The Dow Jones Industrial Average rose 0.3% at noon Friday as the Nasdaq 100 rebalancing got underway and options expire.
X
The S&P 500’s gain was 0.3%, while the Nasdaq lagged with a 0.2% gain at 12 p.m. ET. Among sectors, health and utilities rose, 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 with the same time Thursday.
The small-cap Russell 2000 gained 0.1%, while Innovator IBD 50 (FFTY) ETF fell 0.2%
Crude oil climbed more than 1% to trade at $76.75 a barrel. The yield on the benchmark 10-year Treasury note fell 3 basis points to 3.82%.
Dow Jones Stocks
Intel (INTC) rose near its buy point of 33.84 ahead of earnings next week. Apple rose, while Microsoft pared early gains amid the Nasdaq 100 rebalance, which takes effect officially on Monday.
Stocks Moving Today
American Express (AXP) maintained its full-year outlook after CEO Stephen Squeri noted that card member spending hit an “all time high” during the second quarter. But revenue disappointed. The Warren Buffett stock fell more than 3% at noon.
Outside the Dow Jones, oil giant SLB (SLB) sank 3% after earnings were announced Friday morning. Intuitive Surgical (ISRG) fell over 2% after earnings came out late Thursday.
Taiwan Semiconductor (TSM) fell 0.1%. Ark Invest fund manager Cathie Wood scooped up more shares of the chip maker. On Thursday, TSM beat views, but lowered its outlook for 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. The company sees margins falling.
Heico (HEI) is approaching an entry from a cup with handle at 177.91
HubSpot (HUBS) is near a three-weeks-tight entry of 535.12, according to IBD MarketSmith. Herc (HRI) is building a cup base with a 162.47 entry, but shares are falling below the 21-day line.
Donald Trump-linked media company Digital World Acquisition (DWAC) surged 80% earlier in the stock market today after it settled charges with the SEC, but pared some gains. The stock was up 50% at noon.
In the IBD Leaderboard, MongoDB (MDB) was nearly flat. Shares are in a buy zone from a 398.89 entry.
Caterpillar (CAT) fell 1%, but remains in a buy zone from a 250.89 entry with earnings due Aug. 1. The Dow Jones component is on IBD SwingTrader.
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