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The major market averages looked to end the week on a high note Friday, even as FANG stock Facebook (FB) sold off in the stock market today after making changes to its News Feed. The tech-heavy Nasdaq rose 0.2%, while the S&P 500 and Dow Jones industrial average moved up 0.3% and 0.5%, respectively.
X Among the Dow Jones industrials, Wal-Mart Stores (WMT) recovered its 100.23 flat-base entry with a 1.2% advance Friday. Late Thursday, the company announced it was shuttering 63 Sam’s Club locations across the country, while simultaneously raising wages and employees bonuses.
Elsewhere in the Dow, Apple (AAPL) tried to reclaim its own flat-base at 176.34, but fell just short. Shares rose 0.5% and have been finding support at the 50-day line.
FANG stock Facebook sold off 4% early Friday after the company announced it was shifting its focus within the news feed from sponsored content to friend content. Shares fell below their 50-day moving average line — a crucial support level — before recovering back above it. The stock is also now mildly below a 184.35 flat-base entry. Volume was relatively light on the Jan. 3 breakout day
Fellow FANG Amazon.com (AMZN) advanced for a ninth-straight day, rising 1.3%. Shares are about 7% above a 1,213.51 flat-base buy point.
Among companies reporting earnings, major banks JPMorgan (JPM) and PNC Financial (PNC) topped Q4 targets, while Wells Fargo (WFC) was mixed. JPMorgan rose 1.1% and was further extended from its 95.32 flat-base entry. PNC and Wells dipped 0.2% and 0.6%, respectively, but remain extended from their respective buy points — a 133.36 flat-base buy point and a 56.70 double-bottom entry.
Meanwhile, asset manager BlackRock (BLK) advanced 2.6%, as the company reported strong Q4 earnings results early Friday, while hiking its dividend by 15%. Shares are about 13% above a 489.89 flat-base buy point.
Chip leader Nvidia (NVDA) fell 1% early Friday, as shares continued to trade within buy range from a 218.77 cup-shaped base entry.
On the downside, China-based TAL Education (TAL) declined over 1%, as the stock looks to add a handle onto its cup-base formation. The stock’s relative strength line is sharply lagging, indicating significant market underperformance.