The Dow Jones Industrial Average pared losses on Friday after a weaker-than-expected monthly jobs report from the US Labor Department. Meanwhile, the Chinese e-commerce giant Ali Baba (Baba) as the company faces a $1.1 billion fine against its fintech subsidiary, Ant Group.
Friday’s employment report for June showed that non-farm payrolls rose by 209,000, below estimates for growth of 213,000 and down from May’s growth of 339,000. The unemployment rate fell to 3.6%, in line with estimates.
Interest in the report intensified on Thursday after the surprise surge in employment in June that was reported in ADP’s National Employment Report. The data sent the bond and stock markets lower on Thursday.
Elsewhere, shares of Alibaba rose more than 3% on Friday after that Reuters reported China’s central bank is expected to fine the company $1.2 billion, ending the investigation into Alibaba. This will allow Ant Group to revive its business growth and eventually restart plans for an initial public offering.
stock market today
on the earnings front, Levi Strauss (levi) fell more than 7% after lowering its guidance for the full year.
the alphabet, Chipotle Mexican Grill (CMG), Dynatrace (DT), MongoDB (mdb) And nvidia (NVDA) – as well as Dow Jones shares c. B. Morgan Chase (JPM), visa (Fifth) And sales force (CRM) – among the best stocks to watch in the current stock market downturn.
Tesla is an IBD Leaderboard stock, while Nvidia was featured this week in the Stocks Near A Buy Zone column. Alphabet and Dynatrace were the top IBD stocks for the day.
Dow jones today: oil prices and treasury yields
After the opening bell on Friday, the Dow Jones Industrial Average fell 0.1%, while the S&P 500 rose 0.1%. The heavy Nasdaq Composite Index rose 0.4% in the morning move.
The 10-year US Treasury yield rose to 4.08% after the jobs report as it continued to break above recent highs. Yield settled Thursday at 4.04%, its highest level since early March.
Oil prices continued their rally on Friday morning, after a slight gain on Thursday. West Texas Intermediate crude futures were trading up about 0.3%, to approach $72 a barrel.
Stock market action
On Thursday, the Dow Jones Industrial Average fell 1.1%. in Dow 30, American Express (AXP) skidded nearly 2.7%, just as it was approaching 177.04 buy points in a cup with handle.
The S&P 500 and Nasdaq Composite both lost 0.8%, off session lows. Small-cap Russell 2000 sold 1.6%.
The Big Picture column commented on Thursday, “Despite Thursday’s sharp losses, the stock market’s upside remains intact. Therefore, IBD Bank’s recommended exposure to the market remains at 80%-100%. However, it should be Investors are ready for the market to pull more.”
Now is an important time to read IBD’s Big Picture column as the stock market is holding near its highs for the year.
Top five Dow stocks to buy and watch right now
Dow stocks to watch: JPMorgan, Salesforce, Visa
JP Morgan, the Dow Jones banking leader, ended Thursday’s trading below the 143.37 flat buy level after the session fell by 1%. The buy zone rises by 5% to 150.54. JPM stock rose 0.6% Friday morning, after upgrading to outperform peers. Wolfe has set its 12-month price target at 170, up about 19% from where the shares closed Thursday.
Salesforce has managed to steady itself after its post-earnings slump. It is now testing the support at the 50-day line and the decisive bounce will create a new buying opportunity. The megacap tech previously surpassed a pair of alt entries at 194.01 and 200.10, according to IBD Leaderboard analysis.
In recent weeks, the shares have reached 20% gain territory of 178.94 cups with an entry handle. CRM stocks fell on Friday morning.
Payments leader Visa also closed above 235.57 BBBs on Thursday, up 0.6%. The buy range reaches 247.35. V shares fell 0.8% early on Friday.
4 growth stocks to buy and watch Stock market rise
Best stocks to buy and watch: Alphabet, Chipotle, Dynatrace, MongoDB, Nvidia
Alphabet, IBD Stock Of The Day On Wednesday, is trying to find support around the 50 day line. This week, investors could have used the June 30 high of 121.08 as a buying point. But stocks are less than that motivated to buy after Thursday’s loss of about 1.4%. Plus, Alphabet shares could have a decent base in another week. GOOGL stock fell 0.1% on Friday morning.
IBD Leaderboard Chipotle stock is trying to clear the 2139.88 buy point of the flat bottom, according to IBD MarketSmith pattern recognition. Early entry at 2,092.51 was also available due to the trend line. Chipotle was the latest IBD stock of the day. CMG stock fell 0.3% on Friday morning.
Software maker Dynatrace has formed a narrowing pattern on the three-week chart, representing a short consolidation in which institutional investors pause buying. The shares are about 3% off their last entry at 52.99. DT shares were down 0.4% Friday morning.
MongoDB traded tightly after the recent earnings-supported jump, which provided a new entry. The shares are above the narrowing three-week formation which showed a buy point at 398.89 after two consecutive losing days. In the meantime, hawkish investors could have used a trend line entry around 386. MDB Bank stock rose 0.3% Friday morning.
After the May 25 earnings-supported gap, Nvidia shares have been steadily trending higher. Amidst a decline since June 20, the stock offers another opportunity to buy shares. It formed a trend line entry at 418 after the stock found support at the 21-day exponential moving average. Nvidia is the IBD stock leaderboard. Shares rose 0.5% on Friday.
Learn how to time the market with IBD’s ETF market strategy
Best stocks to buy and watch the stock market rise
These are the top four stocks to buy and watch in the stock market today, including leader Dow Jones.
|Company Name||Code||The right point of purchase||Point of purchase type|
|ASML||(ASML)||683.18||mug with handle|
|Cloud Flair||(network)||66.20||Double bottom|
|Rocco||(ROKU)||75.45||mug with handle|
Source: IBD data as of July 5, 2023
IBD Leaderboard Tesla stock snapped a six-day winning streak Thursday, with a slide of 2.1%. However, Tesla shares remain sharply out of the buy range after the 207.79 double bottom buy point.
TSLA stock appeared to rebound from Thursday’s losses, rising 0.9% on Friday.
Dow Jones leaders: Apple and Microsoft
Among Dow Jones stocks, Apple stock continued to stay off last week’s high of 194.48, up 0.25% on Thursday. Stocks continue to stabilize sharply above 157.38 buying points. Early Friday, shares were down 0.2% in morning trade.
Shares of Microsoft rose another 0.9% on Thursday, holding about 4% off their June 16 high of 351.47. The stock is on track to end with modest weekly gains.
In recent weeks, the stock has hit 20%-25% gain territory from 276.76 flat-base buy points, so investors could have taken at least some profit there. On Friday morning, Microsoft shares were down 0.4%.
Be sure to follow Scott Lehtonen on Twitter at @employee Learn more about developing stocks and the Dow Jones Industrial Average.
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