The Dow Jones Industrial Average and the other major stock indexes traded lower ahead of October’s final day of trade. Wall Street reacted to key inflation data, and braced for late-day earnings reports from Dow Jones components Apple (AAPL) and Intel (INTC). Meanwhile, Facebook parent Meta Platforms (META) and Microsoft (MSFT) were early earnings losers on the stock market today.
Ahead of the opening bell, Dow Jones futures dropped 0.5% vs. fair value, as S&P 500 futures fell 0.6%. Tech-heavy Nasdaq 100 futures moved down 0.7% in premarket trading.
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Early Thursday, the 10-year Treasury yield ticked higher to 4.28%, tracking toward a seventh weekly advance ahead of Tuesday’s election. Oil prices continue to hold just above this week’s lows, as West Texas Intermediate futures near $69 per barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) fell 0.7%, as the SPDR S&P 500 ETF (SPY) declined 0.6% ahead of the open.
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Meta Stock Slides On Earnings In Pre-Market Trades
Shares of Meta Platforms sold off nearly 3% Thursday after the company reported third quarter earnings ahead of expectations, powered by a 19% revenue increase. But Meta stock turned lower as Chief Executive Mark Zuckerberg pledged to keep up the company’s big spending on artificial intelligence and the metaverse.
Meta stock had pulled back from its highs before finding support around the 10-week line.
Meanwhile, Microsoft topped Wall Street’s targets for the software giant’s fiscal first quarter on strong cloud computing business. However, Microsoft stock tumbled nearly 4% in premarket trading after the company guided below views for sales in the current quarter.
Microsoft shares bullishly regained their 50-day line during last week’s bounce and are near a handle buy point at 441.85.
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Elsewhere on the earnings front, Carvana (CVNA), Coinbase Global (COIN), DoorDash (DASH), Ferrari (RACE) and Robinhood Markets (HOOD), along with Mastercard (MA) and Uber Technologies (UBER) were on the move Thursday morning.
Carvana soared 20%, while Coinbase declined 2.6%. Shares of DoorDash rallied nearly 4%, while Ferrari inched higher. Robinhood stock dived 11%, as Mastercard moved up modestly. Uber skidded 6.6% in premarket action.
The Commerce Department released its monthly personal income and outlays report for September. The core personal consumption expenditures, or PCE, price index rose rose 0.3% for the month, in line with estimates, with an annual rise of 2.7%, just above the 2.6% estimate. The core PCE price index is the Federal Reserve’s favored inflation gauge.
Finally, the Labor Department’s initial unemployment claims unexpectedly fell to 216,000 vs. 227,000 in the previous week. They were expected to rise to 235,000.
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Best Stocks To Watch
On Wednesday, the Dow Jones Industrial Average fell 0.2%, while the S&P 500 lost 0.3%. And the tech-heavy Nasdaq composite reversed from new highs to fall 0.6%.
During Wednesday’s IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market action.
Among the best companies to watch on the stock market today are Costco Wholesale (COST), MercadoLibre (MELI) and On Holding (ONON).
Notable Dow Jones components are Amazon.com (AMZN), Apple, Goldman Sachs (GS) and Microsoft.
Goldman and Tesla were featured in the Stocks Near A Buy Zone column.
There were two new stocks on IBD MarketSurge‘s “Breaking Out Today” list Wednesday, including Waystar (WAY), which topped a 28.57 flat-base buy point. Check for potential breakouts on the “Near Pivot” list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones: Goldman Sachs Reclaims Buy Point
Dow Jones financial leader Goldman Sachs regained its 517.26 buy point during this week’s gains, according to MarketSurge pattern recognition. Shares edged lower on the stock market today.
Outside the Dow Jones index, Costco is forming a flat base with a 923.83 buy point but it threatens to give up support around the 50-day moving average. Costco stock traded down 0.1% early Thursday.
Online retailer MercadoLibre is working on a flat base with a 2,161.73 buy point. The stock is also below the 50-day moving average. Shares fell 0.6% early Thursday. MercadoLibre is due to report third-quarter results on Wednesday.
Footwear company On Holding is again trying to find support at its 50-day line. Shares are just below an early entry at 50.11 from the Oct. 17 high. The stock slipped 0.5% Thursday morning. On Holding reports on Nov. 12.
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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 |
|---|---|---|---|
| Ferrari | (RACE) | 498.23 | Flat base |
| Costco Wholesale | (COST) | 923.83 | Flat base |
| MercadoLibre | (MELI) | 2,161.73 | Flat base |
| Uber Technologies | (UBER) | 82.14 | Consolidation |
Source: IBD Data as of Oct. 28
Join IBD Experts As They Analyze Leading Stocks On IBD Live
Magnificent Seven Stocks Pre-Market: Alphabet, Nvidia, Tesla
Among Magnificent Seven stocks, Alphabet (GOOGL) fell 0.6% in premarket trading on the stock market today. Shares are forming a cup base that has a 191.75 entry, but keep an eye out for a potential handle.
Artificial intelligence giant Nvidia (NVDA) slid 1.4% Wednesday. It’s now back below a 140.76 buy point in a consolidation. Shares fell another 1.2% premarket.
Last week, electric-vehicle giant Tesla (TSLA) broke out past a 264.86 buy point in a cup with handle. But shares fell further below that entry Wednesday, with a 0.8% decline. Tesla stock bounced 0.3% Thursday.
Dow Jones Leaders: Amazon, Apple
Among Dow Jones components in the Magnificent Seven, Amazon shares are trying to break out past a 195.37 buy point in a cup with handle. The stock declined 1.1% premarket Thursday.
Apple stock broke out above a 233.09 cup-with-handle entry Oct. 15 but is below that buy trigger and attempting to find support around the 50-day line. Shares fell 0.3% early Thursday.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
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