The Dow Jones Industrial Average rose Friday morning after a key inflation report. Meanwhile, Trade Desk crashed after the company's outlook disappointed Wall Street.
The University of Michigan's preliminary consumer sentiment survey showed that consumer sentiment fell to 60.4 in November vs. 63.8 in October. Included in the report are 1-year and 5-year inflation expectations. One-year inflation expectations came in at 4.4%, above the 4.0% estimate, while five-year expectations measured 3.2%, higher than the 3.0% estimate.
Late Thursday, Trade Desk reported third-quarter earnings and revenue that edged by estimates as internet television drove the digital advertising firm's growth. But the company's outlook came in well below views. TTD stock plunged 19% in early morning action.
Other key earnings movers included Unity Software and Wynn Resorts.
Unity shares slashed losses to 2%, while WYNN stock sold off more than 9% in morning action.
Dow Jones Today: Oil Prices, Treasury Yields
After Friday's opening bell, the Dow Jones Industrial Average rose 0.2%, while the S&P 500 moved up 0.3%. The tech-heavy Nasdaq composite gained 0.5% in morning action.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust rose 0.6%, while the SPDR S&P 500 ETF moved up 0.4% early Friday.
The yield on the 10-year U.S. Treasury bond ticked lower to 4.57%. On Thursday, the benchmark had settled at 4.63%.
Oil prices extended Thursday's rebound, as West Texas Intermediate futures gained more than 1%, still trading below $77 a barrel. WTI is bouncing back from its lowest level since late July.
Stock Market Rally
On Thursday, the Dow Jones Industrial Average dropped nearly 0.7%, while the S&P 500 lost 0.8%. The tech-heavy Nasdaq composite sold off 0.9% to snap its nine-day win streak. And the small-cap Russell 2000 led the way lower with a 1.6% decline.
Thursday's Big Picture column commented, "Despite Thursday's losses, IBD recommends an exposure level of 40% to 60% until investors see how the stock market handles a normal pullback. Ideally, stocks should pull back in lower volume before finding institutional demand around support levels, such as previous buy points and moving averages."
Now is an important time to read IBD's The Big Picture column after last week's powerful gains. Be sure to read how to invest in the early stages of new stock market uptrend.
Learn How To Time The Stock Market With IBD's ETF Market Strategy
Stock Market Today: Best Stocks To Watch
IBD Leaderboard stock Amazon, along with MercadoLibre, ServiceNow and Uber Technologies — as well as Dow Jones stocks Intel, Walmart and UnitedHealth — are among the best stocks to watch in the current market rally.
Intel was featured in this Stocks Near A Buy Zone column. Amazon and NOW stock are members of IBD Leaderboard.
Dow Jones Stocks To Watch
Chip giant Intel is in buy range past a 37.22 buy point in a double-bottom base, according to IBD MarketSmith chart analysis. Intel stock dipped 0.3% Thursday, still holding above the latest entry. INTC stock was up 1.5% early Friday.
Dow Jones retail titan Walmart fell further below its 165.85 buy point during Thursday's 0.2% drop. WMT stock edged higher Friday morning.
Health care giant UnitedHealth is adding a handle to a massive consolidation, and showing a new buy point at 546.78. UNH stock inched lower Friday.
4 Top Growth Stocks To Watch In The Stock Market Rally
Stocks To Buy And Watch: NOW In Buy Range
Amazon made a bullish move back above its 50-day moving average line last week, as shares topped an early entry at 134.48. Now, AMZN stock is within striking distance of a cup base's 145.86 buy point, while a handle could soon form. Shares moved down 0.3% Friday.
MercadoLibre rallied sharply last week, moving up the right side of a cup base with a 1,451.56 buy point, according to IBD MarketSmith pattern recognition. Shares are close to adding a handle to their cup base. MELI stock was down 0.3% Friday morning.
ServiceNow is in buy range past a 607.90 entry in a double bottom. The 5% buy zone goes up to 638.30. The pattern also may be interpreted as a flat base with a 614.36 buy point. NOW stock lost 0.4% Friday morning.
Uber remains above a buy trigger at 49.19, a double-bottom entry amid Thursday's 1.1% advance. Uber stock was up a fraction Friday morning.
Best Stocks In Today's Stock Market Action
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 |
|---|---|---|---|
| Amazon | 134.48 | Double bottom | |
| UnitedHealth | 546.78 | Handle entry | |
| DraftKings | 31.10 | Trend line | |
| Uber Technologies | 49.19 | Double bottom |
Source: IBD Data As Of Nov. 9, 2023
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Magnificent Seven Stocks: Meta, Nvidia, Tesla
Among the so-called "Magnificent Seven" stocks, Tesla traded down 0.3% early Friday, while Meta Platforms rose 0.9% and Nvidia gained 1.4%. Meanwhile, Dow Jones tech icons Apple and Microsoft traded higher after today's stock market open.
Meta stock regained its 50-day line last week, still looking to forge a new entry after a recent failed breakout.
Graphics-chip giant Nvidia is trying to break out past a double-bottom's 476.09 entry. Shares topped the entry Thursday, but closed below that buy trigger.
Tesla stock dived 5.5% Thursday, finding stout resistance at the long-term 200-day moving average. Shares are around 30% off their 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple fell 0.3% Thursday, holding just above an early entry at 182.34. Shares continue to trace a consolidation that has a 198.23 buy point. Apple shares rose 0.9% Friday.
Microsoft stock moved down 0.7% Thursday, snapping a nine-day win streak. Shares are above an early buy trigger at 346.20 and moving closer to a cup base's official buy point at 366.78. MSFT stock moved up 0.9% Friday morning.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
