The Dow Jones Industrial Average dropped 300 points Friday as Wall Street reacted to inflation survey data and consumer confidence numbers. Artificial intelligence leader Adobe bucked the tide, however, as its shares soared on the stock market today after the company's earnings results.
After the opening bell, the Dow Jones industrials dropped 0.8%, or 300 points, while the S&P 500 lost 0.4%. The tech-focused Nasdaq composite fell 0.1% in morning trades. (For the latest coverage of the market, visit our Stock Market Today page.)
Early Friday, the 10-year Treasury yield ticked lower to 4.22%. Oil prices rose following strong gains in recent sessions, with West Texas Intermediate futures priced around $79 a barrel.
Among U.S. exchange traded funds, the Invesco QQQ Trust dipped 0.1% as the SPDR S&P 500 ETF moved down 0.4%.
Stock Market Today: Consumer Sentiment, Adobe
The University of Michigan's consumer sentiment index unexpectedly fell to 65.6 in June. It was expected to rise to 73.0 vs. 69.1 in May. Included in the survey are inflation expectations for the coming year. Year-ahead inflation expectations held steady at 3.3%. They were estimated to dip to 3.2% in June, down slightly from May's 3.3%.
A key earnings mover Friday morning was Adobe. The company topped analyst estimates for its fiscal second quarter and raised its outlook for the full year. Adobe stock surged more than 15% in morning trading.
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Dow Jones Falls
On Thursday, the Dow Jones Industrial Average fell 0.2%, extending a losing streak to three sessions. The S&P 500 rose 0.2%, and the Nasdaq moved up 0.3%, both posting fresh record closing highs. But the small-cap Russell 2000 index declined 0.9%, closing right at the 50-day moving average.
Investor's Business Daily's Big Picture column commented, "But the Nasdaq and S&P 500 are getting a little overextended from their 50-day moving averages, which suggests indexes may be ready for a pause or decline."
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 stock market action. Also, be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.
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Stock Market Today: Best Stocks To Watch
ASML, Netflix, Novo Nordisk and Spotify — plus Dow Jones components Apple, Amgen, Microsoft and Visa — are among the best companies to watch on the stock market today.
Visa is featured in this Stocks Near A Buy Zone column.
In IBD MarketSurge's "Breaking Out Today" list, Universal Display broke out past a 194.84 buy point in a cup base this week. Shares ended Thursday near the top of the 5% buy zone.
Check out the MarketSurge "Near Pivot" list for 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.
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Dow Jones Component Amgen
Other Dow stocks worth watching include biotech giant Amgen, which is building a cup-with-handle base that has a 133.10 entry. Visa is tracing a flat base with a 290.96 buy point, according to MarketSurge pattern recognition, but is now below the 50-day line. Amgen was flat, while Visa shares dropped 0.5% in morning trading Friday.
Outside the Dow Jones index, streaming giant Netflix continues to trade in buy range above a 639 cup entry. Netflix stock was up 1.5% Friday.
Weight-loss drug leader Novo Nordisk is at the top of its buy range from a cup-with-handle entry at 137.22, according to IBD MarketSurge. Novo shares fell 0.5% Friday morning.
Spotify shares remains below their 319.30 buy point in a flat base and are now testing their 50-day line. The stock ticked 0.1% higher early Friday.
Finally, ASML stock is trying to break out past a 1,056.35 buy point in a cup base. Shares fell nearly 3% Friday morning.
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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 |
|---|---|---|---|
| Microsoft | 430.82 | Flat base | |
| Netflix | 639 | Cup base | |
| Spotify | 319.30 | Flat base | |
| ASML | 992.88 | Handle entry |
Source: IBD Data As Of June 10, 2024
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Magnificent Seven Stocks: Nvidia, Tesla
Among Magnificent Seven stocks, Nvidia rose 1%, and Tesla climbed 0.2% on the stock market today in early action.
Nvidia stock rallied another 3.5%, advancing to more record highs Thursday. Shares of the artificial intelligence giant are sharply above a split-adjusted alternative buy point at 97.40. The AI leader is an IBD Leaderboard stock.
Tesla stock rallied sharply for a second straight day Thursday, moving further above the 50-day line. Still, the electric-vehicle giant is nearly 40% off its 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Apple and Microsoft traded lower after Friday's stock market open.
Apple stock rose nearly 0.6% Thursday, extending a win streak to three sessions and closing further past a cup base's 199.62 buy point. Apple was down 0.4% Friday.
Microsoft shares inched higher Thursday, closing squarely in buy range past a flat base's 430.82 buy point. And early Friday the stock fell 0.2%.
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.
