The Dow Jones Industrial Average dropped on Friday as Wall Street reacted to a jobs report from the Labor Department. Meanwhile, electric-vehicle giant Tesla (TSLA) reversed lower after giving up solid gains on the stock market today.
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Nasdaq, S&P 500 Hit Highs; ASML, Tencent Music, Agnico-Eagle Mines In Focus
After the opening bell, the Dow Jones Industrial Average fell 0.1%, and the S&P 500 gained less than 0.1%. The tech-focused Nasdaq composite moved up 0.3% in morning 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 after the open.
Stock Market Today: Tesla, Jobs Report
Tesla stock reversed 1% lower Friday after giving up early gains, on pace to snap a seven-day win streak. This week, Tesla has surged more than 24%, closing sharply above the long-term 200-day line.
The Labor Department’s June jobs report said the U.S. economy added 206,000 jobs in June, down from May’s 272,000 reading. It was expected to add 189,000 jobs. The unemployment rate ticked higher to 4.1%, above the 4% estimate.
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Dow Jones Edges Lower
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
Stock Market Today: Best Stocks To Watch
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.
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Dow Jones: JPMorgan Breaks Out
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 fell 1% in early trading.
Outside the Dow Jones index, Burlington Stores was down 0.6% in morning 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 was down 0.9% 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 0.6% after the opening bell Friday.
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Stock Market Today: Companies To Watch
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 |
Source: IBD Data As Of June 27, 2024
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Magnificent Seven Stocks: Nvidia
Among Magnificent Seven stocks, Nvidia (NVDA) fell 0.4% on the stock market today in early 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.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon, Apple, and Microsoft were mixed after 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 0.7% Friday.
Apple stock rose 0.6% Wednesday, hitting record highs. Shares are extended above a cup…
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