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Stocks Jump As Walmart, Cisco Hoist Dow Jones Industrials



Stocks jumped into the early gains of Thursday as Walmart (WMT) and Cisco Systems (CSCO) led the Dow Jones industrials at earnings news, while gains from tech leaders Amazon .com (AMZN) and NetEase (NTES) helped to bolster opening trade.




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The Dow popped up more than 150 points in early action, up 0.6% as the stock market Today, the goal was to extend its rebound from Monday to Sunday.

China's NetEase (NTES) and Florida-based The S & P 500 is up 0.7%, the Nasdaq swung 0.6% higher.

China's NetEase (NTES) and Florida-based Kemet (KEM) jumped on earnings news. Among the IPOs, Beyond Meat (BYND) and Brazil's PagSeguro (PAGS) were early leaders.

Qurate Retail (QRTEA), NetEase and Cisco led the Nasdaq 100. Cisco topped the S & P 500 in early trading.

Philly Fed Index, Mortgage Applications Spike

The index for the Philadelphia Federal Reserve's May Business Outlook outlook Survey rebounded to 16.6 for the month, almost doubling in April's dip to an 8.5 reading, and obliterating the 9.3 consensus target. Current shipments surged, although new orders declined for the month, the report said.

The surprise increase follows a similar May surprise reported by the New York Fed's Empire State Manufacturing Survey on Wednesday.

Applications for new home mortgages jumped more than 15% in April vs. The Housing starts jumped to an annualized rate of 1.235 million in April, the Commerce Department reported. That was an 8% jump over March home starts, and well above consensus projections for up to 1.2 million starts.

Building permits, which gauge upcoming building activity, eased to 1.296 million, vs. 1.269 million for March. The Labor Department estimated that the first-time unemployment claims dipped to 212,000 in the week ended May 11, the Labor Department said.

The four-week moving average increased, however, rising to 225,000 – its highest level since February.

Dow Jones Stocks: Walmart, Cisco Systems Lead

Walmart climbed 2.1% in early trading with mixed first-quarter results, with earnings flat and a 1% revenue gain. Earnings topped expectations. Revenue growth was short of views. Ecommerce sales showed a solid 37% increase.

Cisco Systems surged 5.3% after its fiscal third quarter report late late Wednesday. Walmart shares are trading below a 104.28 buy point in a flat base. Earnings jumped 18% and revenue climbed 4%, both topping analyst targets. Fourth-quarter revenue guidance was stronger than expected. Cisco shares are pulled back almost 9% from mid-April high, holding about 10% above a 47.69 buy point after the February breakout.

Apple Amazon: Resistance / Support

Among the big tech names, Apple (AAPL) slipped 0.7%. Amazon climbed 1.7%. Apple's rebound from a Monday low faces test of resistance at both its 200-day, then 50-day moving averages. Apple stock ended Wednesday 3.7% below a 197.79 buy point in a cup-with-handle base.

Amazon – an IBD Leaderboard stock is rebounding from this week's test of support at its 50-day line. The pullback from a May 3 high has a shaped eight-day handle on a seven-month cup base. Amazon stock was 5% below the 1,964.50 buy point at the closing bell on Wednesday.

Stock Market Today: Rally Attempt

The stock market today faces a couple of key tests. Both the Nasdaq and S & P 500 ended Wednesday's session but were up against resistance at their 50-day moving average. Breaks above that line could signal the revived momentum in the market.

The "uptrend under pressure" slipped to "market in correction" status on Monday. If progress stalls at the 50-day line, the resistance might prove to be a tougher nut to crack. That session was followed by two rebounds. In technical terms, these constitute an attempt to rally. An attempted rally requires two elements to become a confirmed uptrend. First, it needs to hold above the recent low (set on Monday) for at least three days. Second, on the fourth day or later, at least one of the major indexes must have a strong gain in rising volume. This is called the follow-up day.

Many rally attempts to falter back below their lows and do not produce follow-up days. A successful follow-up day is not proof that an uptrend will succeed – many do not.

For a more detailed analysis of the current stock market and its confirmed uptrend, study the Big Picture . But it opens the door to the investor buying qualified lead stocks breaking out the past valid buy points. China's NetEase: Earnings Accelerate

China's NetEase jumped almost 7%, rebounding from 10-week support and moving beyond the flat base buy point at 258.82.

The internet portal and gaming provider reported a 116% surge in earnings, clearing expectations by a wide margin in the late afternoon, with the stock market being on hold until the market has a chance to confirm a new uptrend. and chalking up a second quarter of earnings acceleration out of a four-quarter slump. Sales surged 21, well better than expected.

IPO Watch: Beyond Meat, PagSeguro Rise

IPO action was generally positive Thursday, with Beyond Meat up more than 5% and PagSeguro knocking out 4% gain. Israel's Tuffin Software (TUFN) added 1%. Lyft (LYFT) and Uber (UBER) added 2.5% per piece, each looking for a third straight gain

Marijuana stock Innovative Industrial Properties (IIPR ), a REIT focused on real estate used for growing marijuana crops, climbed more than 2% at the open.

Beyond Meat is on Wednesday topped the 85.55 buy point in an IPO base.

Overseas Markets Rise

China's markets managed a second day of gains, as expectations of incentives outweighed the impact. of Trump administration sanctions against the telecom giant Huawei, the latest salvo in the US-China trade conflict. The Shanghai Composite jumped 0.6%. Hong Kong's Hang Seng Index posted a fractional gain.

The Hong Kong and Shanghai indexes are down more than 4% in May, with Hong Kong eyeing its first down month in 2019. Shanghai posted a 0.4% decline in April. [19659004] In Japan, the Nikkei 225 dropped 0.6%. India's Sensex Index gained 0.8%. Markets were higher at mid-session in Europe: Frankfurt's DAX gained 0.7%, CAC-40 in Paris climbed 0.3%, and the FTSE 100 in London showed a gain of 0.2%.

Find Alan R. Elliott on Twitter @IBD_Alliott

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