Dow Jones futures and other major stock indexes extended their rallies in premarket action Friday after the Labor Department’s weaker-than-expected April jobs report. Among the winners was Apple (AAPL), which enjoyed a surge fueled by a share buyback ahead of the opening bell on the stock market today.
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Dow Jones futures jumped 1.3% vs. fair value, or nearly 500 points, in premarket action, as S&P 500 futures gained 1.1%. Tech-focused Nasdaq 100 futures advanced 1.5% before the opening bell.
Early Friday, the 10-year Treasury yield sank to 4.5%. Further, oil prices climbed as West Texas Intermediate futures traded around $79.10 a barrel.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was up 1.6%, as the SPDR S&P 500 ETF (SPY) rose 1.1%.
Stock Market Today: Jobs Report, Apple Earnings
The Labor Department’s April jobs report said the U.S. economy added 175,000 jobs for the month, much less than the expected 243,000 number, according to Econoday estimates. That was also down from March’s 303,000 addition. The unemployment rate ticked higher to 3.9%; It was expected to hold steady at 3.8%.
Late Thursday, Apple narrowly beat Wall Street’s estimates for its fiscal second quarter. The iPhone maker also raised its quarterly dividend and stock buyback plan. Apple stock rallied more than 7% in premarket trading.
Other key earnings movers include Booking Holdings (BKNG), Cloudflare (NET), Coinbase Global (COIN) and MercadoLibre (MELI).
Booking stock climbed nearly 5%, while Cloudflare shares plunged more than 11%. Coinbase stock gained 1%. And MercadoLibre shares rallied more than 6% before the market open.
Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.
Dow Jones Rises
On Thursday, The Dow Jones Industrial Average and S&P 500 both climbed 0.9%, while the tech-heavy Nasdaq composite rallied 1.5%. The small-cap Russell 2000 moved up 1.8%.
Thursday’s The Big Picture column commented, “Despite Thursday’s positive action, IBD’s recommended exposure level sits at 20%-40% with the major stock indexes still sitting below their 50-day benchmarks.”
Now is an important time to read Investor’s Business Daily’s The Big Picture column amid the ongoing stock market action. Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.
Learn How To Time The Stock Market With IBD’s ETF Market Strategy
Stock Market Today: Best Stocks To Watch
Chipotle Mexican Grill (CMG), NXP Semiconductors (NXPI), Texas Roadhouse (TXRH) and Tradeweb Markets (TW) — plus Dow Jones component American Express (AXP) — are among the best companies to watch in the current market.
Texas Roadhouse is featured in this Stocks Near A Buy Zone column.
An essential resource for daily breakouts is IBD MarketSurge’s “Breaking Out Today” list. It shows MarketSurge Growth 250 stocks that are breaking out past new buy points. Also, the MarketSurge “Near Pivot” list shows stocks nearing buy points in bases.
To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone. These features identify bullish patterns and buy points and are available to check every day.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones: American Express Rebounds
American Express is bouncing back in heavy volume from support around its 50-day moving average. The bullish rebound has placed the software leader in a new buy area, while shares are back below a 231.69 entry in a short consolidation. Shares were up 1% on the stock market today.
3 Top Growth Stocks To Watch In The Stock Market Today
Outside the Dow Jones index, Chipotle gained 0.1% Thursday, still in buy range past a 3,023.98 buy point in a short consolidation, according to IBD MarketSurge. Chipotle shares gained 1.2% before the open on Friday.
NXP Semiconductors is trying to break out past a double-bottom buy point at 251.96, and is back above that entry after Thursday’s gains. Shares climbed 3.4% Friday.
Texas Roadhouse moved back above its flat base’s 157.12 buy point, with a 0.5% rise Thursday. Shares climbed 2% Friday morning.
Tradeweb extended its gains above the 50-day moving average during Thursday’s action, as it forms a flat base with a 108.04 buy point. Shares were unchanged Friday.
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 |
|---|---|---|---|
| American Express | (AXP) | 231.69 | Consolidation |
| Texas Roadhouse | (TXRH) | 157.12 | Flat base |
| Chipotle | (CMG) | 3,023.98 | Consolidation |
| Tradeweb Markets | (TW) | 108.04 | Flat base |
Source: IBD Data As Of April 22, 2024
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Magnificent Seven Stocks: Nvidia, Tesla
Magnificent Seven stocks Nvidia (NVDA) and Tesla (TSLA) advanced 2% and 1.4%, respectively, in Friday’s premarket action.
Nvidia stock rallied 3.3% Thursday, ending right at its 50-day line, a key area to watch. Shares continue to form a consolidation that has a new buy point at 974. Aggressive investors can use 888.19 as an early entry.
Tesla stock inched higher Thursday, snapping a two-day skid. Shares remain above their 50-day line following Monday’s 15% surge.
Dow Jones Leaders: Microsoft
Among Dow Jones stocks in the Magnificent Seven, Microsoft (MSFT) traded higher ahead of Friday’s stock market open.
Microsoft shares gained 0.7% Thursday, still below their 50-day line. The software giant is building a new flat base that has a 430.82 buy point. Shares moved up 1.3% Friday.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
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Jessica Roberts is a seasoned business writer who deciphers the intricacies of the corporate world. With a focus on finance and entrepreneurship, she provides readers with valuable insights into market trends, startup innovations, and economic developments.
