The stock market backed off record highs Friday after the Dow Jones industrial average set a fresh record high. FANG stock Netflix (NFLX) continued to move up the right side of a new potential formation. Meanwhile, former hot stock Micron Technology (MU) fell on a disappointing outlook. (For updates on this story and other market coverage, visit the Stock Market Today.)
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The Dow Jones industrial average and S&P 500 index saw their gains wither to about 0.1%. The tech-heavy Nasdaq lost about 0.2%.
Among the Dow stocks, McDonald's (MCD) was the top-performing name with a 2% rise in morning trade. Shares were trying to regain their 200-day moving average line. Late Thursday, the company raised its quarterly dividend to $1.16 per share.
Meanwhile, Cisco Systems (CSCO) hit a new high, rising 1%. The stock is nearly extended from a flat base's 46.47 buy point.
Earnings: Micron Technology Disappoints
Among companies reporting earnings, former stock market leader Micron Technology fell 4% after reporting weaker-than-expected guidance in the current quarter after the stock market close Thursday. The stock is nearing its recent lows, about 31% off its 52-week high.
Next week, Dow stock Nike (NKE) will report on Sept. 25 after the market close. Shares are barely extended from a flat base's 81.10 buy point after a breakout on Aug. 9.
Among the FANG stocks, Netflix advanced 0.4%, paring gains. The video streaming platform regained its 50-day line this week and was shaping the right side of a new base formation. The buy point was 423.31, but be on the lookout for a handle that would lower the risk-optimal entry. The stock's relative strength line was lagging.
Delta Air Lines (DAL) just broke out past a 59.70 cup-with-handle entry early Friday. The company raised its baggage fees from $25 to $30 earlier this week. The stock's RS line bears watching for further improvement.
IBD 50 Stocks: Planet Fitness Finds Support
Among the top growth stocks, SVB Financial (SIVB) was a fraction lower, as it traded within striking distance of a 333.84 flat-base buy point, according to MarketSmith chart analysis.
Meanwhile, Planet Fitness (PLNT) moved up over 1%, as it found support near the 50-day moving average line. Shares were about 5% from a 53.51 flat-base entry.
On the downside, IPO stock leader Medpace (MEDP) fell nearly 3%. This week, the stock triggered the 7%-8% loss-cutting sell signal from a 64.07 buy point.
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