Dow Jones Leads Stock Market Action, As Nvidia Stock Falls On Earnings

The stock market was mixed in early trade Friday with the Dow Jones industrial average looking to extend a win streak to seven trading sessions. Graphics-chip maker and top stock Nvidia (NVDA) slipped after its Q1 earnings release late Thursday in the stock market today.

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The Dow led the major indexes with a 0.4% gain, while the S&P 500 moved up 0.2%. Both added to their weekly gains of about 2%. The tech-heavy Nasdaq was unchanged, but was still on pace for a 2.5% weekly gain.

Among the Dow stocks, Verizon Communications (VZ) was the top performer in early trade Friday, as the telecom stock advanced over 3%. JPMorgan upgraded the stock from neutral to overweight. Shares are trying to rebound above their 200-day line.

Among companies reporting earnings, Nvidia fell nearly 2% despite beating top- and bottom-line Q1 targets. Investors were disappointed with revenue from Nvidia’s data center business, which missed consensus estimates. Meanwhile, the company said it expects cryptocurrency-related revenue to fall 65% in the next quarter. Shares remain extended from the 242.07 double-bottom entry after Monday’s breakout.

Fellow chip stocks were trying to rally back. Applied Materials (AMAT) edged higher after falling 1% in morning trade. The stock is trying to reclaim its 50-day moving average line, as it forms a double bottom with a 58.50 entry. The stock’s relative strength line is drastically lagging, showing weak performance compared to the general market.

HubSpot (HUBS) rose 0.7% after its Q1 results late Thursday. The stock is just below a double bottom’s 117.70 buy point after Thursday’s breakout. The 5% buy range tops out at 126.59.

Trade Desk (TTD) surged over 34% after reporting much better-than-expected Q1 results. The stock is hitting a fresh all-time high.

New IPO Dropbox (DBX) exceeded the Street’s forecasts, but shares dropped 3%. The stock is building an IPO base with a 34.93 buy point.

Inside The IBD 50

Among the top growth stocks, Supernus Pharmaceuticals (SUPN) advanced 7% and is extended from a cup with handle’s 48.85 buy point.

Top Chinese stock Alibaba (BABA) was approaching a double bottom’s potential buy point. Shares were unchanged.

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