The Dow Jones Industrial Average and the other major stock indexes rose Friday, as Wall Street awaited a report on consumer confidence data and inflation. Meanwhile, Apple (AAPL) was an early mover on the stock market today.
After the opening bell, the Dow Jones Industrial Average rose 0.4%, while the S&P 500 gained 0.7%. The tech-heavy Nasdaq composite moved up 1.1% in early trading.
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Early Friday, the 10-year Treasury yield ticked lower to 4.19%. Oil prices climbed, with West Texas Intermediate futures trading around $71.05 per barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) was up 1.1%, as the SPDR S&P 500 ETF (SPY) gained 0.7% after the open.
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Apple Stock Reverses Higher
Shares of Apple reversed up 0.3% Friday morning after KeyBanc downgraded Apple stock to underweight from sector weight, with a 200 price target. Meanwhile, data from researcher IDC showed that iPhone sales in China fell 0.3%, while Huawei posted a 42% rise in the third quarter of 2024.
Apple stock broke out last week above a 233.09 cup-with-handle entry but is back below that buy trigger and attempting to find support around the 50-day line.
Stock Market Today: Earnings Movers
Earnings movers Friday morning include AppFolio (APPF), Deckers Outdoor (DECK), Skechers (SKX) and Texas Roadhouse (TXRH).
Shares of AppFolio jumped more than 20% in morning trading, while Deckers stock soared 12%. Skechers climbed 1.2%, as Texas Roadhouse stock rallied more than 3%.
Due out at 10 a.m. ET, the University of Michigan’s consumer sentiment is expected to reach 69.0, a slight uptick from September’s 68.9. It’s also expected to find one-year inflation coming in flat at 2.9%.
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Best Stocks To Watch
On Thursday, the Dow Jones Industrial Average fell 0.3%, while the S&P 500 rose 0.2%. The Nasdaq composite ended the day up 0.8%, near session highs. And the small-cap Russell 2000 index inched higher.
During Thursday’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 MercadoLibre (MELI), Uber Technologies (UBER) and United Therapeutics (UTHR).
Notable Dow Jones components are Amazon.com (AMZN), Apple (AAPL), JPMorgan Chase (JPM) and Microsoft (MSFT).
Apple and MercadoLibre featured in this Stocks Near A Buy Zone column.
There was one new stock on IBD MarketSurge‘s “Breaking Out Today” list Thursday, namely Cboe Global Markets (CBOE), which briefly topped a 216.14 buy point. Check for more names on the site’s “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: JPMorgan Nears Buy Point
Dow Jones financial leader JPMorgan continues to flirt with a flat base’s 225.48 buy point, according to MarketSurge pattern recognition. Shares were slightly higher on the stock market today.
Outside the Dow Jones index, retail giant MercadoLibre is working on a flat base with a 2,161.73 buy point. The stock is also finding support along the 50-day moving average. Shares fell 0.4% Friday.
Uber Technologies has fallen sharply below an 82.14 buy point in a consolidation amid recent losses. Following Thursday’s drop, Uber stock inched lower in Friday’s trading.
Finally, United Therapeutics tumbled below a 366.08 buy point during three days of losses. Shares bounced modestly Friday.
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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 |
| Taiwan Semiconductor | (TSM) | 175.45 | Cup with handle |
| ServiceNow | (NOW) | 850.33 | Flat base |
| Uber Technologies | (UBER) | 82.14 | Consolidation |
Source: IBD Data as of Oct. 14
Join IBD Experts As They Analyze Leading Stocks On IBD Live
Magnificent Seven Stocks Pre-Market: Alphabet, Meta, Nvidia, Tesla
Among Magnificent Seven stocks, Alphabet (GOOGL) and Meta Platforms (META) rose 0.6% and 1%, respectively, on the stock market today.
Google-parent Alphabet is currently holding above support around the 50-day moving average. The stock remains well below prior highs. Meta stock hit a new high in recent weeks, rising further above a 544.23 alternate entry, but is now pulling back to its own 50-day line.
Nvidia (NVDA) touched new highs earlier this week before retreating. Shares gained 1.4% Friday morning, squarely above a 131.26 alternate entry. The stock also was just below a 140.76 conventional buy point.
Electric-vehicle giant Tesla (TSLA) looked to extend Thursday’s massive surge of nearly 22% on the company’s third-quarter earnings report. Tesla stock was up 2.8% Friday. Shares bullishly regained their 50-day line within a cup with handle that has a 264.86 buy point.
Dow Jones Leaders: Amazon, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon shares are holding above their 50-day line, near a 195.37 buy point in a cup with handle. The stock rose 1% Friday.
Microsoft shares bullishly regained their 50-day line during Tuesday’s rally and are near a handle buy point at 441.85. And on Friday morning, the stock climbed 0.6%.
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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