Among the leaders of the Dow Jones, Apple (AAPL) was down 0.2% on Friday morning, while Microsoft (MSFT) fell 0.5% in today’s stock market. Nike (NKE) was up nearly 1%, still below a buy point after Thursday’s strong gain.
Head of electric vehicle Tesla (TSLA) lost more than 2% on Friday. Pair EV Rivien (RIVN) fell by more than 3%, while Lucid group (LCID) slipped nearly 3%. Chinese leaders in electric vehicles Li Auto (LI) et Xpeng Engines (XPEV) were each downright lower after Friday’s opening.
Among the best stocks to buy and watch, Endeavor Group (EDR), Li Auto, NXP Semiconductors (NXPI) and Pfizer (PFE) are located in or near new shopping areas. However, recent stock market volatility suggests that investors should be very careful if they make any new purchases.
Microsoft and Tesla are stocks in the IBD rankings. NXP is an IBD SwingTrader share. Apple and Li Auto were highlighted in this week’s Stocks Near A Buy Zone article. Endeavor is featured in this week’s IPO Leaders story.
Dow Jones Today: November Jobs Report
After the stock market opened on Friday, the Dow Jones Industrial Average reversed from the initial gains to fall 0.3%, while the S&P 500 lost 0.5%. The high-tech Nasdaq composite reversed from initial gains to sell 1.3% in morning trading.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) lost 1% on Friday, while the SPDR S&P 500 ETF (SPY) fell 0.4%.
Early Friday, the Labor Department released its November employment report. The US economy only created 210,000 jobs in November, far less than forecasts calling on the US economy to create 543,000 jobs. The unemployment rate fell to 4.2%. A month ago, the October jobs report was well above expectations, with 531,000 new jobs and an unemployment rate of 4.6% for the month.
The 10-year Treasury yield rose nearly 1.46% on Friday morning, after closing just below 1.45% on Thursday. Oil prices traded higher, with West Texas Intermediate rising nearly 3% to exceed $ 68 a barrel, after a modest rebound on Thursday.
Stock ETF strategy and how to invest
Stock market rebound
The stock market rebounded strongly on Thursday, as the Dow Jones Industrial Average and S&P 500 posted strong gains. The Nasdaq has found much needed support for its key 50-day benchmark.
After the session, The Big Picture commented, “Finally, be flexible. An uptrend under pressure means that the current outlook is uncertain. While new weakness may trigger a correction, a re-emerging force could bring market status back to a confirmed uptrend. ”
The stock outlook has been downgraded to “bullish under pressure” this week, so it’s an important time to read The Big Picture from IBD.
Five Best Dow Jones Stocks To Watch Right Now
Dow Jones stocks to watch: Apple, Nike
At the end of Thursday’s session, Apple shares were extended above a buy point of 153.27 on a handle-cup basis, according to IBD MarketSmith’s chart analysis. The 5% buy area peaked at 160.93. Apple shares fell 0.2% on Friday.
Retail leader Nike rebounded 2% on Thursday, ending a two-day losing streak. Nike shares remain around 3% below the 174.48 buy point of their cup base. Shares rose nearly 1% on Friday.
Stock market benefits: Asana, DocuSign, Marvell
Former hot IPO, Asana (ASAN), plunged more than 23% on Friday after the company’s results Thursday night. ASAN shares closed on Thursday near 40% of their 52-week high.
DocuSign (DOCU) fell more than 35% after its October quarter earnings and revenue exceeded Wall Street targets, but revenue guidance for expectations missed. DOCU shares closed on Thursday around 26% of its 52 week high and well below its 50 and 200 day lines.
Technologie Marvell (MRVL) climbed 23% after the report on earnings and the company’s outlook better than expected. Stocks are expected to hit the 20% to 25% profit-taking zone above a buy point of 64.17. And in the midst of an uptrend in the struggling stock market, it would be prudent to take at least some profit.
Stocks to buy and watch: Endeavor, Li Auto, NXP, Pfizer
IPO leader and UFC owner Endeavor Group continues to build a handle mug base with a buy point of 31.80, according to IBD MarketSmith’s chart analysis. The shares are about 7% of the new entry. The stock was down about 1% on Friday.
Positively, the stock’s relative strength line is progressing solidly on the upside and is at its highest level since early October. The RS line measures the price performance of a stock relative to the overall market. A strengthening of the RS line during times of market weakness indicates leadership potential.
Li Auto finished sharply below the buy point of 34.93 from a base cup with grip on Thursday after the session slipped 3.4%. Shares fell more than 3% on Friday, falling even further below the entry.
Chip and stock leader IBD SwingTrader NXP Semiconductors tries to break above 227.60 buy point in a handle-cup base, but closed lower than entry after losing 0.1% of Thursday. Shares were up about 2% on Friday.
Drug giant Pfizer is back in the buying range above a buy point of 51.96 in a cup base after Thursday’s 3% drop. The 5% buy zone tops out at 54.56. Shares rose more than 1% on Friday.
Join the IBD experts as they analyze the major stocks in the current bullish stock market trend on IBD Live
Electric vehicle stocks: Xpeng, Lucid Motors, Rivian
Xpeng Motors triggered the round trip sell signal from a buy point of 48.08 during Thursday’s 5.6% skid. Investors should sell the growth stock if it falls back near the buy point after making a gain of more than 10%. Try to sell before all winnings are wiped out. XPEV shares slipped 2% on Friday morning.
Lucid Motors shares threatened to extend a three-day drop, falling nearly 3% on Friday. LCID stock remains well expanded beyond a buy point of 28.49 in a mug base with handle.
The hot Rivian IPO was down 3% on Friday morning, as it appears to rebound from Thursday’s 4.25% drop.
RIVN shares closed Thursday at around 38% of their post-IPO highs. The downside is positive potential for investors who remain disciplined and wait for an IPO foundation to form before considering a buy. The recent weakness is the start of the formation of Rivian’s first base, but the sellers are currently in control.
Tesla stock traded down more than 2% on Friday, threatening to extend a two-day losing streak and add to Thursday’s 1% drop. CEO Elon Musk sold an additional 934,091 shares valued at just over $ 1 billion, according to regulatory documents filed Thursday. He also exercised options to purchase 2.1 million shares. Since November 8, Musk has sold more than 10 million Tesla shares.
The shares traded up to 1,243.49 on November 4, but the stock closed on Thursday around 13% of its 52 week high.
TSLA stocks remain well above a buy point of 764.55 in a handle cup, as well as earlier entries at 700.10 and 730. The chart also showed an alternate entry at 900.50. Tesla shares are likely forming a new base, but there is no new point of purchase yet.
Dow Jones Executives: Microsoft
Among Dow Jones stocks, software giant Microsoft fell 0.5% on Friday, adding to a three-day losing streak. Positively, the stock’s RS line remains near new highs, indicating strong stock market outperformance during this week’s market weakness. The stock can be set up for a 50 day line test.
On October 18, Microsoft stock broke a flat base buy point of 305.94. The 5% buy area peaked at 321.24, so the title is expanded.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen to learn more about growth stocks and the Dow Jones Industrial Average.
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