The Dow Jones Industrial Average and other major stock indexes reversed higher Friday as Wall Street digested China's new retaliatory levies in response to President Donald Trump's tariffs. A key inflation report was also cooler than expected.
Three movers on Friday's market were Nvidia and Tesla, along with JPMorgan Chase.
After the opening bell, the Dow Jones Industrial Average reversed up 0.3%. The S&P 500 gained 0.4%, while the tech-heavy Nasdaq composite moved 0.4% higher.
The 10-year Treasury yield spiked to 4.49% early Friday. And oil prices sank, as West Texas Intermediate futures traded near $59.70 per barrel.
Among exchange traded funds, the Invesco QQQ Trust climbed 0.4%, while the SPDR S&P 500 ETF rose 0.3% after the open.
Tesla stock slipped 0.7% Friday, threatening to add to Thursday's sell-off. And shares of the Elon Musk-led company remain around 48% off their record high of 488.54, reached on Dec. 18.
Nvidia stock rebounded 2.5% in Friday's trading. The artificial intelligence giant remains sharply below its 50-day and 200-day moving averages following heavy losses in recent weeks.
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Trump Tariffs: China Will 'No Longer Respond"
Late Thursday, President Trump threatened new tariffs on Mexico, accusing the country of violating a 1944 water treaty with the U.S.
Meanwhile, China hiked tariffs on U.S. goods to 125% from 84% on Friday. China said its new tariffs would take effect on Saturday, but said it would "no longer respond" to any further tariff increases from the U.S.
Elsewhere, the Labor Department's March producer price index came out Friday morning. The core PPI for March unexpectedly dropped 0.1% on the month with a 3.3% year-over-year increase. It was expected to rise 0.3% on the month with an annual increase of 3.6%, according to Econoday estimates.
On Thursday, the Labor Department's core consumer price index came in much cooler than expected in March, easing to a four-year low.
At 10 a.m. ET, the University Of Michigan consumer sentiment index is expected to fall further in April while closely watched inflation expectations are expected to move higher.
In stocks, key earnings movers include JPMorgan Chase, Wells Fargo and BlackRock.
JPMorgan climbed 3.7% in morning trading, while Wells Fargo dropped 2.2%. Shares of BlackRock ascended 0.6% in early morning action.
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Dow Jones, Major Indexes Sell Off
Following Wednesday's historic rally, blue chips on the Dow Jones Industrial Average tumbled 2.5%. The S&P 500 sold off 3.5%, while the Nasdaq composite dived 4.3%. And the small-cap Russell 2000 crumbled 4.3%.
Due to current market volatility, now is an important time to read IBD's The Big Picture column for how to handle the current market and to track the updated exposure level.
Among the best companies to watch in the current stock market are Netflix, Ollie's Bargain Outlet, Spotify and TJX.
Along with Apple and Nvidia, Dow Jones components making notable moves this week were Amazon.com, Microsoft and UnitedHealth Group.
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 Stocks: UnitedHealth Further Above Buy Point
Shares of Dow Jones component UnitedHealth lost 0.9% Friday. The stock rallied another 2.8% Thursday, moving further above a 553.91 buy point, according to MarketSurge chart analysis. A cup base is also forming that has a 630.73 entry.
Outside the Dow, streaming giant Netflix is building a double bottom that offers a 998.70 buy point. Shares edged up after the opening bell Friday.
Ollie's Bargain Outlet found much-needed support at the 50-day line this week and is again trying to move above a 115.42 buy point in a double-bottom base. Shares fell 1.1% Friday.
Music streaming leader Spotify has formed a double-bottom base with a 621.20 buy point. Spotify stock fell 0.8% Friday, still trying to retake the 50-day line.
Finally, off-price retailer TJX is again attempting to clear a 127.58 buy point in a double bottom. TJX stock dipped 0.1% in early morning trades.
Keep in mind that now is not a good time to buy stocks amid heavy selling in recent weeks. IBD currently recommends 0% to 20% stock exposure under current conditions.
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Stock Market: Companies To Watch
These are four stocks in or near buy zones in Friday's stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| UnitedHealth | 553.91 | Double bottom | |
| Spotify | 621.20 | Cup with handle | |
| TJX | 127.58 | Double bottom | |
| Ollie's Bargain Outlet | 115.42 | Double bottom |
Source: IBD Data as of April 10
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Dow Jones Leaders: Amazon, Apple, Microsoft
Magnificent Seven stocks are rebounding from their lows after Trump's 90-day pause on tariffs. Dow Jones component Amazon hit a fresh recent low Monday before reversing higher. And Amazon stock rose 0.3% early Friday.
IPhone maker Apple gained 0.6% Friday morning. Its shares slipped 4.2% Thursday, still trying to rebound from their lowest level since May.
Finally, software giant Microsoft moved up 1% Friday. Shares reached a new 52-week low earlier this week before rebounding back to their 50-day line, a key resistance level to watch.
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.
