On Friday, the stock market witnessed some interesting trends. The Dow Jones Industrial Average and other major stock indexes traded higher, with Nvidia (NVDA) making a comeback and Tesla (TSLA) aiming to end a three-day losing streak. This article delves into the details of these market movements and explores the performance of key stocks.
Unraveling the Friday Stock Market Story
Stock Market Indexes on Friday
After the opening bell, the Dow Jones Industrial Average rose by 0.4%, while the S&P 500 and the tech-heavy Nasdaq composite also showed positive movements. The 10-year Treasury yield ticked lower to 4.2%, and oil prices climbed, with West Texas Intermediate futures trading around $69.20 per barrel. Among exchange traded funds, the Invesco QQQ Trust (QQQ) moved up 0.3%, and the SPDR S&P 500 ETF (SPY) added 0.2% after the open. The stock market closed early at 1 p.m. ET.In the early hours of Friday, there were various movements in different sectors. Cracks emerged in Nvidia's AI armor, raising questions for investors. Meanwhile, Tesla moved up 1.9% in morning action, looking to break its losing streak. Shares of Tesla remain sharply extended past a 264.86 cup-with-handle entry even after reversing off new highs on Monday.Nvidia's Stock Performance
Nvidia stock bounced 1.3% on Friday, trying to rebound after a sharp pullback in the last few trading sessions. While shares declined 1.2% on Wednesday, they halted their slide at the 10-week moving average line, which is an important area to monitor. If the stock breaks this level with heavy volume, further downside could be expected. Conversely, a decisive rebound would place the AI stock in a new buy area.Dow Jones and Other Key Stocks
On Wednesday, the Dow Jones Industrial Average fell 0.3% after hitting an all-time high. The S&P 500 and the Nasdaq composite also declined. Among the best companies to watch on the stock market today are Embraer (ERJ), Cloudflare (NET), TJX (TJX), and Tradeweb Markets (TW). Dow Jones components like Amazon.com (AMZN), Apple (AAPL), Microsoft (MSFT), and Sherwin-Williams (SHW) made notable moves. Sherwin-Williams and Cloudflare were featured in the Stocks Near A Buy Zone column. There were no new stocks on IBD MarketSurge's "Breaking Out Today" list on Wednesday, but potential breakouts can be found on the "Near Pivot" list.Industry Group and IPOs
Dow Jones leader Sherwin-Williams is breaking out past a 392.57 buy point in a flat base, with shares up 0.7% on Friday. Outside the Dow Jones index, Cloudflare broke out last week, topping a 99.17 buy point in a cup with handle. The 5% buy zone runs up to 104.13, and shares are currently in the buy range. Embraer is in buy range above an alternative entry at 39.46 and is a recent IBD Stock Of The Day, although shares dropped 0.8% early Friday. Retailer TJX is above a 121.13 flat-base entry after strong gains and climbed 0.1% in early Friday trading. Finally, Tradeweb closed Wednesday just below a 136.13 entry in a flat base and moved up 0.4% on Friday.Magnificent Seven Stocks
Among Magnificent Seven stocks, Alphabet (GOOGL) dropped 0.6% in morning trading and plunged below its 50-day line last week but is trying to rebound. Meta Platforms (META) is getting closer to a flat base's 602.95 buy point amid recent gains and was up 0.5% on Friday. Among Dow Jones components in the Magnificent Seven, Amazon stock rallied sharply this week and decisively retaken a 201.20 buy point, although it fell 0.2% in early trading on Friday. Shares of Apple are within striking distance of a flat base's 237.49 entry and were up 0.1% on Friday morning. Microsoft shares declined 0.8% on Friday morning but reclaimed its 50-day line during this week's gains.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.READ MORE