The Dow Jones Industrial Average and the other major stock indexes climbed Friday as the Federal Reserve's preferred inflation gauge arrived mostly in line with economist predictions. Two big earnings movers on the stock market today were Lululemon Athletica and Ulta Beauty, while Nvidia stock rebounded from Thursday's sell-off.
After the opening bell, the Dow Jones Industrial Average rose 0.2%, while the S&P 500 climbed 0.7%. The tech-focused Nasdaq composite gained 1.1% in early trading.
Early Friday, the 10-year Treasury yield ticked lower to 3.86%. Oil prices dropped, as West Texas Intermediate futures traded around $74.25 per barrel.
Among exchange traded funds, the Invesco QQQ Trust was up 1.1%, as the SPDR S&P 500 ETF rose 0.7% after the open.
Forget Amazon And Tesla. This Non-Magnificent Seven Stock Is Soaring.
Stock Market Today: Inflation Data
The Commerce Department's personal income and outlays report showed that the personal consumption expenditures, or PCE, price index rose 0.2% in July, with an annual increase of 2.5%, matching Econoday estimates.
Excluding food and energy, the core PCE price index rose 0.2% in July, also in line with estimates. The year-over-year increase of 2.6% came in cooler than the 2.7% estimate. Finally, personal income climbed 0.3% on month, slightly above the 0.2% estimate.
In stocks, yoga-gear retailer Lululemon reversed from early gains to fall more than 1% after reporting mixed earnings results late Thursday. The company topped earnings estimates, but fell short of sales targets.
Ulta Beauty plunged 6% after the company reported second-quarter results that fell short of estimates. The beauty products maker also cut its full-year outlook.
Nvidia Stumbles, Tesla Skids While This Mag 7 Stock Is Ripe For A Breakout
Dow Jones Hits New High
On Thursday, the Dow Jones Industrial Average moved up 0.6% to hit another new high, while the S&P 500 edged lower. The tech-heavy Nasdaq composite dropped 0.2% to close further below its 50-day moving average line.
During Thursday's IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market today.
Now is an important time to read The Big Picture column amid the ongoing market action. Also, be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.
Nvidia Edges Out Microsoft Ahead Of Monumental Earnings Report. Tesla Under Threat.
Stock Market Today: Best Stocks To Watch
Among the best companies to watch on the stock market today are Ardent Health Partners, Costco Wholesale, Meta Platforms and Netflix.
Also on the list are Dow Jones components Amazon, Apple, Home Depot, IBM and Microsoft.
Home Depot and Meta featured in this Stocks Near A Buy Zone column.
There were two new stocks on IBD MarketSurge's "Breaking Out Today" list Thursday. Further, there are a handful of stock ideas on the site's "Near Pivot" list. These are top stocks nearing new buy points, like Taiwan Semiconductor Manufacturing. The stock is nearing a 175.45 cup-with-handle entry, and it added 0.5% Friday morning.
To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones: Home Depot, IBM
Among Dow Jones components, Home Depot is just below a 375.74 handle buy point, according to MarketSurge pattern recognition. Shares climbed 0.7% Friday morning.
Meanwhile, IBM is in buy range past its latest entry, a cup-with-handle buy point at 196.26. IBM stock gained 0.3% Friday.
Outside the Dow Jones index, recent initial public offering Ardent Health is breaking out past an 18.16 buy point in an IPO base, with a strong rally this week. Shares fell 0.8% early Friday.
Retail giant Costco remains below its 896.67 cup-base entry following this week's earlier breakout move. The stock bounced 0.8% Friday morning.
Streaming giant Netflix is just under a late-stage cup base's 697.49 buy point after Thursday's 1.3% advance. Netflix stock was up 0.3% Friday.
Find The Best Stocks To Buy And Watch With IBD Stock Screener And IBD Screen Of The Day
Stock Market Today: Companies To Watch
These are four stocks in or near buy zones in today's stock market.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Ferrari | 442.80 | Flat base | |
| Shake Shack | 111.29 | Cup base | |
| ServiceNow | 806.52 | Handle entry | |
| Birkenstock | 61.83 | Flat base |
Source: IBD Data as of Aug. 27
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Magnificent Seven Stocks: Meta, Nvidia, Tesla, Alphabet
Among Magnificent Seven stocks, Meta Platforms, Nvidia , Alphabet and Tesla traded squarely higher in morning trading.
Meta stock attempted a breakout above a 542.81 buy point last week, but is squarely below the entry. Shares added 0.5% Friday.
Artificial intelligence giant Nvidia stock tumbled below its 50-day line during Thursday's 6.4% sell-off. The stock bounced 3.2% Friday morning.
Tesla stock cut gains to just 0.3% Thursday, as shares of the electric-vehicle remain below their 50-day moving average. Tesla moved up 1.7% Friday.
Google-parent Alphabet was also in the black. After dipping Thursday, shares were up 0.6% in early trades Friday.
Nvidia Stock Faces Two Tests This Week. Investors Face A Third.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft traded mixed after Friday's stock market open.
Amazon shares again are testing their long-term 200-day moving average amid recent losses. The stock gained 2% Friday morning.
Apple stock is within striking distance of a new buy point at 237.23 as it continues to rebound from sharp losses in early August. Apple fell 0.3% in recent action.
Microsoft shares are finding some support at their 200-day line. A new base is taking shape. And on Friday morning, the stock moved up 0.9%.
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.
