The Dow Jones Industrial Average fell Friday as Wall Street reacted to a Labor Department jobs report. The electric vehicle giant showed more strength Tesla (TSLA), which continued to rise on the stock exchange today.
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Nasdaq, S&P 500 reach highs; ASML, Tencent Music, Agnico-Eagle Mines in the spotlight
After the opening bell, the Dow Jones Industrial Average fell 0.2% and the S&P 500 gained less than 0.1%. The tech-focused Nasdaq composite rose 0.1% in morning trading.
On Friday morning, the 10-year Treasury yield fell 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 rose slightly after the open.
Stock Market Today: Tesla, Jobs Report
Tesla shares rose more than 2% after opening Friday, on track to extend an eight-session winning streak. This week, Tesla has surged more than 24% and closed sharply above its 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 272,000 in May. It had been expecting 189,000 jobs to be added. The unemployment rate rose to 4.1%, above the 4% estimate.
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Dow Jones slightly lower
On Wednesday, the Dow Jones Industrial Average fell less than 0.1%. The S&P 500 rose 0.5%, while the tech-heavy Nasdaq composite rose 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 in the same period last year. In 2023, it rose 15.9% in the first half. Historically, that’s a good sign for the rest of the year.”
During Wednesday’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 stock market action. Also read how to adapt 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), Caravan (CVNA) and Meta platforms (META) — plus Dow Jones components Amazon (AMZN), Apple (AAPL number) 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 the 119.10 buy point in a cup with handle.
Check out the MarketSurge “Near Pivot” list for stocks nearing buy points in bases. For more stock ideas, check out 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: JPMorgan breaks out
Dow Jones stocks worth watching include banking giant JPMorgan. Shares broke out past a 205.88 flat-base entry, according to MarketSurge pattern recognition. JPMorgan was IBD Stock Of The Day on Monday. Shares fell 1% in early trading.
Outside the Dow, Burlington Stores fell 0.6% in morning trading. At Wednesday’s close, it was in a buy range above a 232.69 cup-base entry. Carvana is still below a 129 buy point in a cup base despite Wednesday’s gains. Carvana shares fell 0.9% Friday morning.
And Meta shares are attempting to break out above a 514.01 buy point in a cup-with-handle base, but remain below that entry. The Facebook and Instagram parent is an IBD Leaderboard stock. Meta shares rose 0.6% after the opening bell on Friday.
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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 |
|---|---|---|---|
| Caravan | (CVNA number) | 129 | Cup base |
| Dominoes | (DPZ area) | 542.75 | Flat base |
| Meta platforms | (META text) | 514.01 | Flat base |
| Amazon | (AMZN) | 191.70 | Flat base |
Source: IBD data as of June 27, 2024
Join IBD experts as they analyze the leading stocks in the stock market today on IBD Live
Magnificent Seven Stocks: Nvidia
Among the Magnificent Seven stocks, Nvidia (NVDA) rose 0.1% in early trading today on the stock market.
Nvidia shares rose 4.6% on Wednesday, hitting their highest level since June 21. Shares remain well above a split-adjusted alternative buy point of 97.40. The artificial intelligence leader is also an IBD Leaderboard stock.
Dow Jones Leaders: Amazon, Apple, Microsoft
The Dow Jones components of the Magnificent Seven were mixed after the stock market opened on Friday. They were Amazon, Apple and Microsoft.
Amazon is well above a 191.70 buy point in a flat base after a recent breakout move. Amazon shares rose 0.7% on Friday.
Apple shares rose 0.6% on Wednesday, hitting record highs. Shares have extended above the 199.62 buy point of a cup base. Apple was up 0.3% Friday morning.
Microsoft shares rose 0.3% on Wednesday, rising above a flat base’s 430.82 buy point and hitting more new highs. And early Friday, the stock fell marginally.
Follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more information about growth stocks, the Dow Jones Industrial Average and today’s stock market.
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