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The uptrend in the stock market is gaining momentum; The Nasdaq 100 jumps 1.6%, led by Apple, Amazon and Tesla

Tech stocks led another stock rally on Friday as Wall Street cheered a fresh round of bullish earnings reports. Apple and Chevron topped the Dow Jones Industrial Average on Friday, while Amazon.co.uk (AMZN), chip equipment company KLA (KLAC) and You’re here (TSLA) outperformed in the Nasdaq 100.




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The stock market shrugged off warmer-than-expected inflation components from the spending and personal spending report, released before the market opened.

Investors bought bonds again, pushing the 10-year Treasury yield down 5 basis points to 2.63%. This is its lowest level since early April. The message from the bond market is that the Federal Reserve will not have to be as aggressive with rate hikes as initially thought. Fed funds futures traders now believe there is a 74% chance of a 50 basis point hike at the September meeting.

Chevron (CLC) is the best-performing blue chip, up 8.5%, after posting a 240% jump in quarterly profit. Revenue jumped 83% to $68.8 billion. Apple (AAPL) made a strong technical move, breaking above its 200-day moving average. Shares jumped more than 3%. Apple’s relative strength line is on new highs, even though the stock is still 11% off its peak.

Intel (INTC) was a hot spot for the Dow Jones today, with Procter & Gamble (PG).

INTC stock fell more than 8% after reporting second-quarter earnings and revenue well below expectations. He also gave low revenue forecasts.

P&G stock fell 5% after missing earnings.

stock market today

The Dow is trading near session highs in the stock market this afternoon, up 0.9%. The S&P 500 gained 1.3%, bringing its weekly gain to just over 4%. The Nasdaq composite is up 1.7% and is currently posting a weekly gain of around 4.5%.

The index broke through a key technical level, moving above the June 2 intraday high of 12,320.

Volume on the NYSE and Nasdaq was lower than Thursday at the same time. The rising stocks had only a slight advantage over the Nasdaq declines. The magnitude was a bit better on the NYSE, with winners beating losers by more than 2 to 1.

WTI crude oil futures settled at $98.62 a barrel, up 2.3%.

AMZN stock is the absolute leader in the Nasdaq 100, up more than 10% after reporting second-quarter revenue of $121.2 billion, up 7% from the 2019 quarter. prior year and above the Refinitiv consensus of $119.1 billion. Amazon Web Services, the company’s cloud segment, reported revenue of $19.74 billion, up 33% and slightly above expectations.


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WW Grainger (GWW) is the benchmark’s top gainer, up more than 7% on strong Q2 results. The first buy signal for GWW stock was triggered when it surged above the 50-day moving average on Wednesday in heavy volume. But it would have been risky to buy with profits so close. GWW broke out of a 16-week consolidation today.

The energy and consumer discretionary industry groups were the best performing sectors in the S&P 500. The SPDR Energy select sector fund (XLE) increased by more than 3.5%. After rallying to the 200-day moving average, XLE is now targeting the 50-day line. Several of the fund’s top-weighted stocks report earnings next week, including western oil (OXY), EOG Resources (EOG) and Pioneer of natural resources (PXD).


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Inside the IBD 50

IBD 50 component Sarepta Therapeutic (SRPT) joined the ranks of the breakout, jumping more than 8% after the biotech said it would seek accelerated Food and Drug Administration approval for its treatment for Duchenne muscular dystrophy. Sarepta is not yet profitable but has shown strong revenue growth in recent quarters.

Inside the MarketSmith Growth 250 Stock Leaderboard Heico (HE I) followed after Thursday’s setup day, climbing 5%. HEI stock joined the chart on Thursday and the position was increased on Friday.

Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and news.

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