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The Dow Jones Industrial Average was slightly lower in late-afternoon trading Friday but on pace to extend its weekly win streak to seven. Boeing (BA) and Intel (INTC) were strong gainers in the Dow Jones, while Verizon (VZ), Johnson & Johnson (JNJ) and UnitedHealth Group (UNH) showed losses of around 1%.
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BA stock was up more than 2%, helped by positive comments from UBS, which maintained a buy rating and lifted Boeing’s price target to 315 from 275.
Intel, meanwhile, is on track for a third straight gain after the company on Thursday launched an AI chip to compete with Advanced Micro Devices (AMD) and Nvidia (NVDA).
E-signature firm DocuSign (DOCU) soared more than 10% after the Wall Street Journal reported the company is exploring a sale.
Outside The Dow Jones
The S&P 500 edged lower and the Nasdaq composite edged higher near 3 p.m. ET. The Nasdaq and S&P 500 also are on pace to extend win streaks to seven weeks. But all three main indexes are quite extended after big price runs. That raises the probability of a pullback.
The small-cap Russell 2000 slid 1% after soaring 2.7% Thursday and 3.5% on Wednesday.
All in all, the declines were orderly on a quadruple-witching Friday where stock options, index futures, option derivative contracts and single stock futures expire at the close.
A few Magnificent Seven stocks outperformed, with Nvidia (NVDA), Amazon.com (AMZN) and Microsoft (MSFT) up more than 1% in late trading.
Earnings Preview: Wall Street Awaits Results From Micron, FedEx
Losers outnumbered winners on the Nasdaq by nearly 2-to-1. The ratio was nearly 3-to-1 negative on the NYSE.
The 10-year Treasury yield was nearly flat around 3.94%. Bond yields plunged this week after the Federal Reserve signaled three interest-rate cuts next year at the conclusion of its two-day Fed meeting Wednesday.
U.S. crude oil futures dipped to just below $71.50 a barrel.
Growth Stocks On The Move
Leading retailer Costco (COST) was one of the top gainers in the MarketSmith Growth 250, up 4.5% to an all-time high. A strong earnings report was the catalyst.
Leading security software stocks also outperformed, with names like CrowdStrike (CRWD), Zscaler (ZS) and CyberArk (CYBR) up at least 2%.
Payment processor Shift4Payments (FOUR) rallied 3.6% after the stock gave back a sizable gain Thursday. A report from Bloomberg said that Global Payments (GPN) was in talks to acquire FOUR, but GPN denied the report. Global Payments slid back below a 129.69 buy point.
Homebuilders held up relatively well despite an earnings sell-off for Lennar (LEN). LEN stock slumped more than 3%, but IBD’s homebuilder industry group eased less than 1%. The group is still up 6% for the week.
Dow Jones stock Salesforce.com (CRM) also outperformed. CRM stock is holding gains well after gapping up sharply Nov. 30 on strong earnings.
Follow Ken Shreve on X/Twitter @IBD_KShreve for more stock market analysis and insight.
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