The Dow Jones Industrial Average and other major stock indexes traded lower early Friday, as investors reacted to a weaker-than-expected monthly jobs report. An early loser on the stock market today was Amazon.com, which reported earnings late Thursday.
After the opening bell, the Dow Jones Industrial Average fell 0.2%, while the S&P 500 also lost 0.2%. The tech-heavy Nasdaq composite traded down 0.5% in morning trades.
The 10-year Treasury yield rose to 4.49% early Friday. And oil prices rose, with West Texas Intermediate futures trading around $71.05 per barrel.
Among exchange traded funds, the Invesco QQQ Trust was down 0.5%, as the SPDR S&P 500 ETF dropped 0.2% after the open.
Amazon stock tumbled nearly 4% Friday despite fourth-quarter results that beat expectations. The tech giant predicted lower-than-expected sales and operating income for the first quarter, citing currency exchange headwinds. Amazon stock closed in buy range above a 233 entry in a flat base, but opened below the buy point Friday.
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Jobs Report; Earnings Movers
The Labor Department's January jobs report showed that the U.S. economy added 143,000 jobs, below estimates. Economists expected a rise of 168,000 jobs, down from December's 256,000 increase. The unemployment rate fell to 4.0%, but was expected to hold steady at 4.1%, according to estimates compiled by Econoday.
In stocks, Cloudflare, Doximity, Fortinet and Pinterest were big earnings movers Friday morning.
Cloudflare stock surged nearly 10% in morning trading, while Doximity rocketed more than 28% higher. Fortinet rallied more than 3% and Pinterest soared 20% in early trading.
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Stock Market Today: Dow Jones Falls
On Thursday, the Dow Jones Industrial Average fell 0.3%, while the S&P 500 gained 0.4% and the Nasdaq moved up 0.5%.
Among the best companies to watch in the current stock market are Netflix, Royal Caribbean, Shopify and TJX.
Along with Apple and Nvidia, Dow Jones components making notable moves were Amazon, Home Depot and Microsoft .
Amazon was featured in this 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, taking the buy point to 426.19, according to MarketSurge pattern recognition. Shares of the home improvement giant inched up Friday.
Outside the Dow, streaming giant Netflix is out of the buy zone past a 941.75 entry in a flat base following recent gains. Shares added 0.6% Friday.
Cruise operator Royal Caribbean is squarely in a buy range above a 258.79 flat-base entry amid three days of gains. The stock tacked on 0.7% Friday morning.
Shopify broke out past a 120.27 buy point this week. Previously, the stock topped a 115.37 double-bottom entry. Shopify shares edged higher Friday.
Retailer TJX is approaching a 128 buy point in a flat base, as the stock continues to find support at its 50-day moving average. TJX stock fell 0.3% 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 |
|---|---|---|---|
| Netflix | 941.75 | Flat base | |
| Walmart | 96.18 | Flat base | |
| Spotify | 506.47 | Flat base | |
| Meta Platforms | 602.95 | Flat base |
Source: IBD Data as of Jan. 28
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Nvidia, Tesla Mixed
Artificial intelligence titan Nvidia rallied another 3.1% Thursday, extending a win streak to three sessions. Shares of the Dow Jones component remain below their 50-day line, the next resistance level to watch. Nvidia stock was up 0.8% in early action Friday.
Also, Tesla skidded another 1% Thursday, further below the 50-day line and hitting its lowest level since early December. That's a key level to watch for the Elon Musk-led company. Shares are about 23% off their 52-week high. And Tesla stock moved down 0.2% in morning trading.
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Dow Jones Leaders: Apple, Microsoft
Besides Nvidia, another Dow Jones component in the Magnificent Seven is Apple stock, which moved up 0.3% Thursday, continuing to consolidate below the 50-day line. And shares dropped 1% Friday.
Finally, software giant Microsoft moved down 0.2% Friday. Shares plunged below their 50-day line last week after the company's earnings results.
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.
