Dow Jones futures rose along with other major stock indexes on Friday as Wall Street reacted to key inflation data. It was retail traders who bucked the positive trend in the stock market today. Nike (NKE) fell sharply following the release of its earnings results.
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Nasdaq hits 18,000 mark after third straight win; Meta, Monday.com, ServiceNow in focus
Before the open, Dow Jones Industrial Average futures were up less than 0.1% relative to market capitalization, while S&P 500 futures were up 0.2%. Futures for the tech-heavy Nasdaq 100 index rose 0.3% in premarket trading.
The yield on the 10-year Treasury rose to 4.31% early Friday. Oil prices extended recent gains, with West Texas Intermediate oil futures trading around $82.15 a barrel.
Among U.S. exchange-traded funds, the Invesco QQQ Trust (QQQ) rose 0.4%, and the SPDR S&P 500 ETF (SPY) was also up 0.4% before the open.
Stock market today: Inflation data due for release
The Commerce Department released its Personal Income and Expenditures report early Friday morning, saying personal income rose 0.5% in May, beating expectations of a 0.4% increase.
The personal consumption expenditures price index was unchanged month-on-month, below the expected 0.1% increase, and up 2.6% year-on-year, in line with expectations. Core prices, which exclude food and energy, rose 0.1% in May and were up 2.6% year-on-year, both in line with Econoday’s forecast.
Late Thursday, sporting goods retailer Nike Inc. reported fourth-quarter earnings that missed expectations for sales, sending its shares tumbling more than 15% in premarket trading on Friday and on track to hit a new 52-week low.
The Dow Jones component reported profit rose 50% to 99 cents a share. Sales fell 2% to $12.6 billion as sales growth slowed over the past five quarters. Excluding restructuring charges, Nike earned $1.01 a share for the quarter.
FactSet expected revenue to rise slightly to $12.86 billion and profit to rise 27 percent to 84 cents a share.
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Dow Jones Industrial Average Recovers from Important Level
On Thursday, the Dow Jones Industrial Average rose 0.1%, further up from its 50-day moving average. The S&P 500 also rose 0.1%, and the Nasdaq rose 0.3%, ending its third consecutive trading day of gains and just below its closing record. The Russell 2000 index of small-cap stocks rose 1%, closing just above its 50-day moving average.
“IBD is keeping its recommended equity market exposure at 80% to 100%. There is reason to be cautious because market leadership is concentrated in the Magnificent Seven stocks, and keeping exposure closer to 80% makes the most sense,” Investor’s Business Daily’s Big Picture column said.
On Thursday’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), Domino’s Pizza (DPZ) and Meta Platform (META) — A component of the Dow Jones Amazon (AMZN), apple (AAPL), Amgen (AMGN) and Microsoft (MSFT) is one of the best companies to watch on the stock market today.
IBD MarketSurge’s “Breaking Out Today” list: Medpace (MEDP) broke out of a 421 buy point on a flat base on Thursday. The stock closed above the entry on Thursday. Medpace is an IBD SwingTrader stock.
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: Amgen surges
Stocks to watch on the Dow Jones include biotech giant Amgen, which is trying to break out of a cup-handle base entry of 133.10, according to MarketSurge Pattern Recognition. Amgen was up 0.4% in morning trading on Friday.
Outside the Dow Jones index, Burlington Stores Inc. is in buy range after a recent rally pushed it above a cup-based entry price of 232.69. Burlington shares were up modestly on Friday.
Carvana is in a buy zone, trading above a buy point of 129 in a cup base. Carvana shares were up 1.2% in premarket trading on Friday.
Pizza maker Domino’s Pizza is trading sideways with a buy point of 542.75, according to IBD MarketSurge. Domino’s Pizza shares were up 2% on Friday morning.
Finally, Meta shares broke out above a 514.01 buy point in a cup-handle base. The parent company of Facebook and Instagram is a new IBD Leaderboard stock. Meta shares were up 0.3% on Friday morning.
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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 names on the stock market today.
7 Great Stocks: NVIDIA, Tesla
Among the Magnificent Seven brands, NVIDIA (NVDA) and Tesla (TSLA) rose 1% and 1.4%, respectively, in morning trading on the stock market today.
Nvidia shares ended a two-day rally with a 1.9% decline on Thursday. The stock remains well above a split-adjusted alternative buy point of 97.40. The artificial intelligence leader is also an IBD Leaderboard stock.
Tesla shares rose another 0.5% on Thursday to close near their highest level since early March, after bouncing off their 50-day moving average.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among the Dow Jones “Magnificent Seven” stocks, Amazon, Apple and Microsoft rose ahead of the stock market’s open on Friday.
Amazon is rising above a 191.70 buy point in a flat base following a recent bounce from its 50-day line. Amazon shares were up 0.8% in premarket trading on Friday.
Apple shares rose 0.4% on Thursday, their fourth consecutive trading day of gains. The stock broke out of a 5% buying range above a cup base buy point of 199.62. Apple rose 0.9% on Friday.
Microsoft shares rose 0.2% on Thursday, just above a buy point at 430.82, at flat levels. The stock was up 0.1% 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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