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Gains faded in the first hour of trading Friday, leaving the Dow Jones Industrial Average up only 0.1% as the Nasdaq 100 rebalancing takes effect and options expire.
X
The S&P 500’s gain also was 0.1% while the Nasdaq lagged with a 0.1% loss at 10:30 a.m. ET. Among sectors, health and utilities gained while materials and communication services lagged.
Apple (AAPL) will have the heaviest weight after the Nasdaq 100 rebalancing. Its weight will come down from 12.1% to 11.5%. Microsoft (MSFT) will fall to second place, down from 12.8% to 9.8%.
Stocks getting a higher weighting in the Nasdaq 100 could include Starbucks (SBUX), Mondelez (MDLZ), Booking Holdings (BKNG), Analog Devices (ADI), Gilead Sciences (GILD) and Automatic Data Processing (ADP).
Volume on the NYSE and on the Nasdaq was lower compared to the same time Thursday.
The small-cap Russell 2000 gained 0.1% while the Innovator IBD 50 (FFTY) ETF fell 0.4%
Crude oil rose more than 1% to trade at $76.57 a barrel. The yield on the benchmark 10-year Treasury note fell 2 basis points to 3.82%.
Dow Jones Stocks
Intel (INTC) rose near its buy point of 33.84 ahead of earnings next week. Both Apple and Microsoft rose amid the Nasdaq 100 rebalance, which takes effect officially on Monday.
Stocks Moving Today
American Express (AXP) maintained its full-year outlook after the company reported record card spending during the second quarter. But revenue disappointed. CEO Stephen Squeri noted that card member spending hit an “all time high.” The Warren Buffett stock fell in early trading. Shares slid more than 4%.
Outside the Dow Jones, oil giant SLB (SLB) fell slightly after earnings were announced this morning. Intuitive Surgical (ISRG) fell nearly 2% after earnings came out late Thursday.
Taiwan Semiconductor (TSM) fell 1.2%. Ark Invest fund manager Cathie Wood scooped up more shares of the chip manufacturer. On Thursday, TSM beat views but lowered its outlook for the current quarter sales. TSM stock has undercut its base after losing its 50-day line. It is on pace for a six-day losing streak.
Wood’s ARK Autonomous Tech ETF (ARKQ) sold General Motors (GM) ahead of earnings on Tuesday.
Among automobile stocks, Autoliv (ALV) broke out after earnings. The stock gapped above the 98 buy point in heavy volume. But AutoNation (AN) is triggering a round-trip sell signal following the company’s Q2 results.
HubSpot (HUBS) is near a three-week entry of 535.12, according to IBD MarketSmith. Herc (HRI) is building a cup base with a 162.47 entry.
Donald Trump-linked media company Digital World Acquisition (DWAC) surged 80% in the stock market today after it settled charges with the SEC.
In the IBD Leaderboard, MongoDB (MDB) was nearly flat. Shares are in a buy zone from a 398.89 entry.
Caterpillar (CAT) is in a buy zone from a 250.89 entry with earnings due Aug. 1. The Dow Jones component is on IBD SwingTrader.
Please follow VRamakrishnan on Twitter for more news on the stock market today.
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