Dow Jones futures dropped, while the major stock indexes rose Friday as Wall Street braced for a pivotal jobs report from the Labor Department. Showing more strength was electric-vehicle giant Tesla (TSLA), which extended its gains on the stock market today.
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Nasdaq, S&P 500 Hit Highs; ASML, Tencent Music, Agnico-Eagle Mines In Focus
Prior to the opening bell, futures on the Dow Jones Industrial Average dropped 0.1% vs. fair value. Futures on the S&P 500 inched up while the tech-focused Nasdaq 100 moved up 0.1% in premarket trades.
Early Friday, the 10-year Treasury yield ticked lower to 4.33%. Oil prices paused, with West Texas Intermediate futures trading around $83.90 a barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) and the SPDR S&P 500 ETF (SPY) both were slightly higher before the open.
Tesla stock rallied nearly 2% higher ahead of the open Friday, on pace to extend a win streak to eight sessions. This week, Tesla has surged more than 24%, closing sharply above the long-term 200-day line.
The Labor Department’s June jobs report is due out at 8:30 a.m. ET. Economists predict the U.S. economy added 189,000 jobs in June, down from May’s 272,000 reading. The unemployment rate is expected to hold steady at 4.0%, per Econoday estimates.
Adjust To Changing Market Conditions, With IBD’s New Exposure Levels
On Wednesday, the Dow Jones Industrial Average moved down less than 0.1%. The S&P 500 rose 0.5%, as the tech-heavy Nasdaq composite climbed 0.9%. Both hit new highs.
Investor’s Business Daily’s Big Picture column commented, “The S&P 500 rose 14.5% in the first six months of the year, nearly identical to the index’s gains for the same period last year. In 2023, it rose 15.9% in the first half. Historically, that is a good sign for the rest of the year.”
During Wednesday’s IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market today.
Now is an important time to read The Big Picture column amid the ongoing stock market action. Also, be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.
Learn How To Time The Stock Market With IBD’s ETF Market Strategy
Burlington Stores (BURL), Carvana (CVNA) and Meta Platforms (META) — plus Dow Jones components Amazon (AMZN), Apple (AAPL) JPMorgan Chase (JPM) and Microsoft (MSFT) — are among the best companies to watch on the stock market today.
There were no new names on IBD MarketSurge’s “Breaking Out Today” list, but InterDigital (IDCC) is a recent breakout past a 119.10 buy point in a cup with handle.
Check out the MarketSurge “Near Pivot” list for stocks nearing buy points in bases. To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones stocks worth watching include banking giant JPMorgan. Shares are breaking out past a 205.88 flat-base entry, according to MarketSurge pattern recognition. JPMorgan was Monday’s IBD Stock Of The Day. Shares gained 0.2% early trading.
Outside the Dow Jones index, Burlington Stores was inactive in premarket trading. At Wednesday’s close, it was in buy range above a 232.69 cup-base entry. Carvana is still below a 129 buy point in a cup base despite Wednesday’s rise. Carvana stock fell 0.5% Friday morning.
And Meta stock is trying to break out above a 514.01 buy point in a cup-with-handle base, but remains below that entry. The Facebook and Instagram parent is an IBD Leaderboard stock. Meta shares added 0.3% before the bell Friday.
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These are four stocks in or near buy zones in today’s stock market.
Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
---|---|---|---|
Carvana | (CVNA) | 129 | Cup base |
Domino’s | (DPZ) | 542.75 | Flat base |
Meta Platforms | (META) | 514.01 | Flat base |
Amazon | (AMZN) | 191.70 | Flat base |
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Among Magnificent Seven stocks, Nvidia (NVDA) moved up 0.1% on the stock market today in premarket trading.
Nvidia stock rallied 4.6% Wednesday, hitting its highest level since June 21. Shares remain sharply above a split-adjusted alternative buy point at 97.40. The artificial intelligence leader also is an IBD Leaderboard stock.
Among Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft were muted ahead of Friday’s stock market open.
Amazon is squarely above a 191.70 buy point in a flat base following a recent breakout move. Amazon stock was up 0.5% premarket Friday.
Apple stock rose 0.6% Wednesday, hitting record highs. Shares are extended above a cup base’s 199.62 buy point. Apple was flat early Friday.
Microsoft shares gained 0.3% Wednesday, further above a flat base’s 430.82 buy point and hitting more new highs. And early Friday the stock marginally.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
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