Credit: Shutterstock photoThe major market averages were modestly higher in early morning trade Friday ahead of the GOP's scheduled unveiling of its reconciled tax-overhaul plan . All three major indexes - the Dow Jones industrial average, S&P 500 and the tech-heavy Nasdaq advanced about 0.5% apiece.
[ibd-display-video id=3025352 width=50 float=left autostart=true] Meanwhile, Bitcoin futures - which debuted this week on the Cboe ( CBOE ) - rose nearly 8%.
Among the Dow Jones industrial components, Boeing ( BA ) extended a win streak to four trading sessions, rising another 0.8% to a fresh record high. Shares are about 20% above a 246.59 flat-base entry, a potential profit-taking area .
On the downside, IBM ( IBM ) declined 1%. Shares are back under their 200-day line within a 10-month consolidation.
FANG stocks looked to end the week on an upbeat note in the stock market today , but were mixed through morning trade. Facebook ( FB ) moved up 0.6%, further positioning itself above its 50-day line and a 175.59 buy point. Amazon ( AMZN ) rose 0.1%, as expectations rose for the e-commerce giant to emerge as the undisputed leader of holiday spending. Amazon is just 3% off its all-time high and still nearly 10% from a 1083.41 entry.
Finally, Netflix (NFLX) reversed from nice gains to trade around its break-even mark, as the IBD SwingTrader member is shaping a new, flat base with a 204.48 buy point. The video-streaming giant broke out to a brief rally past a 190.05 cup base buy point in October, before surrendering those gains.
Among companies reporting earnings , Adobe Systems' (ADBE) beat-and-raise Q4 results sparked a 1% gain early Friday. Shares continued to rebound from their 50-day line, where they have been finding support the last two weeks.
Oracle (ORCL) dropped over 5%, as a double-bottom formation broke down. The company reported solid fiscal-Q2 earnings results late Thursday, but its cloud-computing revenue and total revenue outlook fell short of the Street's targets. The stock was at a 6-month low and below its 200-day line.
Meanwhile, warehouse retailer Costco (COST) rose over 4% after topping fiscal-Q1 estimates , as better-than-expected same-store sales fueled the earnings beat. Shares have been strong since a Nov. 21 breakout above a 173.19 cup-with-handle entry. The stock is about 13% from that level Friday.
CSX (CSX) plunged nearly 8% early Friday after CEO Hunter Harrison took a medical leave of absence. The stock was now about 4% below a 55.09 flat-base entry after a breakout on Nov. 30 and close to triggering the 7%-8% sell signal.
Inside the IBD 50 , financials were among the day's winners. Leaderboard member SVB Financial (SIVB) advanced 1.8% and is still in buy range from a 223.92 alternate entry.
On the downside, China-based names were under pressure in early trade. Alibaba (BABA) fell 0.7%, looking to end the week with a near-4% decline. Shares are squarely below their 50-day line after finding resistance there Monday.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
