Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were lower early Friday, as China Evergrande missed a key interest payment. Bitcoin tumbled on China’s crackdown. Apple and Tesla shares took a breather from their recent rebounds in early morning trade. Nike (NKE) dived after missing sales estimates.
Among the Dow Jones leaders, Apple (AAPL) lost 0.7% premarket Friday, while Microsoft (MSFT) moved down 0.3% in today’s stock market. Salesforce (CRM) is in buy range following Thursday’s strong breakout.
Deckers, Microsoft and Tesla have been named Leaderboard stocks by Investor’s Business Daily. Chipotle was featured in this week’s Stocks Near A Buy Zone column. Snap is an IBD SwingTrader stock and featured as Wednesday’s IBD Stock Of The Day.
Dow Jones Today: China Evergrande
Ahead of the stock market open Friday, Dow Jones futures lost 0.5% vs. fair value, while S&P 500 futures moved down 0.6%. Nasdaq 100 futures declined 0.75% vs. fair value.
Evergrande let a Thursday deadline pass to pay a $83.5 million coupon payment on its U.S. dollar bonds without notifying bondholders. Despite missing the payment deadline, the company has a 30-day grace period before the bondholders can signal a default. The Wall Street Journal reported Thursday that China is asking local governments to prepare for the potential failure of property developer China Evergrande Group.
Stock Market Regains Key Benchmark
The Nasdaq and S&P 500 decisively regained their 50-day lines Thursday, while the Dow Jones Industrial Average logged two straight days of solid gains. The blue-chip index remains below its 50-day line.
Thursday’s The Big Picture commented, “The IBD 50 gave an early sign that the stock market’s slide may be brief. The index gapped down in Monday’s global sell-off but found support at the 50-day moving average. It rebounded quickly, rising the next two days. On Thursday, the IBD 50’s outperformance shined even brighter, as the index roared 1.5% and came close to a new high.”
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Dow Jones Stocks To Buy And Watch: Salesforce
Dow Jones leader Salesforce in the 5% buy range past a cup with handle’s 275.32 buy point following Thursday’s breakout move. The buy area goes up to 289.09. Shares rose nearly 1% in premarket trade.
Through Sept. 22, Salesforce is the No. 7-performing stock on the Dow Jones industrials this year. Year to date, CRM stock has climbed 24.9%. The…