Dow futures fell but major stock indexes rose on Friday as Wall Street braced for the release of key jobs data from the Labor Department. Tesla (TSLA) extended gains on the stock market today.
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Nasdaq, S&P 500 hit new record highs; ASML, Tencent Music, Agnico Eagle Mine in focus
Before the opening bell, futures for the Dow Jones Industrial Average were down 0.1% relative to market capitalization. Futures for the S&P 500 were up slightly and the tech-heavy Nasdaq 100 was up 0.1% in premarket trading.
The yield on the 10-year Treasury note fell to 4.33% early Friday. Oil prices were stagnant, with West Texas Intermediate oil futures trading around $83.90 a barrel.
Among exchange-traded funds, the Invesco QQQ Trust (QQQ) and the SPDR S&P 500 ETF (SPY) were both up slightly before the open.
Stock Market Today: Tesla, Jobs Report
Tesla shares rose nearly 2% ahead of Friday’s market open, on track for an eighth straight trading day of gains. Tesla shares have surged more than 24% this week, closing well above their long-term 200-day mark.
The Labor Department’s June employment report is due to be released at 8:30 a.m. ET. Economists project the U.S. economy added 189,000 jobs in June, down from 272,000 in May. The unemployment rate is expected to remain steady at 4.0%, according to Econoday estimates.
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The Dow Jones Industrial Average fell
The Dow Jones Industrial Average fell less than 0.1% on Wednesday. The S&P 500 rose 0.5% and the tech-heavy Nasdaq Composite added 0.9%, both of which hit new record highs.
“The S&P 500 is up 14.5% in the first half of this year, roughly matching the index’s gains during the same period last year. In the first half of 2023, it’s up 15.9%. Historically, that’s a good sign for the rest of the year,” Investor’s Business Daily wrote in its Big Picture column.
On Wednesday’s IBD Live show, the IBD Live team discussed the current trading situation and how investors should approach today’s stock market.
As the stock market continues to move, now is an important time to read “The Big Picture” column, and be sure to read about how IBD’s new exposure levels can help you adapt to changing market conditions.
Learn how to time the stock market with IBD’s ETF market strategy
Stock Market Today: Best Stocks to Watch
Burlington Store (bar), Carvana (CVNA) and Meta Platform (META) — A component of the Dow Jones Amazon (AMZN), apple (AAPL) JPMorgan Chase (JPM) and Microsoft (MSFT) is one of the best companies to watch on the stock market today.
There were no new stocks on IBD MarketSurge’s “Breaking Out Today” list, InterDigital (IDCC) recently broke out of a 119.10 buy point in a cup with handle.
Check out MarketSurge’s “Near Pivot” list for stocks approaching buy points on the basis, and to find even more stock ideas, check out IBD stock lists like the IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones: JP Morgan surges
Stocks to watch on the Dow Jones include banking giant JPMorgan. The stock is breaking out of a flat base entry at 205.88, according to MarketSurge pattern recognition. JPMorgan was IBD’s Stock of the Day on Monday. The stock was up 0.2% at the open.
Outside the Dow Jones index, Burlington Stores was weak in premarket trading. At Wednesday’s close, it was trading above a 232.69 entry in a cup base, putting it in buy range. Carvana is still below a 129 buy point in a cup base, despite Wednesday’s rally. Carvana shares were down 0.5% on Friday morning.
And Meta shares are attempting to break out of a 514.01 buy point on a cup-handle basis but remain below that entry.The parent company of Facebook and Instagram is an IBD Leaderboard stock.Meta shares were up 0.3% before the close on Friday.
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 the buy zone on the stock market today.
| Company Name | symbol | The right purchase point | Types of purchase points |
|---|---|---|---|
| Carvana | (CVNA) | 129 | Cup Base |
| Domino | (DPZ) | 542.75 | Flat Base |
| Meta Platform | (Meta) | 514.01 | Flat Base |
| Amazon | (Amazon) | 191.70 | Flat Base |
Source: IBD Data as of June 27, 2024
Watch IBD Live as IBD experts break down the biggest stocks on the stock market today.
Magnificent Seven Stocks: Nvidia
Among the Magnificent Seven brands, NVIDIA (NVDA) rose 0.1% on the stock market in pre-market trading today.
Nvidia shares rose 4.6% on Wednesday, hitting their highest close since June 21. The stock remains 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
Among the Dow Jones Industrial Average’s “Magnificent Seven” stocks, Amazon, Apple and Microsoft were among the biggest losers before the stock market opened on Friday.
Amazon is firmly above a 191.70 buy point in a flat base following its recent breakout move. Amazon shares were up 0.5% in premarket trading on Friday.
Apple shares rose 0.6% to a record high on Wednesday. The stock is above a cup-based buy point of 199.62. Apple was flat early Friday.
Microsoft shares rose 0.3% on Wednesday, climbing above a flat buy point of 430.82 to a new high, before trading slightly lower early Friday.
Follow Scott Lehtonen on X (formerly Twitter). translator Learn more about growth stocks, the Dow Jones Industrial Average and today’s stock market here.
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