Dow Jones futures climbed Friday morning, as U.S. oil prices continued to tumble. The stock market traded modestly lower for the week after three days of very tight closes. Retailers buoyed early trade as Foot Locker, Gap and Ross Stores soared on earnings results ahead of the holiday season.
The National Association of Realtors serves up October existing home sales at 10 a.m. ET. Analysts project a ninth straight monthly decline, with sales estimated to fall to 4.36 million vs. September’s 4.71 million, according to Econoday estimates.
Earnings movers to watch for Friday morning included Applied Materials (AMAT), Foot Locker (FL), Gap (GPS), JD.com (JD), Palo Alto Networks (PANW), Ross Stores (ROST), Williams-Sonoma (WSM).
AMAT stock rallied 4.5% in morning trade. Foot Locker shares raced 15% higher, while GPS stock jumped 9%. JD.com moved up around 2%, as Palo Alto Networks shares advanced nearly 9%. Ross Stores stock soared nearly 16%. And WSM stock tumbled 8% in premarket trade.
Electric-vehicle giant Tesla (TSLA) traded up 1% Friday morning. Dow Jones tech leaders Apple (AAPL) and Microsoft (MSFT) were also squarely higher ahead of today’s stock market open.
IBD Leaderboard stock Arista Networks (ANET), GlobalFoundries (GFS), Phillips 66 (PSX), Shoals Technologies (SHLS) — as well as Dow Jones name Caterpillar (CAT) — are among the top stocks to buy and watch.
Arista Networks is an IBD Leaderboard stock and was Monday’s IBD Stock Of The Day. GlobalFoundries was featured in this week’s Stocks Near A Buy Zone column. Shoals was Thursday’s IBD 50 Stocks To Watch pick.
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Dow Jones Today: Oil Prices, Treasury Yields
Ahead of Friday’s opening bell, Dow Jones futures rose 0.5% vs. fair value, while S&P 500 futures moved up 0.7%. Tech-heavy Nasdaq 100 futures traded up 0.9% in morning action.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) rose 1% early Friday, and the SPDR S&P 500 ETF (SPY) gained 0.8%.
The 10-year Treasury yield ticked higher to 3.8%, looking to add to Thursday’s gains. The 10-year Treasury yield is still on pace to fall for a second straight week. Meanwhile, U.S. oil prices dropped nearly 4%, threatening to extend a two-day losing streak that saw West Texas Intermediate futures tumble below $82 a barrel. WTI futures traded below $79 a barrel Friday.
Stock Market Rally
On Thursday, the Dow Jones Industrial Average ended down less than 0.1% after rebounding from short-term support. The S&P 500 pared its loss to 0.3%. The tech-heavy Nasdaq composite cut losses to 0.4%, after finding support at its 50-day line. Lastly, the small-cap Russell 2000 lost 0.8%.
Thursday’s The Big Picture commented, “So far, the market pullback should be considered normal, as the major stock indexes take a necessary breather to consolidate recent gains. The last two days of losses haven’t done anything to disrupt the current stock market uptrend.”
Now is an important time to read IBD’s The Big Picture column amid the ongoing stock market volatility.
Five Dow Jones Stocks To Buy And Watch Now
Dow Jones Stocks To Buy And Watch: Caterpillar
Dow Jones member Caterpillar extended a losing streak to three sessions and are about 3% below a cup base’s 238 buy point, according to IBD MarketSmith pattern recognition. CAT shares rose 0.9% Friday.
CAT stock boasts an impressive 97 out of a perfect 99 IBD Composite Rating, per the IBD Stock Checkup.
4 Top Growth Stocks To Watch In The Current Stock Market Rally
Top Stocks To Buy And Watch: Arista, GlobalFoundries, PSX, Shoals
IBD Leaderboard stock Arista Networks remains below a choppy base’s 132.97 buy point amid Thursday’s 1.05% gain. ANET stock traded up 0.5% Friday.
Chip foundry GlobalFoundries is back above a 66.06 buy point in a cup base following Thursday’s 3.7% gain, according to IBD MarketSmith pattern recognition. GFS shares rallied 1.3% Friday morning.
Monday’s IBD 50 Stocks To Watch pick, Phillips 66, is trying to break out past a cup-with-handle base’s 110.08 buy point, and the breakout looked to get back on track with a 1.9% advance Thursday. PSX stock added 0.2% in morning trade.
Shoals surged out of buy range Thursday, with a 9.45% surge. The 5% buy zone past a 28.57 buy point topped out at 30. Wait for an orderly pullback into the buy range before considering a purchase of shares. SHLS stock climbed another 2.3% early Friday.
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla stock skidded another 2% Thursday, falling sharply for a second consecutive session. The stock is still holding above last week’s 52-week low price at 177.12. Tesla shares are around 55% off their 52-week high and sharply below their 50- and 200-day moving average lines.
Shares of the EV giant traded up 1% Friday morning.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares climbed 1.3% Thursday, rebounding from support around their 50-day line. The stock traded up 0.7% Friday.
Microsoft edged lower Thursday, still holding above its recently reclaimed 50-day line. The software giant remains about 30% off its 52-week high. Microsoft shares rose 0.8% Friday morning.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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Read More: Futures Climb To Close Out The Week