The Dow Jones Industrial Average and other major stock indexes traded lower Friday ahead of a consumer sentiment reading that includes an inflation survey. Two big names to watch on the stock market today were Nvidia and Tesla as both regained a key level.
After the opening bell, the Dow Jones Industrial Average fell 0.1%, while the S&P 500 dropped 0.2%. And the tech-focused Nasdaq composite lost 0.3% in morning action.
Early Friday, the 10-year Treasury yield sank to 3.87%. Oil prices dropped, as West Texas Intermediate futures fell to $75.30 per barrel.
Among exchange traded funds, the Invesco QQQ Trust lost 0.3%, as the SPDR S&P 500 ETF declined 0.2% after the open.
Within the Magnificent Seven stocks, Nvidia and Tesla rose 0.5% and 2%, respectively, in morning trading.
Nvidia stock jumped another 4.1% Thursday, extending a win streak to four days and bullishly regaining its 50-day line. That's an important level to watch. If Nvidia can hold above this level, then it will soon offer an additional proper entry. But if the stock gives it up in heavy volume, then further weakness is likely.
Tesla stock raced 6.3% higher Thursday, retaking the 50-day line for the first time since Aug. 2. Shares of the electric-vehicle giant could be tracing the right side of a new base, but it is early in the process.
Wake-Up Calls Still Ringing For Nvidia, Google, Meta And More
Stock Market Today: Consumer Sentiment
In housing data, the Commerce Department reported an annual rate of 1.238 million starts and 1.396 million permits in July, slower than expected. They were anticipated to slow to 1.342 million and 1.43 million, respectively, according to Econoday estimates.
Later, the University of Michigan's consumer sentiment index for August is due out at 10 a.m. The index is expected to rise to 67.0 vs. 66.4 in July, Econoday estimates show. Included in the survey are inflation expectations for the coming year.
A key earnings mover Friday morning was chip giant Applied Materials. Applied stock sold off 4% in early trading.
Onslaught Of Selling Hammers Nvidia Stock And More. But Rays Of Hope Emerge.
Dow Jones Extends Rally
On Thursday, the Dow Jones Industrial Average climbed 1.4%, while the S&P 500 gained 1.6% and the tech-heavy Nasdaq composite rallied 2.3%.
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.
Nvidia Cracks Deepen. Don't Ignore Earlier Wake-Up Calls.
Stock Market Today: Best Stocks To Watch
Among the best companies to watch on the stock market today are Cava, Ferrari, Samsara and Shake Shack.
Also on the list are Dow Jones components Amazon, Apple, IBM, Microsoft and UnitedHealth.
There were four new stocks on IBD MarketSurge's "Breaking Out Today" list Thursday, including Birkenstock, which broke out past a 61.83 buy point. Shares climbed 0.1% Friday.
Further, there are a handful of stock ideas on the site's "Near Pivot" list. These are top stocks nearing new buy points, like Costco Wholesale. Costco stock is just below a 896.67 flat-base entry. Shares were down 0.5% Friday.
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: IBM, UnitedHealth
Among Dow Jones components, UnitedHealth is in buy range above a 554.70 buy point in a cup base, according to MarketSurge pattern recognition. Shares ticked higher Friday morning.
Meanwhile, IBM is approaching its latest entry, a cup-with-handle buy point at 196.26. IBM stock edged lower Friday.
Outside the Dow Jones index, Mediterranean restaurant chain Cava bullishly regained its 50-day line last week. That also offers a buying opportunity for more aggressive investors. Shares are building the right side of a new base and just shy of the 98.69 entry. Cava stock fell 0.6% early Friday. It is a stock on the IBD SwingTrader list.
Shares of automaker Ferrari are breaking out past a 442.80 buy point from a flat base. Ferrari is an IBD Leaderboard stock. Shares revved up 0.9% Friday morning.
Artificial intelligence leader Samsara is right at a 39.21 entry in a cup with handle following this week's breakout move. The stock moved down 0.5% early Friday.
Shake Shack is breaking out past a cup-with-handle entry at 105.68. But shares dipped 0.2% 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 | 442.80 | Flat base | |
| Shake Shack | 111.29 | Cup base | |
| ServiceNow | 806.52 | Handle entry | |
| Birkenstock | 61.83 | Flat base |
Source: IBD Data as of Aug. 15
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft traded lower after Friday's stock market open.
Amazon shares decisively reclaimed their long-term 200-day line during recent gains. The stock fell 0.1% Friday morning.
Apple stock is back above its 50-day line amid a six-day win streak. Last week, shares triggered the round-trip sell rule from a 199.62 buy point. Apple was down 0.1% Friday.
Microsoft shares are back above the 200-day line. And on Friday morning, the stock fell 0.6%.
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.
