The stock market held slight gains in early trade Friday after disappointing July jobs data. The U.S. economy added 157,000 jobs vs. the Street’s 190,000 estimate. Meanwhile, the jobless rate fell to 3.9%. Top energy stock EOG Resources (EOG) and Arista Networks (ANET) slid in early Friday trade. IBD 50 stock Nvidia (NVDA) faced potential resistance at its 50-day line, as a new base takes shape.
The Dow Jones industrial average paced the major indexes with a 0.2% gain. The S&P 500 and tech-heavy Nasdaq composite followed, with 0.1% rises.
Among companies reporting earnings, EOG Resources dipped 2% despite easily beating Q2 earnings and sales forecasts late Thursday. The company also raised its dividend to 22 cents per share. Shares are trading about 4% below a cup with handle’s 128.06 buy point but are still holding above the 50-day line.
Arista Networks (ANET) slipped 3% on its Q2 earnings results. The company topped consensus views late Thursday. Shares are battling for support at their 50-day line within a consolidation that stretches back to February.
SS&C Technologies (SSNC) blasted out of buy range early Friday but trimmed its big price advance to a more modest 4% after reporting strong Q2 results. Shares ended Thursday just above a flat base’s 54.09 buy point.
Fleetcor Technologies (FLT) fell almost 3% on its Q2 results. Shares are still in the 5% buy range of a flat base’s 213.84 buy point, according to MarketSmith chart analysis. Shares broke out on June 18 when the stock was added to the S&P 500 index.
Among the top growth stocks, graphics-chip maker Nvidia is fighting to regain its 50-day line, as the stock moved up almost 1%. Shares are tracing a flat base with a 269.30 buy point. The company will announce its next quarterly results on Aug. 16 after the market close.
On the downside, SolarEdge Technologies (SEDG) plunged 16% in huge turnover after its Q2 earnings results fell short of targets. Shares were approaching its long-term 200-day moving average line. The stock had been shaping a later-stage formation.
