The Dow Jones Industrial Average briefly dropped 100 points Friday as Treasury yields surged after January's payrolls report. Amazon stock soared on earnings results, while Ford Motors dived. Drugmaker Bristol-Myers, cybersecurity leader Fortinet and top biotech Regeneron Pharmaceutical were also key earnings movers Friday.
Among the Dow Jones leaders, Apple lost 0.8% Friday, while Microsoft edged higher in today's stock market. American Express, a Dow Jones stock to watch, is nearing a new buy point.
Electric-vehicle leader Tesla rose nearly 1% Friday, looking to rebound from Thursday's losses.
Among Friday's top stocks to buy and watch, Baker Hughes, CF Industries, Cheniere Energy and Continental Resources are in or near new buy zones.
CF Industries, Microsoft and Tesla are IBD Leaderboard stocks.
Dow Jones Today: Jobs Report, Treasury Yields
After the stock market open Friday, the Dow Jones Industrial Average moved down 0.2%, while the S&P 500 rose 0.2%. The tech-heavy Nasdaq composite rose 0.7% in morning trade. Among exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust gained 0.5%, and the SPDR S&P 500 ETF moved down 0.1% after Friday's open.
The 10-year Treasury yield briefly surged above 1.91% Friday morning before paring some gains. The 10-year Treasury yield closed just below 1.83% Thursday, ending just shy of recent highs. Meanwhile, U.S. oil prices climbed sharply again, as West Texas Intermediate crude topped $92 a barrel for the first time since 2014.
Early Friday, the Labor Department released January's jobs report. The U.S. economy added 467,000 jobs in January, far better than Econoday's estimate for an increase of 150,000 jobs. But the unemployment rate rose to 4%. Earlier this week, the National Employment Report from ADP showed that companies unexpectedly cut 301,000 jobs in January, far below estimates that called for the creation of 225,000 jobs during the month. The ADP data often acts as a precursor to the Labor Department's official monthly hiring numbers.
Stock Market Rally
On the heels of Monday's follow-through day, the stock market remains in an uptrend, but Thursday's sharp losses are clearly a cause for concern. Amid the recent volatility, now is an important time to read IBD's The Big Picture column.
Thursday's The Big Picture commented, "Meta Platforms lost more than $230 billion in market capitalization — the largest single-day loss in market value ever recorded for any U.S. company, according to Dow Jones Market Data."
If you're new to IBD, consider taking a look at its stock trading system and CAN SLIM basics. Recognizing chart patterns is one key to the investment guidelines. IBD offers a broad range of growth stock lists, such as Leaderboard.
Investors also can create watchlists, find companies nearing a buy point, or develop custom screens at IBD MarketSmith.
Five Dow Jones Stocks To Watch Now
Stock Market Earnings: Amazon, Ford, Fortinet
After the stock market closed Thursday, e-commerce giant Amazon, Ford Motor and Fortinet reported their quarterly results. Meanwhile, Bristol-Myers and Regeneron Pharmaceutical posted earnings ahead of Friday's market open.
Amazon shares soared more than 10% Friday after the company's mixed fourth-quarter results. AMZN stock closed Thursday down 7.8%, more than 25% off its 52-week high.
Ford reported weaker-than-expected earnings results, sparking a 7% skid in early morning trade. On Jan. 13, the stock advanced as much as 56% past a 16.56 cup-base buy point following an Oct. 28 breakout. Now, Ford shares are below their 50-day line and about 20% off their 52-week high.
Bristol-Myers fell nearly 1% early Friday after the company's mixed results. Shares are tracing a cup with handle with a 68.95 buy point, according to IBD MarketSmith chart analysis.
Fortinet shares traded up 3% Friday after the cybersecurity leader's strong fourth-quarter results. The stock is trying to form a new base after finding support around its 200-day line earlier this week.
Regeneron Pharmaceutical was down 1% after the biotech beat earnings and sales results Friday morning. REGN shares are building a flat base with a 673.96 buy point.
Dow Jones Stocks To Watch: American Express
American Express decisively regained its 10-week moving average last week, and the stock is moving up the right side of a new base with a 189.13 buy point, according to IBD MarketSmith chart analysis. Shares traded down just 0.1% Thursday. AXP stock rose 1.1% Friday.
Bullishly, the stock's relative strength line is just shy of new highs, indicating significant stock market outperformance.
Four Top Growth Stocks To Watch In The Current Stock Market Rally
Stocks To Watch: Baker, CF Industries, Cheniere, Continental
Oilfield equipment leader Baker Hughes is falling further below a 27.76 cup-base buy point after Thursday's 1.9% decline. Shares rose 0.2% Friday.
Fertilizer producer CF Industries is trying to break out past an ascending base's 74.87 buy point. CF stock boasts a perfect 99 IBD Composite Rating, per IBD Stock Checkup. The stock traded down 0.1% Friday.
IBD Leaderboard stock Cheniere Energy is still above a 113.50 buy point in a flat base despite Thursday's 1.9% fall and a post-breakout slide. Its RS line hit another new high Thursday. Shares were up 0.7% Friday.
Continental Resources is holding above a cup with handle's 53.76 buy point amid Thursday's 0.3% gain and is in the 5% buy area that goes up to 56.45. Shares jumped 4.5% Friday.
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla Stock
Tesla stock rallied nearly 1% Friday, on pace to snap a three-day losing streak. The stock found much-needed support at its long-term 200-day moving average in recent sessions. But Tesla shares remain sharply below their 50-day line and there is no proper entry in sight.
The stock traded as high as 1,243.49 on Nov. 4, but ended Thursday about 28% off that 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple stock lost 1.7% Thursday, but remains above the key 50-day line. Shares are again about 15% past a 153.27 buy point out of a cup-with-handle base, according to IBD MarketSmith chart analysis. A new base is likely forming, but it is slightly too early for a new buy point. Apple shares dropped 0.8% Friday.
Software leader Microsoft tumbled 3.9% Thursday, potentially setting up for another test of the 200-day line. The top Dow Jones stock continues to build a new base, but is below the 50-day line. Shares edged higher Friday.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
