Dow Jones futures and other major stock indexes posted significant overnight declines Friday morning as Wall Street weighed the impact of Israel’s retaliatory strikes against Iran.On the other hand, streaming giant Netflix (NFLX) fell sharply on the stock market today after disappointing revenue guidance despite meeting Wall Street’s targets for the first quarter.
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Dow Jones futures cut losses to less than 0.1% of fair value in morning trading, while S&P 500 futures were nearly flat. Tech-heavy Nasdaq 100 futures were down less than 0.2% before the opening bell.
Early Friday morning, the 10-year Treasury yield fell to 4.6%. Oil prices also fell, with West Texas Intermediate futures trading around $81.60 a barrel.
Among US exchange-traded funds, the Invesco QQQ Trust ETF (QQQ), a Nasdaq 100 tracker, fell 0.2%, and the SPDR S&P 500 ETF (SPY) also fell 0.1%.
Overnight, Israel retaliated against Iran’s massive drone and missile attacks on its territory, according to the Wall Street Journal. It appears to be a limited attack aimed at avoiding escalation that could bring the two countries closer to war.
As a result, stock price movements appeared to be subdued as overnight stock index movements (although they initially fell sharply) downplayed the impact of the conflict and leveled off as the opening approached.
Stock Market Today: Netflix Earnings
Late Thursday, Netflix announced that it earned $5.28 per share on revenue of $9.37 billion in the first quarter. Analysts had expected earnings of $4.52 per share and revenue of $9.28 billion. Year-over-year, Netflix’s revenue increased by 83% and its sales increased by 15%. Netflix’s report shows the company’s revenue growth has accelerated for the third consecutive quarter.
However, the streaming giant expects earnings of $4.68 per share on revenue of $9.49 billion. Wall Street had expected second-quarter earnings of $4.54 a share on revenue of $9.52 billion.
Netflix’s outlook calls for a 42% year-over-year increase in profits and a 16% increase in revenue. The company’s stock fell 7% in premarket trading after lower revenue expectations for the current quarter.
Other key revenue drivers for Friday include: american express (AXP), intuitive surgery (ISRG) and procter and gamble (PG)
American Express shares rose 0.7% and Intuitive Surgical shares rose more than 3% in early trading. Also, Procter & Gamble’s stock price fell 2.5%.
Be sure to read how to adapt to changing market conditions with IBD’s new exposure levels.
Dow Jones rises
On Thursday, the Dow Jones Industrial Average rose 0.1%, while the S&P 500 fell 0.2%. The Nasdaq Composite Stock Index, which is heavy on tech stocks, fell 0.5%. The S&P 500 and Nasdaq extended their losing streaks to five sessions, falling further below their 50-day moving averages.
Thursday’s Big Picture column says, “To reduce your exposure to stocks, sell losing stocks and profit from winning stocks. Be sure to follow the selling rules, such as selling stocks that have fallen more than 7% from their purchase price. Please do so.”
As the stock market continues to move, now is an important time to read IBD’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
Stocks to watch in today’s stock market
broadcom (AVGO), draft kings (DKNG), On hold (Onon) and ServiceNow (Current) — Added Dow Jones component American express (AXP) and verizon communications (VZ) — One of the most interesting companies on the stock market today.
On Holding is 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. 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.
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Dow Jones: American Express, Verizon
Despite Friday morning’s decline, American Express is trying to find support near its 50-day moving average, according to MarketSurge charts. A recovery will give payment leaders new buying opportunities. But investors will have to wait for a definitive recovery.
Telecommunications giant Verizon’s recent breakout attempt failed in recent trading as the stock fell more than 7% below the 43.21 buy point. Verizon stock was down 0.3% Friday morning.
4 Top Growth Stocks to Watch stock market rise
Stock Market Today: Eyes on Broadcom, Buy Points
According to MarketSurge charts, artificial intelligence player Broadcom continues to hold short-term consolidation with a buy point of 1,438.17. But on Thursday, the stock fell another 1.8%, falling further below its 50-day line. Broadcom stock rose 0.2% on Friday.
DraftKings has activated a key sell rule, pushing the stock more than 7% below the 46.52 buy point in a short-term consolidation during this week’s decline. The stock price also abandoned its 50-day line. The sports betting giant was down 0.4% Friday morning.
Retail giant On Holding remains above its 50-day line, and a decisive rebound could send the stock into a new buying window. However, the risks are high due to market weakness. On Holding shares fell 0.4% early Friday.
ServiceNow has given up on its 50-day line with this week’s decline. The stock continues to build a flat base at 815.32, but there is still a lot to be done before a potential breakout. Shares fell 1.6% early Friday.
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Up-and-coming stock
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 |
|---|---|---|---|
| disney | (DIS) | 112.92 | cup with handle |
| broadcom | (AVGO) | 1,438.17 | integration |
| draft kings | (DKNG) | 45.62 | integration |
| ServiceNow | (now) | 815.32 | flat base |
Source: IBD data as of April 15, 2024
IBD experts break down the top stocks in the current stock market rally on IBD Live.
Magnificent Seven stocks: Nvidia, Tesla
Among the Magnificent Seven brands, Nvidia (NVDA) fell 0.1%; tesla (TSLA) fell 0.9% in early trading on Friday.
Nvidia stock has built a flat base at a buy point of 974 and is trying to find support near its 50-day line. The AI ​​giant is his IBD leaderboard stock.
Tesla stock fell 3.5% on Thursday, hitting a 52-week low. The stock is down about 50% from its 52-week high.
The National Highway Traffic Safety Administration announced Friday that Tesla is recalling 3,878 Cybertrucks due to an issue with the gas pedal.
The agency said the accelerator pedal pad in some Cybertrucks could “come loose and become wedged in the interior trim,” causing the vehicle to accelerate unintentionally.
Dow Jones Leader: Apple, Microsoft
Among the Dow Jones stocks in the Magnificent Seven are: apple (AAPL) and microsoft (MSFT) traded mixed ahead of Friday’s stock market trading.
Apple shares fell 0.6% on Thursday, falling for the fourth straight session. Stocks found strong resistance at the 50-day line this week. Shares were down 0.1% on Friday morning.
Microsoft stock fell 1.8% on Thursday, falling further below its 50-day line. And shares rose 0.2% early Friday.
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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