The stock market turned mixed Friday morning after two straight days of volatility that saw the tech-heavy Nasdaq hit a fresh record high Thursday. Bank stocks were under pressure early Friday after Q2 earnings releases from JPMorgan (JPM), Citigroup (C) and Wells Fargo (WFC). Top stock Netflix (NFLX) slid after a bearish analyst note. (For updates on this story and other market coverage, visit the Stock Market Today.)
All three major indexes traded around their break-even marks in early trade Friday. The Dow Jones industrial average and tech-heavy Nasdaq were up about 0.1% each, while the S&P 500 edged lower.
Among the Dow stocks, JPMorgan fell nearly 1% after its Q2 results were better than expected. The stock is seeing resistance around its 200-day line, as it forms a flat base with a 119.43 entry. The stock’s relative strength line is drastically lagging.
Meanwhile, rival investment banks Citigroup and Wells Fargo slid 3% and 4%, respectively. Citigroup reported strong results and is falling back under its 50-day line amid a five-month consolidation. Wells Fargo missed estimates and is testing its 50-day moving average line.
Among the FANG stocks, Netflix fell for a second straight day with a near-4% fall. Deutsche Bank commented that the video streaming leader may miss Q2 subscriber estimates during next week’s earnings release. Shares are trading about 5% off their all-time highs and hit the 20%-25% profit-taking range from a 338.92 flat-base buy point.
Inside The IBD 50
Meanwhile, PayPal (PYPL) eased from record highs with a 1.5% decline. The payment processor is at the top of the 5% buy range from a double bottom’s 84.09 buy point.
On the upside, Five Below (FIVE) rose about 1.5% and is close to putting the finishing touches on a five-week flat base. The new entry comes on the heels of a successful breakout past a 78.38 flat-base entry on June 5.
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