The Dow Jones Industrial Average rose Friday as Wall Street digested another key inflation report. Among the tech movers were Magnificent Seven players Alphabet and Microsoft, which surged on earnings reports on the stock market today. And Tesla stock skidded after U.S regulators announced an investigation of the company's December Autopilot recall.
The Dow Jones Industrial Average rose 0.5% in morning action as the S&P 500 gained 1%. The tech-focused Nasdaq composite moved up 1.7% after the opening bell.
Early Friday, the 10-year Treasury yield ticked lower to 4.67%. Further, oil prices rose 0.8% as West Texas Intermediate futures traded around $84.20 a barrel.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF was up 1.7%, while the SPDR S&P 500 ETF gained 1%.
Stock Market Today: Alphabet, Microsoft Earnings
Late Thursday, Alphabet reported first-quarter earnings and revenue that handily beat analyst estimates. The company announced its first-ever dividend, sending Google stock soaring 10% in morning trade.
Meanwhile, Microsoft beat estimates for its fiscal third quarter, thanks to healthy cloud computing business. Shares rallied 2.5% in early trading.
Microsoft shares had dropped 2.5% Thursday, further below their 50-day moving average following last week's losses. The stock was set to retake that key level with Friday's gains.
Other key earnings movers Friday include Atlassian, Intel, Roku and Snap.
Atlassian tumbled 9.7% in early trade, as Intel plunged more than 10%. Roku shares dropped more than 4%. And Snap soared more than 24% in early action on the stock market today.
The Commerce Department's Bureau of Economic Analysis reported its personal income and outlays report Friday. The PCE price index rose 0.3% on the month, with a 2.7% annual rise. The monthly increase met estimates, while the annual increase was hotter than expected. Econoday forecasted the PCE index would rise 0.3% on the month, with a 2.6% year-over-year increase.
Further, the core PCE price index climbed 0.3% in March, meeting estimates, while the annual 2.8% gain was higher than the 2.7% estimate.
The bureau said on Thursday that first-quarter PCE rose at an annual rate of 3.7%, ahead of expectations for a gain of 3.4%. That helped send the market reeling in the early going.
Be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.
Dow Jones Falls
Eventually, the market slashed heavy losses Thursday after the bureau released those PCE numbers, along with weak GDP data. That, coupled with a plunge in Meta Platforms stock, had all worked together to send major indexes tumbling.
After cutting losses throughout Thursday's session, the Dow Jones Industrial Average ended 1% lower, while the S&P 500 reduced its loss to 0.5%. The tech-heavy Nasdaq composite lost 0.6% but closed near the highs of the day's price range. And the small-cap Russell 2000 declined 0.7%.
Thursday's The Big Picture column commented, "Monday was Day One of the new rally attempt. That makes Thursday Day 4, which means a follow-through day could occur any day, as IBD's recommended exposure level sits at 0%-20%."
Now is an important time to read Investor's Business Daily's The Big Picture column amid the ongoing stock market action. 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
Best Stocks To Watch On Stock Market Today
Chipotle Mexican Grill, Dexcom, Texas Roadhouse and Tradeweb Markets — plus Dow Jones component American Express — are among the best companies to watch on the stock market today.
Alphabet and Tradeweb were featured in this Stocks Near A Buy Zone column.
An essential resource for daily breakouts is IBD MarketSurge's "Breaking Out Today" list. It shows MarketSurge Growth 250 stocks that are breaking out past new buy points. Also, the MarketSurge "Near Pivot" list shows 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. These features identify bullish patterns and buy points and are available to check every day.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones: American Express
American Express is bouncing back in heavy volume from support around its 50-day moving average, according to MarketSurge charts. A rebound placed the software leader in a new buy area, while shares are climbing above a 231.69 entry in a short consolidation. Shares were down 0.8% on the stock market today. Keep in mind that market risk is high right now.
4 Top Growth Stocks To Watch In The Stock Market Correction
Outside the Dow Jones index, Chipotle rallied 6.3% after the company's earnings were announced Thursday morning. Shares topped a 3,023.98 buy point in a short consolidation, according to IBD MarketSurge. Chipotle shares inched downward after the open on Friday.
Dexcom regained its 132.03 flat-base entry during this week's gains, finding support at its key 50-day line. But Dexcom stock tumbled more than 3% Friday on earnings, testing the 50-day line.
Texas Roadhouse is just below a flat base's 157.12 buy point. The stock edged lower Friday.
Tradeweb remains below its 50-day moving average, as it forms a flat base with a 108.04 buy point. Shares were down slightly Friday.
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 |
|---|---|---|---|
| American Express | 231.69 | Consolidation | |
| Texas Roadhouse | 157.12 | Flat base | |
| Chipotle | 3,023.98 | Consolidation | |
| Tradeweb Markets | 108.04 | Flat base |
Source: IBD Data As Of April 22, 2024
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Magnificent Seven Stocks: Nvidia, Tesla
Magnificent Seven stocks Nvidia rose 3.6%, while Tesla lost nearly 1% in Friday's morning action.
Nvidia stock advanced 3.7% Thursday to recover from Wednesday's losses and extend this week's gains. Shares remain below their 50-day line.
On Thursday, Tesla rallied another 5%, extending this week's gains. The stock, however, remains more than 45% off its 52-week high.
Early Friday, the National Highway Traffic Safety Administration said it was an opening an investigation into Tesla's recall of more than 2 million vehicles to install a new Autopilot safeguard.
Dow Jones Leaders: Apple
Among Dow Jones stocks in the Magnificent Seven, Apple traded slightly higher after Friday's stock market open.
Apple stock moved up 0.5% Thursday, extending a win streak to four sessions. Shares remain about 15% off their 52-week high. Apple was up 0.3% on the stock market today.
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.
