The Dow Jones Industrial Average dropped Friday after the Commerce Department's weaker-than-expected January retail sales report. Meanwhile, GameStop stock surged on bitcoin chatter on the stock market today.
After the opening bell, the Dow Jones Industrial Average traded down 0.1%, while the S&P 500 rose 0.1%. The tech-heavy Nasdaq composite gained 0.2% in early morning trades.
The 10-year Treasury yield ticked higher to 4.53% early Friday. And oil prices bobbed, as West Texas Intermediate futures edged higher to $71.40 per barrel, just off their lows for the month.
Among exchange traded funds, the Invesco QQQ Trust gained 0.2%, and the SPDR S&P 500 ETF moved up 0.1% after the open.
GameStop stock surged 9% Friday after CNBC reported the video game retailer is considering investing in alternative asset classes, including bitcoin and other cryptocurrencies. Earlier this week, GameStop CEO Ryan Cohen posted a picture of himself on X with MicroStrategy CEO Michael Saylor. MicroStrategy is a big holder of bitcoin.
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Retail Sales, Earnings Movers
Early Friday, the Commerce Department's January retail sales report came in sharply below estimates. Sales declined 0.9% on the month, well below the estimate for a 0.1% fall.
In stocks, big earnings movers include Coinbase Global, Roku and Twilio.
Shares of Coinbase sold off 3.3%, while Roku stock jumped 19%. Finally, Twilio shares plunged more than 10% in morning trading.
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Stock Market Today: Dow Jones Eyes New High
On Thursday, the Dow Jones Industrial Average advanced 0.8%, while the S&P 500 moved up 1% and the Nasdaq rallied 1.5%. All three are just shy of new highs. Meanwhile, the small-cap Russell 2000 index rose 1.2%, still below a downtrending 50-day moving average.
Among the best companies to watch in the current stock market are Axon Enterprise, Royal Caribbean, Samsara and TJX.
Along with Apple and Nvidia, Dow Jones components making notable moves were Amazon, Home Depot and Microsoft .
Home Depot and TJX featured in the current Stocks Near A Buy Zone column.
Check out IBD MarketSurge's "Breaking Out Today" list for top growth stocks that are moving above correct buy points. Check for potential breakouts on the "Near Pivot" list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones: Home Depot Shows New Buy Point
Dow Jones component Home Depot has added a handle to a cup base, lowering its buy point to 426.19, according to MarketSurge pattern recognition. Shares of the home improvement giant eased 0.4% Friday.
Outside the Dow, IBD Leaderboard watchlist name Axon is approaching a cup base's 698.67 buy point. Axon stock inched higher early Friday.
Cruise operator Royal Caribbean regained a 258.79 flat-base entry during Thursday's 1.5% rally. It added 0.5% Friday morning.
Samsara shares rallied for an eighth straight session Thursday, up 1.1%. The stock is approaching a cup base's 57.51 buy point and tacked on 0.6% early Friday. It was Tuesday's IBD Stock Of The Day.
Retailer TJX is nearing a 128 buy point in a flat base, as the stock continues to find support at its 50-day moving average. TJX stock was flat Friday.
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Stock Market Today: Companies To Watch
These are four stocks in or near buy zones in today's stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| AppLovin | 417.63 | Cup base | |
| Home Depot | 426.19 | Cup with handle | |
| Royal Caribbean | 258.79 | Flat base | |
| TJX | 128.00 | Flat base |
Source: IBD Data as of Feb. 11
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Nvidia, Tesla Higher
Artificial intelligence chip supplier Nvidia rallied 3.2% Thursday, closing above the 50-day line for the first time since Jan. 24. That's a key level to watch. Nvidia stock moved up 0.6% Friday.
Tesla rebounded 5.8% Thursday, continuing to bounce back from heavy recent losses. Shares are about 27% off their 52-week high. And Tesla stock added another 0.7% in early morning trading Friday.
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Dow Jones Leaders: Amazon, Apple, Microsoft
Besides Nvidia, another Dow Jones component, also considered one of the Magnificent Seven stocks is Amazon, which is trying to find support at the 50-day line. Shares are holding just below a 233 buy point. Shares slipped 0.6% early Friday as they again test their 50-day line.
Apple stock, which rallied 2% Thursday to retake the 50-day line. A new buy point could soon emerge. Shares rose 0.3% Friday.
Finally, software giant Microsoft moved down 0.8% Friday. Shares have plunged below their 50-day line in recent weeks.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
