Dow Jones Industrial Average backslides as other indexes mix on Friday, tests below 39,600

• Dow Jones trims recent gains as US equities churn.
• DJIA eases back after failing to capture 39,900.00
• Markets hit a wide range heading into the Friday close.

The Dow Jones Industrial Average (DJIA) is testing into the low side around half a percent as US equities drift in multiple directions on Friday. US markets are running the gamut to wrap up the trading week, with the DJIA testing down, the NASDAQ Composite lifting around a third of a percent on the day and the S&P 500 stuck near the day’s opening bids.

Most of the US equity market’s major sectors are in the red on Friday, with Real Estate down around 1%, closely followed by the Financial Sector which is in the red by 0.8%. The Communications Services and Technology Sectors are up around 0.8% apiece on the day as telecoms and digital services rebound from recent selling pressure.

Dow Jones news

Nike Inc. (NKE) is leading the charge down the Dow Jones index, tumbling around 6 percent after reporting slowing sales in China, despite beating expectations on their top and bottom lines in their latest quarter. 

Apple Inc. (AAPL) is up 0.8% on the day as the stock recovers from recent selling. Investors pared back on exposure to Apple recently after it was announced the company was being sued by the US Department of Justice for anti-competitive practices and monopolization in the cellphone market with their iPhone products.

Investors will be pivoting to next week’s US Gross Domestic Product (GDP) figures slated for next Thursday. US GDP growth in Q4 is expected to hold steady at 3.2%. Next Friday also brings the latest print of the Federal Reserve’s (Fed) preferred inflation metric, the Personal Consumption Expenditure (PCE) Price Index. Median market forecasts expect MoM Core PCE in February to tick down to 0.3% from the previous 0.4%.

Dow Jones Industrial Average technical outlook

It’s been a stellar week for the Dow Jones, with the index climbing nearly 3% bottom-to-top from the week’s early low bids near 38,760.79. The index broke into new all-time highs twice in two days, etching in a fresh record peak at 39,889.05 before settling into a tight range near 39,600.00 ahead of Friday’s closing bell.

The DJIA is on pace to close in the green for a fifth consecutive month, and the index is up around 2.9% from the last swing low into 38,500.00. The Dow Jones is trading deep into bull country, with price action well above the 200-day Simple Moving Average (SMA) at 38,257.84.

Dow Jones Industrial Average 5-minute chart