Dow Jones futures traded modestly lower Friday morning ahead of the Labor Department’s pivotal October jobs report. Meanwhile, Apple stock sold off after the iPhone maker’s earnings news.
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The Labor Department’s employment report is due out at 8:30 a.m. ET. Wall Street projects the U.S. economy added 179,000 jobs in October, down from September’s 336,000 increase. The unemployment rate is expected to remain unchanged at 3.8%.
Early Friday, Apple (AAPL) declined 2.5% after the company beat expectations for its fiscal fourth quarter, but sales fell for the fourth consecutive period.
Also on the earnings front, movers included Atlassian (TEAM), Block (SQ), Booking (BKNG), Cloudflare (NET), Coinbase (COIN), DraftKings (DKNG) and Fortinet (FTNT).
TEAM stock dived more than 10%, while Block shares surged nearly 17% in morning action. BKNG stock dropped 3%, as NET stock tumbled almost 5%. COIN stock sold off 4.5%, while DraftKings shares jumped 7%. Finally, Fortinet plunged more than 22% in early trading.
Dow Jones Today: Oil Prices, Treasury Yields
Ahead of Friday’s opening bell, Dow Jones futures inched lower vs. fair value, while S&P 500 futures moved down 0.15%. Tech-heavy Nasdaq 100 futures lost 0.3%.
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) moved down 0.1% early Friday.
The yield on the 10-year U.S. Treasury bond ticked lower to 4.64% Friday. On Thursday, the benchmark settled at 4.66%.
Oil prices continued their rebounds Friday morning, as West Texas Intermediate futures rose modestly, trading at $83 a barrel. WTI is holding near its lowest level since late August.
Stock Market Rally
On Thursday, the Dow Jones Industrial Average rallied 1.7%, while the S&P 500 gained 1.9%. The S&P had its best day since April 27, making its four-day streak the strongest since November 2022, according to Dow Jones Market Data.
Thursday’s Big Picture column commented, “A jump in Treasury yields had been a drag on stocks, but that trend is reversing. The yield on the 10-year U.S. Treasury bond fell 12 basis points to 4.66% Thursday, closing at its lowest level since Oct. 13.”
Now is an important time to read IBD’s The Big Picture column after Wednesday’s powerful gains. Be sure to read how to handle a changing market environment.
Learn How To Time The Stock Market With IBD’s ETF Market Strategy
Stock Market Today: Best Stocks To Watch
IBD Leaderboard watch list stock Amazon (AMZN), along with Lululemon Athletica (LULU), Arista Networks (ANET) and Tradeweb Markets (TW) — as well as Dow Jones stocks Walmart (WMT) and UnitedHealth (UNH) — are among the best stocks to watch in the current market rally.
Lululemon and Walmart both were featured in this Stocks Near A Buy Zone column.
Dow Jones Stocks To Watch
Dow Jones retail titan Walmart is tracing a cup-with-handle base with a 164.33 buy point, according to IBD MarketSmith chart analysis. Shares found support at the critical 50-day moving average this week. WMT stock inched lower Friday.
Healthcare giant UnitedHealth is adding a handle to a massive consolidation, and showing a new buy point at 546.78. UNH stock gained 0.3% Friday morning.
4 Top Growth Stocks To Watch In The Stock Market Rally
Stocks To Buy And Watch: Amazon Above Buy Point
Amazon made a bullish move back above its 50-day line this week. Shares then topped an early entry at 134.48 during Wednesday’s 2.9% advance. AMZN stock edged lower in premarket action Friday.
MercadoLibre rallied 1.5% after the company’s earnings came out Thursday. MELI stock is on a five-day win streak. Shares are building a cup base with a 1,451.56 buy point, according to IBD MarketSmith pattern recognition. MELI stock rose 0.6% Friday.
Tradeweb broke out of a flat base’s 87.53 buy point last week after the company’s third-quarter earnings. TW stock added 1.2% Thursday, still in the buy zone that goes up to 91.91. TW stock was unchanged in premarket trades Friday.
And Uber Technologies raced more than 6% higher Thursday, recapturing the 50-day line. Uber stock is building a double-bottom base with a 49.19 buy point and a 47.27 early buy trigger. UBER stock rose more than 1% early 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
International Seaways
(INSW)
48.40
Cup with handle
UnitedHealth
(UNH)
546.78
Handle entry
Arista Networks
(ANET)
198.70
Consolidation
Tradeweb Markets
(TW)
87.53
Flat base
Source: IBD Data As Of Oct. 31, 2023
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Magnificent Seven Stocks: Meta, Nvidia, Tesla
Among the so-called “Magnificent Seven” stocks, Tesla traded down 0.4% early Friday, while Meta Platforms (META) rose 0.3% and Nvidia (NVDA) inched lower. Meanwhile, Dow Jones tech icons Apple and Microsoft (MSFT) traded mixed ahead of today’s stock market open.
Meta stock regained its 50-day line this week, but dropped 0.3% Thursday.
Graphics-chip giant Nvidia bounced another 2.8% higher Thursday, adding to Wednesday’s gains. Early this week, shares hit their lowest level since mid-June before rebounding. NVDA stock is likely to form a double bottom that has a 476.09 entry, but must surpass the 50-day line first.
Tesla stock surged 6.3% Thursday, closing right at the long-term 200-day moving average. Shares are around 30% off their 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple added 2.1% Thursday, extending a win streak to five sessions. AAPL stock dropped 2.5% Friday morning after the company’s earnings report.
Microsoft stock rose 0.65% Thursday, rallying for a fifth-straight session. Shares are above an early buy trigger at 346.20. MSFT stock gained 0.3% early Friday.
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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