Stocks Power Up On Easing Trade War Fears; This Top Stock Hits New High – Investor's Business Daily

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The stock market was on the mend early Thursday as the major indexes looked to rebound from Wednesday’s losses amid easing trade war fears. Top stock PayPal (PYPL) hit a fresh all-time high as the stock’s recent breakout gains traction. (For updates on this story and other market coverage, visit the Stock Market Today.)

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The tech-heavy Nasdaq led the stock market action with a 0.8% rise. The Dow Jones industrial average advanced 0.6%, while the S&P 500 moved up 0.5%.

Among the Dow stocks, Intel (INTC) rose over 2%, as it continues to rebound after nearing its 200-day moving average last month.

Meanwhile, Apple (AAPL) rallied from its 50-day line with an over-1% advance in early trade Thursday. Shares are extended again from a double bottom’s 179.04 buy point.

Among companies reporting earnings, Delta Air Lines (DAL) reversed lower, falling 0.2%, after reporting better-than-expected Q2 results. The company raised its quarterly dividend by 15% to 35 cents per share. Shares remain under their 50- and 200-day moving average lines.

Meanwhile, Wall Street investment banks JPMorgan (JPM), Citigroup (C) and Wells Fargo (WFC) will report their Q2 earnings releases on Friday morning. All three banks stocks are in the midst of multimonth consolidations.

Among the FANG stocks, Netflix (NFLX) fell 2%, ahead of next week’s Q2 earnings release. UBS downgraded the video streaming platform from buy to neutral, saying that the company’s long-term growth is factored into the current stock price  but not the risks. Shares are at the 20%-25% profit-taking level from a flat base’s 338.92 buy point, according to MarketSmith chart analysis.

Costco (COST) advanced over 1% after the warehouse retailer reported better-than-expected same-store sales for the month of June. Wells Fargo raised its price target from 220 to 235 and JPMorgan boosted its price target from 212 to 227. The stock is methodically moving higher since a cup-with-handle breakout past a 199.14 buy point on May 16. The stock hit a new high Thursday and is about 7% from the entry.

Inside The IBD 50

Among the top growth stocks, PayPal advanced over 1% to hit a new high. A breakout above an 84.09 double-bottom entry stumbled in late June but was able to find support at the 50-day line. Shares are still in the 5% buy range that tops out at 88.29.

On the downside, Viper Energy Partners (VNOM) fell further below its 33.73 cup-shaped base entry, as the stock declined 2%. Fellow energy stock Diamondback Energy (FANG) slid almost 1%, extending a losing streak to three trading sessions.

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