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Stock Market Little Changed As Big Earnings Week Starts; Amazon Wins Analyst Praise

The stock market started a big week of earnings reports with minor moves. Still, the Dow Jones Industrial Average hit a new high, while a rally in small caps faded.




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The Dow rose 0.1%, topping its prior high of 35,092 marked on May 10. Small as their gains were, the S&P 500 and Nasdaq posted new highs as well. The S&P 500 climbed 0.1% also.

The Russell 2000 erased morning gains as it moved in the opposite direction as the rest of the stock market. While the major indexes bounced back, the small-cap benchmark faded. It traded as much as 1% higher early Monday.

The Nasdaq composite fell 0.1%. Amazon.com (AMZN) rose more than 1% to 3,702 after Credit Suisse raised its price target to 4,850 from 4,000. The firm maintained an outperform rating. Amazon.com reports earnings Thursday after the close. Amazon broke out July 6 from a cup-with-handle base and is nearly extended from the 3,524.96 buy point.

 

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 35092.57 +31.02 +0.09
S&P 500 (0S&P5) 4416.40 +4.61 +0.10
Nasdaq (0NDQC ) 14825.27 -11.72 -0.08
Russell 2000 (IWM) 219.26 -0.29 -0.13
IBD 50 (FFTY) 45.41 -0.28 -0.61
Last Update: 1:14 PM ET 7/26/2021

Microsoft (MSFT), Apple (AAPL) and Starbucks (SBUX) report earnings Tuesday after the close. Expectations are high for Apple to beat estimates, with 5G phone upgrades providing a tailwind. All three stocks are extended from buy zones, but don’t have much cushion above buy points in case they sell off on earnings.

Boeing (BA) and PayPal (PYPL) announce Wednesday. Facebook (FB) reports results Thursday. Facebook added 0.7% Monday. It gapped up to a 5.3% gain Friday on strong results for other social media companies.

Despite the stock market’s small price changes, Innovator IBD 50 ETF (FFTY) lagged with a 0.6% decline. Eight of the 50 stocks fell more than 2%, although their chart patterns were not altered significantly. And there were no sell signals. Roku (ROKU) remains an IBD 50 stock of interest, still in a buy zone that goes to 486.24. The stock broke out Friday from a cup with handle.

Hasbro (HAS) broke out of a 28-week base, rising past the 101.34 buy point in heavy volume. The buy range goes up to 106.41. The toymaker beat profit views. Second-quarter adjusted earnings of $1.05 a share sailed past a consensus estimate of 58 cents, according to FactSet. Sales surged 54% to $1.32 billion vs. a coronavirus-hobbled year-ago period.

Oramed Pharmaceuticals (ORMP) broke out past a 15.27 buy point in heavy volume, according to MarketSmith pattern recognition.

New issue Doximity (DOCS) broke out of an IPO base with a 65.52 buy point. The stock was added to the IBD Leaderboard watchlist.

PerkinElmer (PKI) climbed to an all-time high after announcing an acquisition. The medical research equipment company is buying BioLegend, a privately held provider of life science antibodies and reagents, in a cash and stock deal valued at $5.25 billion. PerkinElmer reversed higher and was already extended from the 149.19 buy point of a cup with handle.

Juan Carlos Arancibia is the Markets Editor of IBD and oversees our market coverage. Follow him at @IBD_jarancibia

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