The Dow Jones Industrial Average and other major indexes pared early gains Friday as Wall Street digested key inflation data included in the early release of the Consumer Sentiment Report. meanwhile, Nvidia (NVDA) benefited from strong monthly sales by chipmakers in today’s stock market taiwan semiconductor manufacturing (TSM), also known as TSMC.
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In morning trading, the Dow Jones Industrial Average rose 0.3%, and the S&P 500 also rose. The tech-heavy Nasdaq Composite Index also rose 0.3% after the opening bell.
Early Friday morning, the 10-year U.S. Treasury yield rose to 4.49%. Oil prices also rose, with West Texas Intermediate futures trading around $79.55 a barrel.
Among U.S. exchange-traded funds, Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) rose 0.3%, and SPDR S&P 500 ETF (SPY) also rose 0.3%.
Early Friday morning, TSMC reported that April sales jumped 59.6% year-on-year in local currency and 20.9% compared to March. Year-to-date revenue has increased 26.2%. The leading chip foundry also announced a cash dividend. Shares rose more than 4% in early trading.
As a result, Nvidia stock rose 2.3% in morning trading. The artificial intelligence giant’s stock fell 1.8% on Thursday, just barely above its 50-day line. They continue to build a foundation with a buy point of 974. On the other hand, the trigger for early buying was his April 30 high of 888.19. AI Leader is his IBD leaderboard stock.
Stock market today: Inflation numbers
Shortly after the stock market opened on Friday, the University of Michigan’s Consumer Confidence Index for May was 67.4, down from 77.2 in April. It was expected to fall to 77, according to Econoday estimates. Consumers’ expectations for inflation over the next year were 3.5%, higher than expected. Inflation expectations for the previous year were estimated to be stable at 3.2%. Finally, his five-year forecast is 3.1%, which is higher than his forecast of 3.0%.
The main factors that significantly affect profitability are: jayfrog (frog), unity software (U) and Yelp (shout).
JFrog stock fell more than 15% in early morning trading, while Unity stock fell 1.7%. Yelp fell 2.4% in morning trading.
Be sure to read 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 rose 0.5%. The tech-heavy Nasdaq Composite Index rose 0.3%, and the small-cap Russell 2000 index rose 0.9%.
Thursday’s The Big Picture Column said, “Although there is no follow-through date yet, IBD recommends a market exposure of 40 as the market extends its rally and the major indexes are about 1% off their new highs.” % to 60%.”
On Thursday’s IBD Live show, the IBD Live team discussed the current trading situation. The team commented that the Nasdaq’s close near Wednesday’s high shows that buyers remain strong. As the price movement remains strong, it still makes sense for investors to slowly increase their exposure as new opportunities present themselves.
As the stock market continues to move, now is an important time to read Investor’s Business Daily’s The Big Picture column. Be sure to 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: Stocks to Watch
netapp (NTAP), NXP Semiconductor (NXPI), pinterest (PIN) and trade web market (TW) — Plus Dow Jones Component American express (AXP) and Merck (MRK) — one of the most interesting companies on the stock market today.
Chipotle and Merck are featured in this “Stocks Near a Buy Zone” column.
An essential resource for daily breakouts is IBD MarketSurge’s Breakouts of the Day list. This indicates that the MarketSurge Growth 250 stocks are breaking through a new buy point. especially, manulife financial (MFC) is breaking above a flat base entry of 25.14.
Additionally, MarketSurge’s “Near Pivot” list shows stocks that are nearing buy points on base.
To find more stock ideas, check out our IBD stock lists, including the IBD 50, Big Cap 20, and stocks near buy zones. These features identify bullish patterns and allow you to purchase points and check them daily.
Get real-time buy and sell alerts on stock market leaders with IBD Leaderboard
Dow Jones: American Express rises above buy point
American Express is rebounding massively with support near its 50-day moving average. The bullish rebound has placed the payments leader in a new buying position, with the stock just above the short-term consolidation entry at 231.69. Stock prices rose 1.4% on the stock market that day.
Meanwhile, pharmaceutical giant Merck is building a flat base of 133.10 entries. Merck shares rose 0.3% on Friday.
4 Top Growth Stocks to Watch stock market today
Outside of the Dow Jones index, NetApp fell 1.2% Thursday, falling below its double-dip buy point of 108.82, according to IBD MarketSurge. NetApp stock rose 0.5% after the open on Friday.
NXP Semiconductors is in buy range above the double bottom entry at 251.96. The stock rose 0.5% on Friday.
Pinterest inched up, extending its winning streak to four sessions and approaching buy range above the 41.60 cup entry. The stock rose 0.3% early Friday.
Tradeweb is at the upper end of the buy range above the flat base buy point of 108.04. This places the stock in a new buying area. The stock fell 0.2% on Friday.
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Stock Market Today: Companies to Watch
These are four stocks in the buy zone or near the buy zone on the stock market today.
| Company Name | symbol | correct purchase point | Types of purchase points |
|---|---|---|---|
| american express | (AXP) | 231.69 | integration |
| texas roadhouse | (TXRH) | 157.12 | flat base |
| chipotle pepper | (CMG) | 3,023.98 | integration |
| trade web market | (TW) | 108.04 | flat base |
Source: IBD data as of May 6, 2024
IBD experts analyze today’s top stocks on the stock market on IBD Live.
Magnificent Seven Stock: Tesla
Magnificent Seven Stocks tesla (TSLA) was down 0.7% in Friday morning trading.
Tesla stock fell 1.6% on Thursday, ending below its 50-day line. Tesla stock is down more than 40% from its 52-week high.
Dow Jones Leader: Apple, Microsoft
Among the Dow Jones stocks in the Magnificent Seven are: apple (AAPL) and microsoft (MSFT) Stocks traded mixed after the market opened on Friday.
On Thursday, Apple shares rose 1%, rising above the 200-day line and forming the right side of the new standard. The stock was down 0.5% on Friday morning.
Microsoft stock rose 0.4% on Thursday, but remains below its 50-day line, a key hurdle to watch. The software giant is building a new flat base with a buy point of 430.82. And on Friday, Microsoft shares rose 0.7%.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter. @IBD_SLehtonen Learn more about growth stocks, the Dow Jones Industrial Average, and today’s stock market.
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