Dow Jones futures and other major stock indexes prolonged their rallies in premarket motion Friday after the Labor Department’s weaker-than-expected April jobs report. Amongst the numerous winners was Apple (AAPL), which enjoyed a surge fueled by a share buyback ahead of the opening bell on the stock market today.
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Dow Jones futures rose 1.4% vs. fair value, or greater than 500 points, in premarket motion, as S&P 500 futures gained 1.2%. Tech-focused Nasdaq 100 futures advanced 1.6% before the opening bell.
Early Friday, the 10-year Treasury yield tumbled to 4.45%. Further, oil prices climbed as West Texas Intermediate futures traded around $79.30 a barrel.
Amongst U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was up 1.5%, since the SPDR S&P 500 ETF (SPY) rose 1.1%.
Stock Market Today: Jobs Report, Apple Earnings
The Labor Department’s April jobs report said the U.S. economy added 175,000 jobs for the month, much lower than the expected 243,000 number, in accordance with Econoday estimates. That was also down from March’s 303,000 addition. The unemployment rate ticked higher to 3.9%; It was expected to hold regular at 3.8%.
Late Thursday, Apple narrowly beat Wall Street’s estimates for its fiscal second quarter. The iPhone maker also raised its quarterly dividend and stock buyback plan. Apple stock rallied greater than 7% in premarket trading.
Other key earnings movers include Booking Holdings (BKNG), Cloudflare (NET), Coinbase Global (COIN) and MercadoLibre (MELI).
Booking stock climbed greater than 4%, while Cloudflare shares plunged nearly 12%. Coinbase stock dropped 0.4%. And MercadoLibre shares rallied 6% before the market open.
Dow Jones Rises
On Thursday, The Dow Jones Industrial Average and S&P 500 each climbed 0.9%, while the tech-heavy Nasdaq composite rallied 1.5%. The small-cap Russell 2000 moved up 1.8%.
Thursday’s The Big Picture column commented, “Despite Thursday’s positive motion, IBD’s really helpful exposure level sits at 20%-40% with the important stock indexes still sitting below their 50-day benchmarks.”
Now may very well be a significant time to read Investor’s Business Every day’s The Big Picture column amid the continued stock market motion. Remember to read methods to regulate to changing market conditions, with IBD’s latest exposure levels.
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Stock Market Today: Best Stocks To Watch
Chipotle Mexican Grill (CMG), NXP Semiconductors (NXPI), Texas Roadhouse (TXRH) and Tradeweb Markets (TW) — plus Dow Jones component American Express (AXP) — are amongst probably the most effective corporations to look at in the current market.
Texas Roadhouse is featured on this Stocks Near A Buy Zone column.
A very important resource for day-to-day breakouts is IBD MarketSurge’s “Breaking Out Today” list. It shows MarketSurge Growth 250 stocks that are breaking out past latest buy points. Also, the MarketSurge “Near Pivot” list shows stocks nearing buy points in bases.
To get your hands on more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone. These features discover bullish patterns and buy points and will be found to look at each day.
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Dow Jones: American Express Rebounds
American Express is bouncing back in heavy volume from support around its 50-day moving average. The bullish rebound has placed the software leader in a contemporary buy area, while shares are back below a 231.69 entry in a transient consolidation. Shares were up 1% on the stock market today.
3 Top Growth Stocks To Watch In The Stock Market Today
Outside the Dow Jones index, Chipotle gained 0.1% Thursday, still in buy range past a 3,023.98 buy point in a transient consolidation, in accordance with IBD MarketSurge. Chipotle shares gained 0.6% before the open on Friday.
NXP Semiconductors is attempting to interrupt out past a double-bottom buy point at 251.96, and is back above that entry after Thursday’s gains. Shares added 0.4% Friday.
Texas Roadhouse moved back above its flat base’s 157.12 buy point, with a 0.5% rise Thursday. Shares climbed 2% Friday morning.
Tradeweb prolonged its gains above the 50-day moving average during Thursday’s motion, since it forms a flat base with a 108.04 buy point. Shares were unchanged Friday.
Stock Market Today: Corporations To Watch
These are 4 stocks in or near buy zones in today’s stock market.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| 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 April 22, 2024
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Magnificent Seven Stocks: Nvidia, Tesla
Magnificent Seven stocks Nvidia (NVDA) and Tesla (TSLA) advanced 2% and 1.2%, respectively, in Friday’s premarket motion.
Nvidia stock rallied 3.3% Thursday, ending right at its 50-day line, a key area to look at. Shares proceed to form a consolidation that has a contemporary buy point at 974. Aggressive investors can use 888.19 as an early entry.
Tesla stock inched higher Thursday, snapping a two-day skid. Shares remain above their 50-day line following Monday’s 15% surge.
Dow Jones Leaders: Microsoft
Amongst Dow Jones stocks throughout the Magnificent Seven, Microsoft (MSFT) traded higher ahead of Friday’s stock market open.
Microsoft shares gained 0.7% Thursday, still below their 50-day line. The software giant is constructing a contemporary flat base that has a 430.82 buy point. Shares moved up 1% Friday.
Remember to follow Scott Lehtonen on X, formerly often referred to as Twitter, at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
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