The Dow Jones Industrial Average and other major stock indexes turned mixed Friday, as Wall Street reacted to a worse-than-expected jobs report and awaited a speech from Federal Reserve Chairman Jerome Powell later in the day. Nvidia partner Hewlett Packard Enterprises was a big earnings loser, while Nvidia and Tesla offered mixed results in premarket action on the stock market today.
Early Friday, the Dow Jones Industrial Average dropped 0.1%, while the S&P 500 gained 0.1%. The tech-heavy Nasdaq composite moved up 0.2% in early morning trades.
The 10-year Treasury yield ticked lower to 4.25% early Friday. And oil prices bounced, as West Texas Intermediate futures traded near $67.50 per barrel.
Among exchange traded funds, the Invesco QQQ Trust gained 0.2%, while the SPDR S&P 500 ETF moved up 0.1% after the open.
Nvidia stock tumbled nearly 6% Thursday, closing at its lowest level since Sept. 10 and nearly 28% of its 52-week high. Shares of the chipmaker moved up 1.6% in morning trading.
Meanwhile, after Tesla skidded 5.6% Thursday — pushing it further below its 200-day line — shares lost 0.8% in early trades on Friday.
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Jobs Report, Powell Speech, Earnings Movers
Early Friday, the Labor Department's jobs report showed that the U.S. economy added 151,000 jobs in February, below the 160,000 Econoday estimate. The unemployment rate rose to 4.1%, but was anticipated to remain unchanged at 4.0%. Presumably, March will be the month when the employment situation reflects the U.S. government's layoffs.
Up next, Fed Chair Powell is due to provide an economic outlook at the U.S. Monetary Policy Forum Friday. The speech is scheduled for 12:30 p.m. ET.
Nvidia partner Hewlett Packard Enterprise plunged more than 15% after the company reported fiscal first-quarter earnings that missed estimates while revenue beat. And its outlook came in well below expectations.
Other earnings movers were Broadcom, Costco Wholesale and Samsara,
Broadcom stock rallied more than 5%, while shares of Costco declined 5% in morning trading. Finally, Samsara tumbled more than 8% in early morning action.
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Stock Market Today: Dow Jones Sells Off
On Thursday, the Dow Jones Industrial Average lost 1%, while other indexes suffered much larger losses. The S&P 500 sold off 1.8% and closed slightly above its 200-day moving average. The Nasdaq composite, which tumbled 2.6%, has now fallen more than 10% off its record close on Dec. 16, a common definition of a market correction.
Among the best companies to watch in the current stock market are Booking, Tradeweb Markets, Uber Technologies and Eli Lilly.
Along with Apple and Nvidia, Dow Jones components making notable moves Thursday were Amazon.com, Microsoft and McDonald's.
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: McDonald's Below Buy Point
Dow Jones component McDonald's is trying to break out past a cup-with-handle's 311.59 buy point, according to MarketSurge pattern recognition. Shares sank 0.4% in morning action Friday.
Outside the Dow, IBD Leaderboard name Eli Lilly is at the top of the buy range above a handle entry at 889.36. Shares edged down 0.2% early Friday.
Travel site Booking is building a flat base that has a 5,337.24 buy point, but is below the 50-day line. Shares ticked 0.1% lower Friday.
Tradeweb Markets is tracing a flat base that has a 141.69 entry and is seeing firm support at its 50-day line so far. Shares sit just below an early entry at 134.85, the high on Feb. 21, with a sharp drop Thursday. Shares rose 3.3% Friday.
Finally, Uber has a handle entry at 82.10 following a recent pullback. The stock was a recent IBD Stock Of The Day. Uber stock declined 0.4% 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 |
|---|---|---|---|
| Booking | 5,282 | Cup with handle | |
| Goldman Sachs | 612.73 | Flat base | |
| Wells Fargo | 78.13 | Cup base | |
| Tradeweb Markets | 141.69 | Cup base |
Source: IBD Data as of March 4
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Dow Jones Leaders: Amazon, Apple, Microsoft
Magnificent Seven stocks continue to face heavy selling pressure as investors rotate out into fresh sectors or defensive names. Dow Jones component Amazon triggered a sell signal after falling below a 233 buy point in recent weeks, but is trying to find support at the 200-day line. Amazon gained 0.1% early Friday.
Apple, which edged lower Thursday, is falling further below its 50-day line. Shares are building a cup with handle that has a 250 entry. Apple stock rose 1.6% in morning trades Friday.
Finally, software giant Microsoft dropped 0.6% Friday. Shares remain sharply below their 50-day line and at their lowest level since January 2024 amid Thursday's decline.
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.
