Dow Jones futures fell more than 400 points after a better-than-expected November jobs report on Friday morning. Tesla’s shares fell after the delivery of its first all-electric semi-truck.
Jobs report, earning engines
The Labor Department’s November jobs report went out at 8:30 am ET. The US economy added 263,000 jobs in November, surpassing the 200,000 estimate. The unemployment rate remained stable at 3.7%, meeting Econoday estimates.
Companies that reported earnings include Marvell (MRVL), Ulta beauty (ULTA), Veeva systems (VEEV) e Zscaler (ZS).
Marvell shares tumbled nearly 5% in premarket trading, while Ulta shares are up more than 1%. VEEV stock fell 3.4% and Zscaler tumbled 10% on Friday morning.
The electric vehicle giant Tesla (TSLA) fell 2.1% on Friday morning. Dow Jones technology leaders Apple (AAPL) e Microsoft (MSFT) were significantly lower prior to today’s stock market open.
IBD leaderboard stock Arista Networks (A NETWORK), Celsius (CELH), Plump (BC) e Lattice semiconductors (LSCC) – as well as the names of Dow Jones boeing (BA), caterpillar (CAT) e Chevrons (CVX) — are among the best stocks to buy and watch.
Arista Networks is an IBD Leaderboard stock and was a recent IBD Stock of the Day. Boeing is an IBD SwingTrader stock and was one of four leaders featured in this week’s Stocks Near A Buy Zone column. Celsius was Monday’s IBD 50 Stocks To Watch pick.
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Dow Jones today: oil prices, treasury yields
Before the opening bell on Friday, Dow Jones futures were down 1.2% from fair value, while S&P 500 futures were down 1.5%. The tech-heavy Nasdaq 100 futures were trading 2.2% lower in the morning action.
Among exchange-traded funds, Invesco Nasdaq 100 tracker QQQ Trust (QQQ) fell 2.2% early Friday and SPDR S&P 500 ETF (SPY) fell 1.5%.
The 10-year Treasury yield jumped to 3.62% on Friday morning after better-than-expected jobs data. The 10-year Treasury yield fell to 3.52% on Thursday as inflationary pressures cooled, to its lowest level since Sept. 21. Meanwhile, investors estimate a 72% chance, down from 82% a day ago, of a rate hike point at this month’s Federal Reserve meeting, according to the CME FedWatch Tool.
Meanwhile, oil prices in the United States rose nearly 1%, on pace to post a weekly gain after three weeks of declines and hitting their lowest level since December 2021 on Monday. West Texas Intermediate futures traded just below $82 a barrel.
Stock market rebound
The stock market saw strong action on Thursday, as the tech-heavy Nasdaq composite rose 4.4%. The Dow Jones Industrial Average was up 2.2%, while the S&P 500 was up 3.1%.
Thursday’s The Big Picture commented: “Five below (FIVE) shares are up more than 16%, hitting the 20%-25% profit zone from a 149.99 buy point. It’s important to take at least some profits on the way up to offset some inevitable breakout failures.”
Now is an important time to read IBD’s The Big Picture column amid continued stock market volatility.
Five Dow Jones stocks to buy and watch now
Dow Jones Stocks to Buy and Watch: Boeing, Caterpillar, Chevron
Aerospace giant Boeing fell 1.7% on Thursday, still trading above its basic 173.95 buy point. The 5% buy area rises to 182.65. Boeing shares rallied on Friday.
Dow Jones member Caterpillar closed just short of its cup base’s 238 buy points, according to model accolade IBD MarketSmith, on the back of Thursday’s 0.3% drop. CAT shares lost a fraction on Friday.
CAT stock boasts a solid 94 out of a perfect 99 IBD Composite Rating, according to IBD Stock Audit.
Energy giant Chevron slipped 0.45% on Thursday, finishing below a 182.50 buy point on a consolidating basis. CVX shares traded unchanged on Friday morning, even as oil prices extended their recent gains.
4 growing stocks to watch in the current stock market rally
The best stocks to buy and watch: Arista, Celsius, Chubb, Lattice
IBD chart stock Arista Networks broke out of the buy range above the 132.97 buy point of a choppy base during Thursday’s 0.35% gain. ANET stock fell nearly 1% on Friday.
Energy drink maker Celsius climbed for the second straight day, rising 1.8% on Thursday. The shares are only 4% away from the buy point of 118.29 on a cup basis. The stock was down on Friday.
Chubb remained above a cup with a handle’s 216.10 buy point on Thursday after losing 0.6% on the session. The 5% buy area tops out at 226.91. The insurance giant was unchanged on Friday morning.
Lattice Semiconductors is in the buy range beyond a 70.25 buy point, according to chart analysis by IBD MarketSmith. Lattice shares traded unchanged on Friday.
Join IBD experts as they analyze the major stocks in the current stock market rally on IBD Live
Tesla stock traded flat on Thursday, stalling after Wednesday’s rally and holding near its recent highs. On Nov. 22, the stock hit a 52-week low price at 166.19. The shares are about 52% off its 52-week high and sharply below the 50- and 200-day moving average lines.
Shares fell more than 2% on Friday morning.
On Thursday, the EV giant revealed its much-anticipated Semi, an 18-wheel long-haul electric cargo hauler after it was first announced five years ago. PepsiCo (PEP) received its first trucks during a delivery event at the Tesla factory in Nevada.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares rose 0.2% on Thursday, moving further above its recently captured 50-day line. The stock is about 20% below its 52-week high. Apple shares fell 2% on Friday.
Microsoft fell 0.2% on Thursday, holding strong after shares hit their highest level since Sept. 13 on Wednesday. The software giant remains about 26% off its 52-week high. Microsoft shares fell 1.9% on Friday morning.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more information on growth stocks and the Dow Jones Industrial Average.
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