The Dow Jones Industrial Average reversed higher Friday, as Wall Street reacted to pivotal inflation data. In negative ground on the stock market today was retailer Nike, which plunged on earnings results.
After the opening bell, the Dow Jones Industrial Average gained 0.2%, while the S&P 500 rose 0.3%. The tech-focused Nasdaq composite moved up 0.5% in morning trades.
Early Friday, the 10-year Treasury yield dipped to 4.27%. Oil prices extended their recent gains, with West Texas Intermediate futures trading around $82.10 a barrel.
Among U.S. exchange traded funds, the Invesco QQQ Trust was up 0.5%, and the SPDR S&P 500 ETF gained 0.3% after the open.
Stock Market Today: Inflation Data Due
Early Friday, the Commerce Department released its personal income and outlays report, saying that personal income rose 0.5% in May, above the 0.4% estimate.
The personal consumption expenditures price index was unchanged on the month, below the expected 0.1% increase, with an annual increase of 2.6%, in line with estimates. Core prices, excluding food and energy, rose 0.1% in May, with a year-over-year increase of 2.6%, both matching estimates from Econoday.
Late Thursday, athletic retailer Nike fell short of sales expectations for its fiscal fourth-quarter report. Shares plunged more than 18% in morning trading Friday, hitting new 52-week lows.
The Dow Jones component reported a 50% increase in earnings to 99 cents per share. Revenue dipped 2% to $12.6 billion after sales growth slowed the last five quarters. Excluding restructuring charges, Nike earnings were $1.01 per share for the quarter.
FactSet expected earnings to increase 27% to 84 cents per share on a slight uptick in revenue to $12.86 billion.
Adjust To Changing Market Conditions, With IBD's New Exposure Levels
Dow Jones Rebounds From Key Level
On Thursday, the Dow Jones index gained 0.1%, bouncing further from the 50-day moving average. The S&P 500 also rose 0.1%, while the Nasdaq moved up 0.3%, extending a win streak to three sessions and narrowly missing a record closing high. The small-cap Russell 2000 index outperformed with a 1% advance, closing just above the 50-day moving average.
Investor's Business Daily's Big Picture column said, "IBD is keeping its recommended stock market exposure at 80% to 100%. Because market leadership remains concentrated in the Magnificent Seven stocks, there is reason for caution. And exposure closer to 80% makes the most sense."
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 stock market action. Also, be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.
Learn How To Time The Stock Market With IBD's ETF Market Strategy
Stock Market Today: Best Stocks To Watch
Burlington Stores, Carvana, Domino's Pizza and Meta Platforms — plus Dow Jones components Amazon, Apple, Amgen and Microsoft — are among the best companies to watch on the stock market today.
In IBD MarketSurge's "Breaking Out Today" list, Medpace broke out past a 421 buy point in a flat base Thursday. Shares ended Thursday above the entry. Medpace is an IBD SwingTrader stock.
Check out the MarketSurge "Near Pivot" list for stocks nearing buy points in bases. 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: Amgen Breaks Out
Dow Jones stocks worth watching include biotech giant Amgen, which is trying to break out past a cup-with-handle base's 133.10 entry, according to MarketSurge pattern recognition. Amgen dropped 0.4% in morning trading Friday.
Outside the Dow Jones index, Burlington Stores is in buy range above a 232.69 cup-base entry amid recent gains. Burlington stock edged down 0.4% Friday.
Carvana is above a 129 buy point in a cup base and in a buy zone. Carvana stock rose 0.7% Friday.
Pizza maker Domino's is tracing a flat base that has a 542.75 buy point, according to IBD MarketSurge. Domino's shares climbed 0.4% Friday morning.
Finally, Meta stock is breaking out above a 514.01 buy point in a cup-with-handle base. The Facebook and Instagram parent is a new IBD Leaderboard stock. Meta stock lost 0.3% Friday morning.
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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 |
|---|---|---|---|
| Carvana | 129 | Cup base | |
| Domino's | 542.75 | Flat base | |
| Meta Platforms | 514.01 | Flat base | |
| Amazon | 191.70 | Flat base |
Source: IBD Data As Of June 27, 2024
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Magnificent Seven Stocks: Nvidia, Tesla
Among Magnificent Seven stocks, Nvidia and Tesla rose 2% and 2.5%, respectively, on the stock market today in morning trading.
Nvidia stock ended a two-day rally Thursday, with a 1.9% drop. Shares remain sharply above a split-adjusted alternative buy point at 97.40. The artificial intelligence leader also is an IBD Leaderboard stock.
Tesla stock moved up another 0.5% Thursday, closing near its highest level since early March. Shares are rebounding from their 50-day line.
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 is breaking out past a 191.70 buy point in a flat base following a recent rebound from the 50-day line. Amazon stock moved down 0.3% Friday.
Apple stock rose 0.4% Thursday, putting its win streak at four sessions. Shares are extended past the 5% buy range above a cup base's 199.62 buy point. Apple was up 0.2% Friday.
Microsoft shares climbed 0.2% Thursday, barely out of buy range past a flat base's 430.82 buy point. And early Friday the stock dipped 0.1%.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
