Dow Jones futures dipped Friday ahead of a planned appearance by Fed Chair Jerome Powell after wrapping up a powerful November advance. Meanwhile, Tesla stock skidded further after the Cybertruck delivery event.
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Fed chief Powell is scheduled to join a fireside chat at Atlanta’s Spelman College at 11 a.m. ET. Then, Powell will participate in a roundtable discussion, set to begin at 2 p.m.
On the economic front, the S&P Global Purchasing Managers’ Manufacturing Index (PMI) is out at 9:45 a.m. Econoday didn’t provide an estimate. Further, the Institute of Supply Management (ISM) Manufacturing index is out is expected to rise to 47.5 in November, up from October’s 46.7 reading. That gauge is out at 10 a.m.
Key earnings movers Friday include Ambarella (AMBA), Dell (DELL), Elastic (ESTC), Marvell Technology (MRVL), Samsara (IOT), UiPath (PATH) and Ulta Beauty (ULTA).
AMBA stock moved up nearly 1%, while Dell shares tumbled around 6%. Elastic soared 18%, as MRVL stock dropped 5%. IOT stock jumped 14%, and UiPath shares rallied 13%. Finally, ULTA stock surged 11.5% in premarket action.
Dow Jones Today: Oil Prices, Treasury Yields
As the stock market prepared to head into December, Dow Jones futures dropped 0.1% vs. fair value. S&P 500 futures moved down 0.2%. Tech-heavy Nasdaq 100 futures lost 0.35% in morning action.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) dropped 0.3%, while the SPDR S&P 500 ETF (SPY) fell 0.15% early Friday.
The yield on the 10-year U.S. Treasury bond ticked lower to 4.33% Friday morning. On Thursday, the benchmark settled at 4.35%.
Oil prices paused after Thursday’s pullback, as they clung to a modest weekly gain. West Texas Intermediate futures inched lower Friday morning, trading just below $76 a barrel.
Stock Market Rally
On Thursday, the indexes finished sharply mixed, as the Dow Jones Industrial Average rallied 1.5%, capping an 8.8% advance for November that reversed a three-month slide. The S&P 500 moved up 0.4%, notching an 8.9% gain for the month. The tech-heavy Nasdaq composite dropped just over 0.2%, bouncing a bit after both indexes staged bearish reversal days Wednesday. That left the Nasdaq ahead 10.7% in November — its best month since July 2022.
Thursday’s Big Picture column commented, “Finally, it’s also OK to reduce exposure by taking some profits when leading stocks hit their 20%-25% profit zones.”
Now is an important time to read IBD’s The Big Picture column amid the continuing stock market rally. Be sure to read how to invest during the ongoing stock market uptrend.
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Stock Market Today: Best Stocks To Watch
Advanced Micro Devices (AMD) and IBD Leaderboard stock Amazon (AMZN), along with IBD SwingTrader stock Cloudflare (NET) and MongoDB (MDB) — as well as Dow Jones stocks Salesforce (CRM), UnitedHealth (UNH) and Visa (V) — are among the best stocks to watch in the current market rally.
AMD and Visa featured in this Stocks Near A Buy Zone column. AMD was a recent IBD Stock Of The Day.
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Dow Jones Stocks To Watch
Software giant jumped 9.4% Thursday, breaking out past a 228.79 buy point in a double-bottom base. And the breakaway gap yielded a buy point at 252.50. CRM stock dropped 0.75% early Friday.
Health care giant UnitedHealth decisively regained a handle entry at 546.78 during Thursday’s 3.4% advance. UNH stock was up 0.5% Friday.
Payments leader Visa is in buy range above a 250.06 buy point in a cup base, according to IBD MarketSmith pattern recognition. V stock fell 0.1% early Friday.
4 Top Growth Stocks To Watch In The Stock Market Rally
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IBD Leaderboard stock Amazon is testing its cup base’s 145.86 buy point amid Thursday’s slight drop. Shares remain sharply above an early entry at 134.48. AMZN dipped a fraction Friday morning.
Chip leader AMD is trying to break out past a 122.11 buy point in a cup with handle, according to IBD MarketSmith pattern recognition, but again gave up the entry Thursday. Shares were down 0.5% Friday.
IBD SwingTrader stock Cloudflare remains above a 76.07 cup-base buy point after this week’s breakout move. NET stock inched lower early Friday.
Lastly, MongoDB is holding just above a 412.67 entry in a cup with handle, with a 1.1% drop Thursday. MDB stock bounced 0.4% Friday.
Best Stocks In Today’s Stock Market Action
These are four best stocks to watch in today’s stock market, including a Dow Jones leader.
Company Name
Symbol
Correct Buy Point
Type Of Buy Point
Amazon
(AMZN)
145.86
Cup base
UnitedHealth
(UNH)
546.78
Handle entry
Cloudflare
(NET)
76.07
Cup base
Advanced Micro Devices
(AMD)
122.11
Cup with handle
Source: IBD Data As Of Nov. 27, 2023
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Magnificent Seven Stocks: Nvidia, Tesla
Among the so-called “Magnificent Seven” stocks, Tesla (TSLA) sold off 2% early Friday, while Nvidia (NVDA) lost 0.5%.
Graphics-chip giant Nvidia declined 2.85% Thursday, giving up its double-bottom base’s 476.09 entry.
Tesla stock skidded 1.7% Thursday, falling sharply for a second straight day. Shares are above their 50-day line amid strong resistance there. The stock’s big double-bottom pattern has a 278.98 buy point.
Late Thursday, Tesla Cybertruck went live on the company’s website following the event. The EV giant offers three trims, with the rear-wheel drive version starting at $60,990 with a 250 mile range. The base model will be available in 2025, according to Tesla’s website.
Meanwhile, the all-wheel drive version has a starting price of $79,990 with 340 miles of range. Tesla is also offering a top end trim, called the Cyberbeast, starting at $99,990 with a 320 mile range. Both the all-wheel drive version and the Cyberbeast have 2024 deliveries.
Dow Jones Leaders: Apple, Microsoft
Two Dow Jones stocks in the Magnificent Seven, Apple (AAPL) and Microsoft (MSFT), traded modestly lower ahead of today’s stock market open.
Apple rose 0.3% Thursday, holding just off its highest level since early August. Shares are above an early entry at 182.34, as they continue to trace a consolidation that has a 198.23 buy point. A new handle entry has an entry at 192.93. Apple shares moved down 0.2% Friday.
Microsoft stock inched lower Thursday, further retreating from this week’s all-time high at 384.30. The stock is at the top of its buy range above a cup base’s 366.78 buy point. In recent weeks, shares rose above an early buy trigger at 346.20. And MSFT stock was down a fraction Friday morning.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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