The Investing Club’s top 10 things to watch in the stock market Friday

1. We’re watching the bond market Friday after Thursday’s spike in yields triggered a late-day reversal for equities, ending the Dow Jones Industrial Average‘s winning streak. The yield on the U.S. 10-year Treasury was down slightly in early trading, at just under 4%.

2. The Dow on Thursday ended its longest stretch of consecutive gains in nearly four decades, closing in positive territory for 13 trading days. The Club owns eight stocks in the Dow — and here’s how they fared during the recent run.

3. Club name Ford (F) delivered a quarterly-earnings beat Thursday evening, demonstrating that the automaker continues to make significant money on its internal-combustion-engine vehicles. The company also raised its full-year profit and free-cash-flow outlooks, even as losses at the electric-vehicle division continue to be a drag on profitability.

4. Club holding Procter & Gamble (PG) reported fiscal fourth-quarter results Friday, beating analysts’ expectations with 8% organic sales growth and a 13% jump in core earnings on an annual basis. The company’s guidance for its fiscal year 2024 was a little light, but management tends to be conservative on that front to reinvest in marketing in order to keep up strong sales. The consumer staples giant is also benefiting from improving commodities costs.

5. Intel‘s (INTC) second-quarter earnings Thursday showed a return to profitability after two-straight quarters of losses, defying the expectations of many on Wall Street. It’s PC business is improving, but the semiconductor firm guided for a quarter-over-quarter decline in the data center for its server business.

6. Colgate-Palmolive (CL) on Friday reported 8% organic sales growth in the second quarter, a result of an 11% price increase that was partially offset by a 1.5% decline in volumes. Earnings-per-share beat by 2 cents, with the company now expecting EPS growth to be at the high end of a mid-single-digit percentage.

7. Following the industrial gas giant’s second-quarter results, JPMorgan on Friday raised its price target on Club name Linde (LIN) to $420 a share, up from $400, while reiterating an overweight rating on the stock. Barclays and Wells Fargo also raised their price targets on the company. Linde, a beneficiary of new hydrogen projects, remains one of the highest-quality industrials out there and consistently grows earnings by double digits.

8. Deutsche Bank, Raymond James and Bank of America all downgraded Southwest Airlines (LUV) Friday following the airline’s second-quarter earnings. Deutsche Bank cited cuts to the company’s earnings forecasts and limited upside for the stock price.

9. Biogen (BIIB) is buying Reata Pharmaceuticals (RETA) in a deal valued at nearly $6.5 billion, in the latest tie-up in the biotechnology space.

10. The personal consumption expenditures price index — an inflation metric closely watched by the Federal Reserve — rose by 4.1% in June, its lowest annual increase in nearly two years. The data is the latest sign that Fed Chair Jerome Powell is winning the war on inflation.

(See here for a full list of the stocks in Jim Cramer’s Charitable Trust.)

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