Dow Jones and S&P 500 futures started to move higher, while the tech-heavy Nasdaq pared losses on Friday after a weaker-than-expected key August jobs report. A big loser in the stock market today was Broadcom (AVGO), which competes and cooperates with Nvidia (NVDA).
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Nasdaq drops after strong start; JPMorgan, Alamos Gold, ARGX in the spotlight
Before the opening bell, Dow Jones futures rose against fair value, as did S&P 500 futures. Tech-focused Nasdaq 100 futures fell 0.2% in early trading.
On Friday morning, the 10-year Treasury yield fell to 3.73%. Oil prices rose as West Texas Intermediate futures traded around $69.55 a barrel.
Among exchange-traded funds, the Invesco QQQ Trust (QQQ) fell 0.1%, while the SPDR S&P 500 ETF (SPY) rose fractionally before the open.
Forget Amazon and Tesla. These Not-So-Magnificent Seven Stocks Are Overshadowing Their Gains.
Stock Market Today: Jobs Report
Artificial intelligence leader Broadcom fell more than 6% Friday morning after beating Wall Street’s fiscal third-quarter targets. However, revenue expectations for the current period were slightly below Wall Street’s.
Broadcom is partnering with Nvidia to provide a simple, cost-effective, fast and secure way to implement generative AI, but the two also compete in the AI ​​chip market.
Other key profit drivers on Friday included: Samsara (IOT). Samsara rose nearly 7% in premarket trading.
The Labor Department said the U.S. economy added 142,000 jobs in August, with the unemployment rate at 4.2%. The U.S. had been expected to add 160,000 jobs in August, compared with a much smaller-than-expected gain of 114,000 in July, with the unemployment rate at 4.2%, according to Econoday.
Nvidia stumbles, Tesla slides as this Mag 7 stock is ripe for a breakout
Dow Jones falls
On Thursday, the Dow Jones Industrial Average fell 0.5% and the S&P 500 lost 0.3%, while the tech-heavy Nasdaq composite gained nearly 0.3%. The small-cap Russell 2000 index fell 0.6%.
During Thursday’s IBD Live broadcast, the IBD Live team discussed current trading conditions and how investors should approach the stock market today.
This is an important time to read The Big Picture column amid the ongoing market action. Also read how to adapt to changing market conditions, with IBD’s new exposure levels.
Microsoft pushes Nvidia aside as Tesla’s status remains in doubt
Stock Market Today: Best Stocks to Watch
Some of the best companies to watch on the stock market today include: Arista Networks (ANET page) Costco Wholesale (COSTS), Meta platforms (META text), Netflix (NFLX) and Taiwanese semiconductor production (TSM).
Also on the list are Dow Jones components Amazon (AMZN), Apple (AAPL certificate), Home Depot (HD image) IBM (IBM) and Microsoft (MSFT).
Arista Networks is mentioned in this column ‘Stocks Close to a Buy Zone’.
There were no new stocks on IBD MarketSurge’s “Breaking Out Today” list on Thursday amid the recent market weakness. Furthermore, there were only a handful of stock ideas on the site’s “Near Pivot” list.
For more stock ideas, check out IBD stock lists, such as 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: Home Depot, IBM
Among Dow Jones components, Home Depot added a new handle buy point at 378.58, according to MarketSurge pattern recognition. Shares were down 0.2% Friday morning.
Meanwhile, IBM is in a buying range after its last entry, a buy point of 196.26. IBM stock fell slightly on Friday.
Outside of the Dow Jones Industrial Average, Arista Networks broke support at the 50-day moving average this week. A buy point of 358.68 is in play. Shares were down 0.3% Friday morning.
Retail giant Costco remains below its 896.67 cup-base entry. Shares fell marginally Friday morning.
Streaming giant Netflix is ​​trading below the 697.49 buy point of its late-stage cup base after this week’s losses. Netflix shares fell a fraction in premarket Friday.
Taiwan Semiconductor Manufacturing is approaching the 175.45 cup-with-handle entry, rising 0.7% on Friday morning.
Find the best stocks to buy and watch with IBD Stock Screener and IBD Screen Of The Day
Stock Market Today: Companies to Watch
These are four stocks that are in or near buy territory on the current stock market.
| Company name | Symbol | Right point of purchase | Point of sale type |
|---|---|---|---|
| Ferrari | (RACE) | 442.80 | Flat base |
| Shake hut | (SHAKE) | 111.29 | Cup base |
| ServiceNow | (NOW) | 806.52 | Process input |
| Birkenstock | (BYZER) | 61.83 | Flat base |
Source: IBD data as of August 27
Join IBD experts as they analyze the leading stocks in the stock market today on IBD Live
Magnificent Seven Stocks: Meta, Nvidia, Alphabet
Among the Magnificent Seven stocks are Meta Platforms, Nvidia (NVDA), Tesla (TSLA) and Alphabet (GOOGL) was trading higher in premarket trading.
Meta shares have been trying to break out above a 542.81 buy point in recent weeks, but are now well below the entry. Shares rose 0.8% in premarket action on Friday.
Nvidia rose 0.9% on Thursday, ending a two-day skid. Shares remain below their 50-day line, but rose another 0.7% on Friday.
Tesla shares rose nearly 5% on Thursday, giving a buy signal above a 228.22 buy point, reclaiming their 50-day line. The stock was up 1.7% on Friday.
Google parent Alphabet is trying to find support near the 200-day line. After rising on Thursday, shares rose 0.5% in early trading on Friday.
Dow Jones Leaders: Amazon, Apple, Microsoft
Of the Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft rose slightly ahead of the stock market’s open on Friday.
Amazon shares are back to potential support at their 200-day moving average. The stock was flat Friday morning.
Apple shares are within range of a new buy point at 237.23, but gave up support at the 50-day line. Apple gained 0.5% in recent action.
Microsoft shares are back on their 200-day line. A new base is taking shape. And on Friday morning, the stock was up 0.2%.
Be sure to follow Scott Lehtonen on X @IBD_SLehtonen for more information about growth stocks, the Dow Jones Industrial Average and today’s stock market.
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