The Dow Jones Industrial Average threatened to kick off the month of March with losses Friday, as Wall Street reacted to another inflation reading amid a wave of economic data. Meanwhile, chip giant Advanced Micro Devices surged to record highs on the stock market today.
The Dow Jones Industrial Average lost 0.3% in morning action, while the S&P 500 inched higher. And the tech-heavy Nasdaq composite added 0.1% after the opening bell.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust exchange traded fund was up a fraction, as the SPDR S&P 500 ETF dipped 0.1%.
The 10-year Treasury yield ticked lower to 4.24%. Further, oil prices looked to hit their highest level since November, as West Texas Intermediate futures rallied nearly 2%, trading around $79.75 a barrel.
Stock Market Today: Inflation Survey, Earnings
Ahead of Friday's open, there is a final wave of economic data due out this week.
The University of Michigan's consumer sentiment fell to 76.9 in February, below expectations of 79.6, vs. 79.0 in January. And one-year inflation expectations held steady at 3%, in line with estimates.
Also, S&P Global said the manufacturing Purchasing Managers' Index rose to 52.5 in February, more than the 51.5 estimate, vs. 50.1 in January.
Meanwhile, the Institute of Supply Management manufacturing index fell to 47.8 in February, below the 49.5 estimate, and down from January's 49.1 reading.
Cybersecurity stock Zscaler tumbled more than 10% Friday morning even though the company reported fiscal second-quarter earnings and revenue that topped Wall Street targets. Also, the cybersecurity firm's outlook edged by expectations.
But two brokerages lowered their price targets on Zscaler, according to TheFly.com. Cantor Fitzgerald lowered its target by $20, citing an apparent weakness in third-quarter billings growth forecasts. Further, Barclays cut its target by $19 due to concerns Zscaler's business is becoming more big-deal driven.
Key earnings movers Thursday included Autodesk, Dell, Elastic, Hewlett Packard Enterprise, NetApp and Veeva Systems.
Autodesk shares rallied nearly 3% in early morning trade, while Dell catapulted 24% higher. Elastic stock plunged 10%, as Hewlett Packard reversed up 1.3%. NetApp shares soared 23%. And Veeva stock sold off nearly 1% in morning trading.
Dow Jones Rises
Indexes picked up steam in the final hour of trading on Thursday. The Dow Jones Industrial Average climbed 0.1%, while the S&P 500 moved up 0.5%. The tech-heavy Nasdaq composite advanced 0.9%. And the small-cap Russell 2000 added 0.7%.
Thursday's Big Picture column commented, "The stock market finished higher Thursday, as Wall Street reacted positively to a key inflation report, boosting the Nasdaq and S&P 500 to record closes."
Now is an important time to read IBD's The Big Picture column amid the continuing stock market rally. 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
Best Stocks To Buy And Watch In Stock Market Today
Advanced Micro Devices, SharkNinja, Toll Brothers and Weatherford — plus Dow Jones components Disney, Dow and Procter & Gamble — are among the best stocks to buy and watch on the stock market today.
Disney and Weatherford were featured in this Stocks Near A Buy Zone column.
A great resource for daily breakouts is IBD MarketSmith's "Breaking Out Today" list. It shows MarketSmith Growth 250 stocks that are breaking out past new buy points. There was only one breakout Thursday: Boot Barn. Shares topped a 91.58 cup-with-handle entry in unimpressive volume.
Meanwhile, the MarketSmith "Near Pivot" list shows stocks nearing buy points in bases, like Marvell Technology that has a 73.53 flat-base entry.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones Stocks: Disney Eyes Buy Point
Disney is forming a big cup-with-handle base with a 112.92 buy point, according to IBD MarketSmith chart analysis. Shares are trading about 2% below the new buy point. Disney stock edged up on the stock market today.
Consumer products giant Procter & Gamble fell 0.7% Thursday, still in buy range above a 158.38 buy point in a cup base. P&G stock ticked down early Friday.
Chemicals giant Dow remains below a 55.90 buy point in a flat base following a 1.4% gain Thursday. Dow shares edged down Friday.
4 Top Growth Stocks To Watch In The Stock Market Rally
AMD Breaks Out
Wednesday's IBD Stock Of The Day, Advanced Micro Devices is breaking out past a flat base's 184.92 buy point after a 9.1% rally Thursday. The 5% buy zone tops out at 194.17. Shares were up another 1.8% Friday, hitting a record high.
Homebuilder Toll Brothers is out of its buy range above a flat base's 105.91 buy point. Toll Brothers stock rose 0.1% Friday morning.
Recent IBD Stock Of The Day, SharkNinja, is above a flat base's 53.40 buy point. The buy zone runs up to 56.07. And the stock was essentially flat Friday.
Oil stock Weatherford closed right at its 102.65 buy point in a cup base. The 5% buy range tops out at 107.78. The stock rose 1.5% early Friday.
Best Bets On Stock Market Today
These are four best stocks to watch in today's stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Novo Nordisk | 105.69 | Flat base | |
| Merck | 119.65 | Cup base | |
| DraftKings | 39.35 | Cup base | |
| Spotify | 202.88 | Flat base |
Source: IBD Data As Of Feb. 12, 2024
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Magnificent Seven Stock: Nvidia, Tesla
Among Magnificent Seven stocks, Nvidia rose 1.5% while Tesla was down 0.8% Friday.
Nvidia shares continue to hold just off last week's record highs. They closed more than 50% past a 505.48 buy point in a flat base after a Jan. 8 breakout move.
Tesla snapped a three-day win streak Thursday, holding just off its recent highs.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple and Microsoft traded lower after Friday's stock market open.
Apple is forming a flat base with a buy point at 199.62. But Apple stock must first retake the key 50-day moving average, as it searches for support around its long-term 200-day line. Shares were down 0.3% Friday.
Microsoft shares remain out of buy range past a 384.30 buy point in a flat base, amid a 1.45% rise Thursday. The software giant fell 0.25% on the stock market today.
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.
