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Dow Jones Leads Stock Market Action; Apple To Report

The major stock indexes saw their early gains fade in today’s stock market action. The Dow Jones industrial average climbed moderately higher after two straight days of solid gains. Early Thursday, former hot IPO stock Spotify (SPOT) collapsed after its earnings results. After the stock market close, Apple (AAPL) will report its much-awaited quarterly earnings.  (For updates on this story and other market coverage, visit the Stock Market Today.)





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The Dow Jones industrials rose 0.5% while the S&P 500 added 0.4%. The tech-heavy Nasdaq wavered, turning red after its initial gains disappeared, but then popped 0.3% higher.

Keep in mind that a new uptrend can be only days away. Tuesday was the first day of the new rally attempt. Follow-through days normally occur on day four or later of a rally attempt. In rare instances, they can occur on the third day. A follow-through day confirms that a new uptrend is underway.

Stock Market Earnings: Spotify, Alibaba

Among companies reporting earnings, former hot IPO stock Spotify saw its average revenue per user decline due to promotions, sending the streaming music service down 10% in morning trade. Shares are now about 32% off their 52-week high set on July 26 at 198.99.

Former Chinese stock leader Alibaba (BABA) reversed from early gains to fall 2%, ahead of its quarterly earnings results before the market open Friday. Analysts expect the firm to earn $1.06 per share on revenue of $12.45 billion.

Dow Jones Stock Apple To Report Late

Dow Jones stock Apple turned lower, falling nearly 1% ahead of its quarterly results late Thursday. Analysts expect the iPhone maker to earn $2.79 per share on revenue of $61.49 billion, according to Zacks Investment Research.

Shares are trying to get back above their 50-day line after giving up that support level last week. The stock is about 13% from a flat base’s 194.30 buy point after a strong breakout on Aug. 1. The stock’s relative strength line is near new highs, a bullish technical metric.

IBD 50 Stocks: Ulta Beauty Clings To Support

Among the leading growth stocks, Ulta Beauty (ULTA) is within striking distance of a flat base’s 290.40 buy point, according to MarketSmith chart analysis. Shares are about 5% away from the entry, as they cling to support at the 50-day line. The Amazon.com (AMZN)-resistant retailer’s RS line is nearing a new high.

On the downside, retailer American Eagle Outfitters (AEO) dropped about 3%, as it finds resistance at its downtrending 50-day line. Shares are testing support near the 200-day moving average line, about 26% off the 52-week high.

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