Futures for the Dow Jones Industrial Average and other major indexes rose Friday as Wall Street awaited key inflation data included in the early release of a consumer confidence report. In the meantime, Nvidia (NVDA) shares benefited from the chipmaker’s strong monthly sales Taiwanese semiconductor manufacturing (TSM), or TSMC, hit the stock market today.
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In premarket action, Dow Jones futures rose 0.2% from fair value, as did S&P 500 futures. Tech-focused Nasdaq 100 futures rose 0.3% before the opening bell.
Early Friday, the yield on ten-year government bonds rose to 4.47%. Further, oil prices rose as West Texas Intermediate futures traded around $79.80 per barrel.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) rose 0.4%, while the SPDR S&P 500 ETF (SPY) gained 0.3%.
Early Friday, TSMC reported April sales up 59.6% from a year earlier in local currencies, or 20.9% from March. Year-to-date, sales are up 26.2%. The chip foundry giant also announced a cash dividend. Shares rose nearly 3% in premarket trading.
And Nvidia shares rose 1.5% in morning trading. Shares of the artificial intelligence giant fell 1.8% on Thursday, barely above their 50-day line. They continue to build a base with a buy point at 974. Meanwhile, an early buying trigger is in play at 888.19, the April 30 high. The AI ​​Leader is an IBD Leaderboard stock.
Stock market today: inflation figures
Immediately after the stock market opens on Friday, the University of Michigan’s consumer confidence figures will be published at 10 a.m. Dutch time. The index is expected to fall to 77 for May, down from 77.2 in April, according to Econoday estimates. Consumer inflation expectations for the coming year are expected to remain stable at 3.2%.
The top revenue makers include JFrog (FROG), Unity software (You) and Yelp (YELP).
JFrog shares were down nearly 12% in the early morning, while Unity shares were down 2.5%. Yelp shares fell 5% in premarket trading.
Be sure to learn how to adapt to changing market conditions, with IBD’s new exposure levels.
Dow Jones extends winning streak
On Thursday, the Dow Jones Industrial Average rose 0.9%, extending its winning streak to seven sessions. The S&P 500 climbed 0.5%. The tech-heavy Nasdaq composite rose 0.3%, and the small-cap Russell 2000 also rose 0.9%.
Thursday’s column in The Big Picture noted: “Although there has not yet been a follow-through day, IBD’s recommended market exposure is at 40% to 60% as the market continues its recovery and the major indices are about 1% away from new highlights.”
During Thursday’s IBD Live show, the IBD Live team discussed current trading conditions. The team noted that the Nasdaq closed near its high on Wednesday, indicating that buyers are still doing well. As solid price action continues, it still makes sense for investors to slowly increase their exposure as new opportunities arise.
This is an important time to read Investor’s Business Daily’s The Big Picture column amid the continued action in the stock market. Be sure to learn 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: the best stocks to watch
NetApp (NTAP), NXP semiconductor (NXPI), Pinterest (PIN) and Tradeweb Markets (TW) – plus Dow Jones components American Emphatic (AXP) and Merck (MRK) – are among the best companies to watch in the stock market today.
Chipotle and Merck were in this Stocks Near a Buy Zone column.
An essential resource for everyday breakouts is IBD MarketSurge’s “Breaking Out Today” list. It shows MarketSurge Growth 250 stocks breaking past new buy points. Remarkable, Manulife financial (MFC) breaks past a 25.14 flat-base entry.
Also, the MarketSurge “Near Pivot” list shows stocks that are near buy points in fundamentals.
For more stock ideas, check out IBD stock lists such as IBD 50, Big Cap 20, and Stocks Near a Buy Zone. These features identify bullish patterns and buy points and can be checked every day.
Get real-time buy and sell alerts on stock market leaders with the IBD Leaderboards
Dow Jones: American Express above buy point
American Express bounces back in heavy volume after support around the 50-day moving average. The bullish recovery has put the payments leader in new buying territory, with shares just above 231.69 in a short consolidation. Shares rose 0.7% on the stock market today.
Meanwhile, drug giant Merck is building a flat base with an entry of 133.10. Merck shares rose 0.5% on Friday.
4 top growth stocks to watch Fair today
Outside the Dow Jones Industrial Average, NetApp fell 1.2% on Thursday, falling below the 108.82 buy point in a double bottom, according to IBD MarketSurge. NetApp shares were flat ahead of Friday’s open.
NXP Semiconductors is in buy range past a double bottom at 251.96. Shares rose 1.1% on Friday.
Pinterest moved higher, extending a win streak to four sessions and closing the buy range above a cup entry of 41.60. Shares rose early Friday.
Tradeweb is at the top of its buy range past the 108.04 buy point on a flat basis. That puts the stock in new buying territory. The stock remained unchanged on 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 purchase point | Purchase point type |
|---|---|---|---|
| American Express | (AXP) | 231.69 | Consolidation |
| Texas Roadhouse | (TXRH) | 157.12 | Flat base |
| Chipotle | (CMG) | 3,023.98 | Consolidation |
| Tradeweb Markets | (TW) | 108.04 | Flat base |
Source: IBD data as of May 6, 2024
Join IBD experts as they analyze the top stocks in the stock market today on IBD Live
Beautiful seven stocks: Tesla
Beautiful Seven stock Tesla (TSLA) rose 0.6% respectively in Friday’s premarket action.
Tesla shares fell 1.6% on Thursday to close below the 50-day line. Tesla shares are more than 40% below their 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among the Dow Jones stocks in the Magnificent Seven, Apple (AAPL) and Microsoft (MSFT) was trading higher ahead of Friday’s stock market open.
Apple shares rose 1% on Thursday, above the 200-day mark and forming the right side of a new base. The stock rose 0.2% on Friday morning.
Microsoft shares rose 0.4% on Thursday, still below the 50-day line, which is a key hurdle to watch. The software giant is building a new flat base with a buy point of 430.82. And Microsoft shares rose 0.5% on Friday.
Make sure you follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen to learn more about growth stocks, the Dow Jones Industrial Average, and the current stock market.
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