The Dow Jones Industrial Average rose Friday following a weaker-than-expected pivotal August jobs report. A big earnings loser on the stock market today was Broadcom (AVGO), who competes and partners with Nvidia (NVDA).
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Nasdaq Fades After Strong Start; JPMorgan, Alamos Gold, ARGX In Focus
After the opening bell, the Dow Jones Industrial Average rose 0.4%, while the S&P 500 gained 0.1%. The tech-focused Nasdaq composite was down 0.4% in early trading.
Early Friday, the 10-year Treasury yield ticked lower to 3.73%. Oil prices rose, as West Texas Intermediate futures traded around $69.55 per barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) was down 0.7%, as the SPDR S&P 500 ETF (SPY) rose 0.1% after the open.
Forget Amazon And Tesla. This Non-Magnificent Seven Stock Dwarfs Their Gains.
Stock Market Today: Jobs Report
Artificial intelligence leader Broadcom plunged more than 8% early Friday after the company edged above Wall Street’s targets for its fiscal third quarter, but it guided a tad below views for sales in the current period.
Broadcom works with Nvidia to provide an easy, cost-effective, fast and secure way to adopt generative AI, but the two also compete in the AI chip market.
Other key earnings movers Friday included Samsara (IOT). Samsara jumped 10% in early trading.
The Labor Department said that the U.S. economy added 142,000 jobs in August, with an unemployment rate of 4.2%. It was expected to report an addition of 160,000 U.S. jobs in August vs. July’s much lower-than-expected 114,000 rise, with a 4.2% unemployment rate, according to Econoday.
Nvidia Stumbles, Tesla Skids While This Mag 7 Stock Is Ripe For A Breakout
Dow Jones Falls
On Thursday, the Dow Jones Industrial Average dropped 0.5% and the S&P 500 lost 0.3%, while the tech-heavy Nasdaq composite gained nearly 0.3%. The small-cap Russell 2000 index declined 0.6%.
During Thursday’s IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market today.
Now is an important time to read The Big Picture column amid the ongoing market action. Also, be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.
Microsoft Shoves Nvidia Aside As Tesla’s Status Remains In Doubt
Stock Market Today: Best Stocks To Watch
Among the best companies to watch on the stock market today are Arista Networks (ANET), Costco Wholesale (COST), Meta Platforms (META), Netflix (NFLX) and Taiwan Semiconductor Manufacturing (TSM).
Also on the list are Dow Jones components Amazon (AMZN), Apple (AAPL), Home Depot (HD), IBM (IBM) and Microsoft (MSFT).
Arista Networks featured in this Stocks Near A Buy Zone column.
There were no new stocks on IBD MarketSurge‘s “Breaking Out Today” list Thursday amid the recent market weakness. Further, there are only a handful of stock ideas on the site’s “Near Pivot” list.
To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones: Home Depot, IBM
Among Dow Jones components, Home Depot has added a new handle buy point at 378.58, according to MarketSurge pattern recognition. Shares rose 0.2% Friday morning.
Meanwhile, IBM is in buy range past its latest entry, a cup-with-handle buy point at 196.26. IBM stock gained 0.3% Friday.
Outside the Dow Jones index, Arista Networks broke support at the 50-day moving average this week. A 358.68 buy point is in play. Shares dipped 0.2% early Friday.
Retail giant Costco remains below its 896.67 cup-base entry. The stock rose 0.5% Friday morning.
Streaming giant Netflix is under its late-stage cup base’s 697.49 buy point following this week’s losses. Netflix stock was down 0.3% Friday.
Taiwan Semiconductor Manufacturing is nearing a 175.45 cup-with-handle entry, and it gained 0.9% Friday morning.
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 in or near buy zones in today’s stock market.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Ferrari | (RACE) | 442.80 | Flat base |
| Shake Shack | (SHAK) | 111.29 | Cup base |
| ServiceNow | (NOW) | 806.52 | Handle entry |
| Birkenstock | (BIRK) | 61.83 | Flat base |
Source: IBD Data as of Aug. 27
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Magnificent Seven Stocks: Meta, Nvidia, Alphabet
Among Magnificent Seven stocks, Meta Platforms, Nvidia (NVDA), Tesla (TSLA) and Alphabet (GOOGL) traded mixed in morning trading.
Meta stock attempted a breakout above a 542.81 buy point in recent weeks, but now sits squarely below the entry. Shares rose 0.3% Friday.
Nvidia bounced 0.9% Thursday, ending a two-day skid. Shares still remain below their 50-day line and they declined 1.4% Friday.
Tesla shares rallied nearly 5% Thursday, flashing a buy signal above a 228.22 buy point, as they regained their 50-day line. The stock lost 2.2% Friday.
Google-parent Alphabet is trying to find support around the 200-day line. After rising Thursday, shares fell 1% in early trades Friday.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft traded mixed after Friday’s stock market open.
Amazon shares are back at potential support at their 200-day moving average. The stock was down 0.4% Friday morning.
Apple stock is within striking distance of a new buy point at 237.23, but gave up support at the 50-day line. Apple gained 0.4% in recent action.
Microsoft shares are back at their 200-day line. A new base is taking shape. And on Friday morning, the stock moved down 0.2%.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
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