The Dow Jones Industrial Average and the other major indexes dropped in the wake of another record-setting session for the markets, as Federal Reserve Chairman Jerome Powell spoke again Friday. Meanwhile, Dow component Nike dived on earnings, while electric-vehicle leader Tesla tumbled on the stock market today after reportedly reducing production at its China factory.
The Dow Jones Industrial Average fell 0.2% in morning action, while the S&P 500 lost a fraction. The tech-heavy Nasdaq composite fell 0.1% after the opening bell.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF was down 0.1%, while the SPDR S&P 500 ETF edged lower.
The 10-year Treasury yield ticked lower to 4.21%. Further, oil prices edged up, as West Texas Intermediate futures added 0.2% to trade around $81.25 a barrel.
Tesla stock skidded more than 2% Friday morning after Bloomberg reported that the company had cut production at its plant in China due to slowing sales growth and rising competition.
Be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.
Stock Market Today: Powell Speech
Fed Chair Powell gave the opening remarks at the Fed Listens event that started at 9 a.m. ET Friday. The event will feature perspectives on current economic conditions and discuss how the pandemic reshaped the economy and the U.S. workforce.
The speech comes two days after Powell addressed reporters following the Fed's two-day meeting. On Wednesday, Powell indicated that the Fed still sees three rate cuts by year's end.
Key earnings reports Friday morning include FedEx, Lululemon Athletica and Nike.
FedEx surged nearly 8% in morning action, breaking out past a cup base's 285.53 entry. Lululemon shares crashed 17% after forecasting weaker-than-expected first-quarter earnings and sales numbers. Nike stock tumbled 8% in early morning trades.
Dow Jones Hits New High
On Thursday, the Dow Jones Industrial Average rose 0.7%, while the S&P 500 moved up 0.3% after a 0.7% gain petered out. The tech-heavy Nasdaq composite climbed just 0.2% after advancing as much as 1%. The small-cap Russell 2000 climbed 1.1%, closing just shy of the 2,100 level.
Thursday's Big Picture column commented, "Volume fell on the Nasdaq but rose on the New York Stock Exchange vs. Wednesday's session. That results in a rare form of institutional selling called a stall day. The action hinted at institutional players taking advantage of an intraday rally to sell into strength and take profits off the table."
Now is an important time to read IBD's The Big Picture column amid the continuing stock market rally. 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 Buy And Watch On Stock Market Today
Arista Networks, Duolingo, Dexcom and DraftKings — plus Dow Jones components Disney, IBM and Procter & Gamble — are among the best stocks to buy and watch on the stock market today.
Arista and Disney 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. There were four new breakouts Thursday, including IBD Stock Of The Day Owl Capital.
Meanwhile, the MarketSurge "Near Pivot" list shows stocks nearing buy points in bases, like Alphabet that is approaching a 153.78 buy point. Shares climbed 1.3% Friday morning.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones Stocks: Disney in Buy Range
Disney is in buy range past a big cup-with-handle base's 112.92 buy point, according to IBD MarketSurge chart analysis. Disney stock rose 0.6% Friday morning.
IBM stock remains below a flat base's 196.90 buy point, with a 1.1% loss Thursday. Shares lost 0.2% Friday.
Consumer products giant Procter & Gamble inched lower Thursday, still above a 158.38 buy point in a cup base. P&G stock edged up Friday.
4 Top Growth Stocks To Watch In The Stock Market Rally
Stock Market Today: DraftKings Breaks Out
Arista shares rallied 2.7% Thursday, further above a 292.66 flat-base buy point, according to MarketSurge charts. And on Friday morning, Arista shares edged down.
IPO Leader Duolingo is trying to break out past a cup-with-handle's 241.86 entry amid Thursday's 0.7% rise. Duolingo shares were down modestly Friday.
Dexcom shares rose 0.7% Thursday, still above a 132.03 entry in a flat base. Dexcom shares inched higher early Friday.
Finally, DraftKings moved out of buy range past a 46.52 buy point in a short consolidation, rising another 3.6% Thursday. Shares fell 0.1% Friday morning.
Stocks 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 |
|---|---|---|---|
| Disney | 112.92 | Cup with handle | |
| Arista Networks | 292.66 | Flat base | |
| DraftKings | 45.62 | Consolidation | |
| Duolingo | 241.86 | Cup with handle |
Source: IBD Data As Of March 19, 2024
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Magnificent Seven Stocks: Nvidia, Tesla
Magnificent Seven stock Nvidia gained 1.1% in Friday's morning action.
Nvidia shares rallied 1.2% Thursday, extending a win streak to four sessions. Nvidia is an IBD Leaderboard stock.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple and Microsoft traded mixed after Friday's stock market open.
Apple stock tumbled 4.1% Thursday, snapping a three-day win streak and moving back near its recent lows. Shares remain sharply below their long-term 200-day line. Apple gained 0.1% Friday.
Microsoft shares found support at the 50-day line last week, and they hit new highs Thursday. Microsoft shares lost 0.2% 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.
