The Dow Jones Industrial Average and the other major stock indexes traded mixed Friday, as the market moved to close out a week heavy with political news, Fed policy and company earnings reports. Consumer sentiment data, including an inflation survey, are due after the market opens. DraftKings (DKNG) dived on the stock market today following the company’s disappointing earnings report.
Ahead of the opening bell, Dow Jones futures rose less than 0.1% vs. fair value, as S&P 500 futures moved down 0.1%. Tech-heavy Nasdaq 100 futures traded down 0.3% in premarket trading.
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Early Friday, the 10-year Treasury yield ticked lower to 4.3%. Oil prices declined, as West Texas Intermediate futures traded around $71.10 per barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) fell 0.2%, as the SPDR S&P 500 ETF (SPY) moved down 0.1% ahead of the open.
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DraftKings Stock Dives In Pre-Market Trading
Sports-betting giant DraftKings dived more than 5% in premarket trading Friday after the company missed estimates for third-quarter results.
DraftKings reported a loss of 60 cents per share, barely improved from a loss of 61 cents last year. Revenue increased 39% to $1.095 billion. FactSet analysts expected the loss to improve to 41 cents per share, while the revenue jump fell short of estimates for $1.11 billion.
Stock Market Today: Pre-Market Movers
Other key earnings movers early Friday include Arista Networks (ANET), Airbnb (ABNB), Axon Enterprises (AXON), Block (SQ)
Shares of Arista tumbled nearly 5% in early action, while Airbnb stock sold off nearly 7%. Axon stock soared 15%, as Square parent Block declined nearly 3%.
Due out at 10 a.m. ET, the University of Michigan’s consumer sentiment reading for November is expected to rise to 70.8 vs. 70.5 in October. Included in the survey are inflation expectations for the year ahead. Last month, the survey showed one-year inflation expectations at 2.7%.
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Dow Jones Reverses Lower
On Thursday, the Dow Jones Industrial Average inched lower after hitting another record high. The S&P 500 climbed 0.7% and the Nasdaq composite advanced 1.5%. Both also posted new highs and made most of their gains before the Fed announcement. The small-cap Russell 2000 index fell 0.4%.
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 Costco Wholesale (COST), GoDaddy (GDDY) and Netflix (NFLX).
Dow Jones components making notable moves are Amazon.com (AMZN), Apple (AAPL), JPMorgan Chase (JPM) and Microsoft (MSFT).
Amazon and GoDaddy were featured in this Stocks Near A Buy Zone column.
There were three new stocks on IBD MarketSurge‘s “Breaking Out Today” list Thursday. Notably, Deckers Outdoor (DECK) topped a 172.57 buy point in a cup with handle. 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: JPMorgan Surges Past Buy Point
Dow Jones financial leader JPMorgan surged past a 225.48 buy point, according to MarketSurge pattern recognition, during this week’s action. Shares rose 0.4% on the stock market today. JPMorgan was IBD’s Stock Of The Day on Monday.
Outside the Dow Jones index, Costco is within striking distance of a flat base’s 923.83 buy point. Costco — Wednesday’s options trade idea — traded up 0.3% early Friday.
GoDaddy jumped out of buy range beyond a cup-with-handle entry at 166.17, with a sharp gains this week. Shares were unchanged Friday premarket.
Streaming giant Netflix hit more new highs Thursday, extended above a 773 buy point. Netflix stock moved down a fraction early 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 |
| 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
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Magnificent Seven Stocks Pre-Market: Alphabet, Meta, Nvidia, Tesla
Among Magnificent Seven stocks, Alphabet (GOOGL) moved down 0.5% in premarket trading on the stock market today. Shares are approaching a 182.02 buy point in a cup with handle.
Meta Platforms (META) rebounded from support at its 50-day moving average line. Shares inched lower Friday.
Chip giant Nvidia (NVDA) rallied to new highs Thursday, and looked to add to those gains with a slight rise premarket Friday. Nvidia is the only Magnificent 7 name that has not yet reported results from its most recent quarter. It is scheduled to report on Nov. 20.
Tesla (TSLA) rallied another 2.9% Thursday, hitting another 52-week high and moving further above a 264.86 cup-with-handle entry. Shares dipped 0.1% Friday.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon stock jumped to new highs Thursday but fell 0.2% in premarket trading Friday, above a 195.37 handle buy point. Investors also could use the consolidation peak of 201.20 from early July, which also was the tech giant’s high-water mark, as an alternative entry.
Shares of Apple regained their 50-day line Thursday in the wake of the company’s earnings report last week. Apple stock rose 0.1% Friday morning.
Microsoft shares fell 0.2% Friday morning. On Thursday, shares rallied back above their 50-day line following last week’s dive below that key level.
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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