Dow Jones futures edged higher on Friday as Wall Street braced for an important inflation report, while tech futures rose.Among the companies that moved the technology were players in the Magnificent Seven. alphabet (GOOGL) and microsoft (MSFT) soared today after the stock market announced its earnings results.
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Dow Jones futures rose 0.1% to fair value in premarket trading, while S&P 500 futures rose 0.7%. Futures on the tech-heavy Nasdaq 100 rose 1% before the opening bell.
Early Friday morning, the 10-year Treasury yield fell to 4.69%. Additionally, oil prices rose 1% as West Texas Intermediate futures traded near $84.40 a barrel.
Among U.S. exchange-traded funds, Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) rose 1%, while SPDR S&P 500 ETF (SPY) rose 0.8%.
Stock market today: Alphabet, Microsoft earnings
Late Thursday, Alphabet reported first-quarter profit and revenue that easily beat analysts’ expectations. Google shares soared more than 12% in premarket trading as the company announced its first-ever dividend.
Meanwhile, Microsoft beat expectations for its fiscal third quarter as its cloud computing business performed well. Shares rose more than 4% in early trading.
Microsoft stock fell 2.5% on Thursday, falling further below its 50-day moving average following last week’s decline. The stock was on track to regain that key level with Friday’s rally.
Other key revenue drivers for Friday included: atlassian (team), intel (INTC), Roku (Roku) and snap (snap).
Atlassian fell 7.3% in early trading, while Intel fell more than 8%. Roku stock fell nearly 4%. And Snap soared nearly 23% in premarket trading today.
The Commerce Department’s Bureau of Economic Analysis is next scheduled to release its personal income and expenditures report at 8:30 a.m. ET on Friday. This report includes the Personal Consumption Expenditures Price Index for March. Econoday expects PCE to rise 0.3% in the month and 2.6% year-on-year.
Additionally, Econoday expects the core PCE price index to rise 0.3% month-on-month and 2.7% annually.
The bureau said Thursday that PCE rose at an annualized rate of 3.7% in the first quarter, beating expectations for a 3.4% rise. That played a role in the early market turmoil.
Be sure to read how to adapt to changing market conditions with IBD’s new exposure levels.
Dow Jones Falls
Ultimately, the market suffered significant losses on Thursday after the bureau released these PCE numbers along with weak GDP data. It is with the rush, meta platform (META) stocks all worked together to spook the major indexes early on.
After cutting losses throughout Thursday’s trading, the Dow Jones Industrial Average ended 1% lower, while the S&P 500 narrowed its loss to 0.5%. The tech-heavy Nasdaq Composite Index fell 0.6%, but closed near the high of the day’s price range. The small-cap Russell 2000 also fell 0.7%.
Thursday’s The Big Picture Column said, “Monday was the first day of a new rally attempt, which means Thursday will be the fourth day. That means the recommended exposure level for IBD is 0% to 20%. “This means that follow-through dates can occur at any time.”
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
Stocks to watch in today’s stock market
Chipotle Mexican Grill (CMG), dexcom (DXCM), texas roadhouse (TXRH) and trade web market (TW) — plus Dow Jones components American express (AXP) — One of the most interesting companies on the stock market today.
Alphabet and Tradeweb were 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.
Get real-time buy and sell alerts on stock market leaders with IBD Leaderboard
Dow Jones: American Express
According to MarketSurge charts, American Express has rebounded massively from support near its 50-day moving average. The rebound has placed the software leader in a new buying position, with the stock rallying above the 231.69 entry in a short-term consolidation. Stock prices fell 0.1% on the stock market that day. Keep in mind that market risk is currently high.
4 Top Growth Stocks to Watch stock market correction
Outside of the Dow Jones index, Chipotle rose 6.3% after the company’s earnings release on Thursday morning. According to IBD MarketSurge, the stock broke through a buy point of 3,023.98 in a short-term rally. Chipotle stock rose 0.9% in early trading Friday.
Dexcom regained a flat base entry of 132.03 on this week’s rally and found support at the key 50-day line. However, Dexcom shares fell nearly 5% following Friday’s results, testing the 50-day line on high trading volume.
Texas Roadhouse is just below the flat-based buy point of 157.12. The stock rose 0.7% on Friday.
Tradeweb has formed a flat base with a buy point of 108.04 and remains below its 50-day moving average. Stocks fell slightly 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 April 22, 2024
IBD experts analyze today’s top stocks on the stock market on IBD Live.
Magnificent Seven stocks: Nvidia, Tesla
Magnificent Seven Stocks Nvidia (NVDA) and tesla (TSLA) rose 1.8% and 0.6%, respectively, in pre-market trading on Friday.
Nvidia shares rose 3.7% on Thursday, recovering from Wednesday’s decline and extending this week’s gains. The stock price remains below its 50-day line.
Tesla rose another 5% on Thursday, extending this week’s gains. However, the stock remains more than 45% off its 52-week high.
Dow Jones Leader: Apple
Among the Dow Jones stocks in the Magnificent Seven are: apple (AAPL) rose slightly ahead of Friday’s stock market open.
Apple stock rose 0.5% on Thursday, extending its winning streak to four sessions. The stock is about 15% off its 52-week high. Apple rose by a fraction on the stock market today.
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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