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Investors Business Daily
Investors Business Daily

Dow Jones Climbs On Jobs Report; Nvidia, Super Micro Surge To New Highs

The Dow Jones Industrial Average climbed Friday after the morning's jobs report showed an unexpected jump in the unemployment rate. Meanwhile, artificial intelligence leaders Nvidia and Super Micro Computer surged to new highs on the stock market today.

The Dow Jones Industrial Average rose 0.2% in morning action Friday, as the S&P 500 gained 0.6%. The tech-heavy Nasdaq composite moved up 1% after the opening bell.

Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF was up 1%, and the SPDR S&P 500 ETF rose 0.6%.

The 10-year Treasury yield ticked lower to 4.07%. Further, oil prices paused after two days of gains, as West Texas Intermediate futures fell 0.1%, trading near $78.90 a barrel.

Nvidia and Super Micro rallied 5% and 5.5%, respectively, after Friday's market open. Both hit new highs.

Nvidia stock had jumped another 4.5% Thursday, hitting more record highs and trading more than 80% above a flat base's 505.48 entry. Nvidia is an IBD Leaderboard stock.

Super Micro shares extended a win streak to six sessions Thursday, with a 3.1% rally.

Be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.

Stock Market Today: Jobs Report

Early Friday, the Labor Department said the U.S. economy added 275,000 jobs in February, higher than the 190,000 estimate. The unemployment rate rose to 3.9% in February vs. January's 3.7% rate.

Economists had predicted the jobless rate would remain at 3.7%. Meanwhile, January payrolls were revised down from an increase of 353,000 to 229,000.

Key earnings reports Friday included Broadcom, Costco Wholesale, Marvell Technology, MongoDB and Samsara.

Broadcom shares declined 3.4% in morning trade, while Costco stock fell more than 5%. Marvell slid 7%, as MongoDB sold off2.73%. And Samsara stock soared 13% in early action.

Dow Jones Rises

On Thursday, the Dow Jones Industrial Average climbed 0.3%, while the S&P 500 moved up 1%. The tech-heavy Nasdaq composite advanced 1.5%. The small-cap Russell 2000 added 0.8%.

Thursday's Big Picture column commented, "After Thursday's gains, the Nasdaq and S&P 500 are back to setting new highs, rebounding nicely from Tuesday's sell-off. IBD is maintaining its recommended exposure level at 60%-80%, keeping in mind that a pullback now would not be surprising."

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 In Stock Market Today

Duolingo, Fifth Third Bancorp, Fortinet and Weatherford — plus Dow Jones components Disney, IBM and Procter & Gamble — are among the best stocks to buy and watch on the stock market today.

IBM and Duolingo were featured in this Stocks Near A Buy Zone column.

A great 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 no breakouts Thursday, which makes sense after the recent market weakness.

Meanwhile, the MarketSurge "Near Pivot" list shows stocks nearing buy points in bases, like Badger Meter. That stock is nearing a 170.86 cup entry.

Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard

Dow Jones Stocks: Disney Attempts Breakout

Disney is trying to break out past a big cup-with-handle base's 112.92 buy point, according to IBD MarketSurge chart analysis. Disney stock lost 0.5% on the stock market today.

IBM stock is also attempting a breakout above a flat base's 196.90 buy point, with a 2.2% rally Thursday. IBM shares edged lower Friday.

Consumer products giant Procter & Gamble rose 0.7% Thursday, further above a 158.38 buy point in a cup base. P&G stock was down 1% Friday.

3 Top Growth Stocks To Watch In The Stock Market Rally

Square Eyes Buy Point

IPO Leader Duolingo added a handle to a cup base, taking the buy point to 241.86. Duolingo shares were up 1.3% Friday.

Fifth Third Bancorp climbed 0.9% Thursday, further above a 35.73 buy point. Shares were up 1% Friday.

Cybersecurity leader Fortinet is adding a handle to a long cup base, taking the buy point to 73.91. The stock edged lower Friday.

Square parent Block is adding a high handle to a cup base, taking the correct buy point to 83.29. A short-lived breakout past an 80.29 entry failed on Tuesday when the stock fell 7% from the buy trigger. Square stock rose 1.4% Friday.

IBD's latest newsletter MarketDiem gives you actionable ideas for stocks, options and crypto right in your inbox

Best Bets On Stock Market Today

These are four best stocks to watch in today's stock market, including a Dow Jones leader.

Company Name Symbol Correct Buy Point Type Of Buy Point
Novo Nordisk 105.69 Flat base
Merck 119.65 Cup base
DraftKings 39.35 Cup base
Spotify 202.88 Flat base
Source: IBD Data As Of Feb. 28, 2024

Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live

Magnificent Seven Stocks: Tesla

Among Magnificent Seven stocks, Tesla fell 0.2% in morning trading.

Tesla stock rose 1.2% Thursday, ending a three-day losing streak. Shares remain sharply below their 50-day and 200-day moving averages.

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 fell 0.1% Thursday, extending a losing streak to seven sessions and moving further below its long-term 200-day line. Shares were up 1% Friday morning.

Microsoft shares moved back out of buy range past a 384.30 buy point in a flat base, as they found support at the 50-day line Thursday. The software giant fell 0.1% 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.

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