fell 0.1% on Friday.
Merck is also building a flat base, a pattern showing a buy point of 95.82. According to the IBD MarketSmith chart analysis, stocks are trying to stay above their 50-day line. Merck shares rose 0.6% Friday.
MRK stocks show a solid 94 out of a perfect 99 IBD Composite Rating, according to the IBD Stock Checkup. Investors can use the IBD Composite Rating to easily measure the quality of a stock’s fundamental and technical statistics.
4 top growth stocks to buy and watchrent Stock Market Rally
Top Stocks to Watch: Albemarle, Arista, Costco, Ollie’s
Lithium producer Albemarle remains in buying range after Friday’s breakout past a buy point of 273.78 in a large handle cup. The 5% buy zone goes up to 287.47. Earlier last week, stocks topped a smaller handle cup with a buy point of 250.25. Shares rose 0.7% on Thursday, ending a two-day slip. The stock lost 1.7% on Friday morning.
Arista Networks, one of this week’s IBD 50 Stocks To Watch picks, continues to slog up the right side of a double bottom base offering a buy point of 143.67. With the stock about 8% away from current entries, look for a handle to provide a more risk-optimal buying point. Arista’s RS line is trending higher and approaching a new high. ANET shares fell 2% Friday.
IBD Leaderboard stock Costco breaks past a handle cup with a 552.81 buy point. The stock rose 0.8% on Thursday and moved higher in the 5% buy zone. The stock fell 0.7% on Friday.
Ollie’s Bargain Outlet is recovering from its 10-week line — a critical support level — and placing its largest discount store in a new buying zone. Shares also cut a handle after a big cup base, bringing the latest buy point to 72.37. The current price action is about 11% away from those entries. The stock fell 0.5% on Friday morning.
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla shares lost 0.4% on Thursday, extending a losing streak to three sessions. Shares of the EV giant fell 2% Friday morning.
This week, the stock closed at its highest level since May 4. The stocks are once again trying to decisively clear the resistance around their 200-day line. Tesla is about 27% lower than its 52-week high. The 3-for-1 stock split is set for August 24.
Dow Jones Leaders: Apple, Microsoft
Of the Dow Jones stock, Apple shares were up 0.9% on Thursday as the stock continues to build the right side of a cup base with a buy point of 179.71. Another interpretation could be a large double bottom dating back to January. Anyway, the point of sale is identical. Keep an eye out for a possible handle to mold and offer a lower input.
Bullish, the stock’s relative strength is already at new highs, indicating a major outperformance of the stock market. The stock fell 0.4% on Friday morning.
Microsoft fell 0.4% on Thursday, further away from its long-term 200-day line. The stock lost 0.5% early Friday.
Follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more information on growth stocks and the Dow Jones Industrial Average.
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