The Dow Jones Industrial Average held modest gains near midday on Friday, helped by strength in sales force (CRM) which increased by 4.4%. Tesla (TSLA), meanwhile, among the top gainers on the Nasdaq Stock Exchange on the news that general motors (GM), Likes stronghold (F), it will adopt Tesla’s charging standard.
TSLA stock rose more than 5%; General Motors shares gained about 2%.
DocuSign (DOCU) also outperformed early on, but stocks pulled back despite a strong earnings report and better-than-expected revenue guidance.
The Nasdaq Composite was far from the highs but rose 0.5%. The breadth of the range was again in doubt, with the losers edging the winners by around 3-2. Invesco QQQ Trust (QQQ) rose by about 0.4%.
The S&P 500 pared gains to 0.2%, while the iShares Russell 200o ETF (iwm) decreased by 0.7%. Declining stocks also had a slight advantage over advancers on the NYSE.
The Nasdaq currently has three days of distribution, including Wednesday’s drop of 1.3% in the largest volume. The filibuster session on May 30 is also included in the count. The S&P 500 is currently showing six distribution days, but five of those declines of larger volume have shown losses of just 0.4% to 0.6%. The days of distribution are worth watching, but what is clear now is that the stock market is still in a definite uptrend as leadership begins to expand.
The rise in interest rates hasn’t bothered technology stocks much. The 10-year Treasury yield rose 3 basis points to around 3.74% as Wall Street awaits the Federal Reserve meeting next week.
As it stands now, Fed funds futures traders think there is a very good chance the Fed will leave interest rates unchanged at 5% to 5.25%, with only a 28% chance that rates will rise another 25 basis points.
Inside Dow Jones
sales force (CRM) was the best performer in the Dow Jones average, up about 2% on strong trading volumes. Salesforce stock is up 58% year-to-date, compared to a gain of about 12% for the enterprise software group.
Intel (INTC) lagged badly for the Dow after shares rose 1.7% Thursday, closing below the entry level at 32.29.
outside the Dow Jones index, Adobe (ADBE) more than 5%, supported by a price target hike ahead of next week’s earnings report. Mizuho raised its ADBE price target to 450 from 375, while Wells Fargo upgraded the stock to overweight and raised its ADBE price target to 525.
Adobe is featured in the latest earnings preview story. After flashing an early entry on May 25th, Adobe cleared a long base on Friday morning, moving above the mid-August high of 451.15.
on hold (Onon) backed by positive reviews from CNBC’s Jim Cramer.
Growth stock on the go
Many of the top-rated growth stocks have continued their profitable ways 250 Arar construction project. Netflix (NFLX) jumped 4%, but pared gains. The Wall Street Journal reports that new data from streaming analytics firm Antenna shows that Netflix’s crackdown on password sharing has led to an influx of new subscribers.
Primoris Services (PRIM) holds the gains well after the stock liquidated the base of a cup by a handle earlier in the week with an entry of 28.19.
inside defect 50And Norwegian Cruise Line (NCLH) continued its strong rally, rising another 2.5%. It is near the top of the cup base. But with the stock approaching its mid-February high, NCLH may try to add an indicator to its current pattern. This may come in the form of an orderly, low-volume retreat. If a volume knob forms, it could pave the way for an upward breakout.
Follow Ken Sheriff on Twitter @tweet For more stock market analysis and insight.
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