April 25, 2024

The Dow Jones Industrial Average fell 150 points Friday after the early release of economic data, as Wall Street threatened to end the week on a down note. Meanwhile, software giant Adobe (ADBE) plunged on earnings, while famed investor Cathie Wood loaded up on Tesla (TSLA) on the stock market today.


The Dow Jones Industrial Average dropped 0.4%, while the S&P 500 lost 0.8%. The tech-heavy Nasdaq composite dropped 1.1% after the opening bell.

Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was down 1.1%, while the SPDR S&P 500 ETF (SPY) slipped 0.8%.

The 10-year Treasury yield ticked higher to 4.3% Further, oil prices paused amid big weekly gains, as West Texas Intermediate futures dipped 0.6%, trading around $80.80 a barrel.

Cathie Wood’s Ark Innovation (ARKK) ETF purchased nearly 162,000 shares of Tesla stock Thursday, while Ark Autonomous Technology & Robotics (ARKQ) and Ark Next Generation Internet (ARKW) ETFs bought 18,543 and 36,183 shares, respectively, per daily trade disclosures.

Using Thursday’s closing price, that’s more than $35 million worth of Tesla stock. Shares of Tesla stock sold off another 4.1% Thursday, hitting new recent lows. Tesla is sharply below its 50- and 200-day moving averages and more than 45% off its 52-week high. Shares fell 0.7% Friday.

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

Stock Market Today: Economic Data

Ahead of Friday’s stock market open, the Empire State manufacturing index fell more than expected, coming in at -20.9. It was expected to fall to -8.0 vs. -2.4 in February, per Econoday estimates.

The Federal Reserve’s industrial production rose 0.1% in February, but January’s 0.1% decline was revised down to a fall of 0.5%.

Lastly, the University of Michigan’s consumer sentiment numbers are due out at 10 a.m. Sentiment is expected to edge higher to 77.3 vs. 76.9 in February. Meanwhile, year-ahead inflation expectations are anticipated to remain steady at 3.0%, unchanged from February’s survey.

Elsewhere, key earnings movers included Adobe, Jabil (JBL) and Ulta Beauty (ULTA)

Late Thursday, Adobe beat Wall Street’s targets for its fiscal first quarter but gave a lackluster forecast for the current period. Adobe stock plunged 14% in morning trading.

Ulta shares tumbled nearly 10%. And Jabil plummeted 13%.

Dow Jones Falls

On Thursday, the Dow Jones Industrial Average dropped almost 0.4%, while the S&P 500 moved down 0.3%. The tech-heavy Nasdaq composite lost 0.3%. The small-cap Russell 2000 slid 2%, falling four of the last five sessions. The small-cap index closed at its lowest level since Feb. 26.

Thursday’s Big Picture column commented, “Volume rose on the Nasdaq and the New York Stock Exchange vs. Wednesday’s session. That adds another distribution day to both the Nasdaq and S&P 500 indexes, taking their totals to five apiece. Breadth was poor, with declining stocks over advancers by nearly 4-to-1 on the NYSE and by 3-to-1 on the Nasdaq, according to FactSet.”

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

Duolingo (DUOL), Dexcom (DXCM), Block (SQ) and XP (XP) — plus Dow Jones components Disney (DIS), IBM (IBM) and Procter & Gamble (PG) — are among the best stocks to buy and watch on the stock market today.

Block was 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 no new breakouts Thursday, which made sense given the market weakness.

Meanwhile, the MarketSurge “Near Pivot” list shows stocks nearing buy points in bases, like Royal Caribbean (RCL), which is approaching a 133.77 flat-base entry. Shares were up 0.4% Friday.

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

Dow Jones Stocks: IBM Gives Up Buy Point

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 rose 0.1% on the stock market today.

IBM stock continues to chop around a flat base’s 196.90 buy point, falling 1.7% Thursday. IBM shares moved down 0.4% Friday.

Consumer products giant Procter & Gamble fell 0.5% Thursday, still above a 158.38 buy point in a cup base. P&G stock dipped 0.3% Friday.

4 Top Growth Stocks To Watch In The Stock Market Rally

Square Stock Tumbles

IPO Leader Duolingo is approaching a cup-with-handle’s 241.86 entry. Duolingo shares were down 0.3% Friday.

Dexcom shares slid another 1.7% Thursday, closing further below a 132.03 entry in a flat base. The stock gained 1.3% Friday.

Square parent Block’s recent breakout took a big step backward, as shares tumbled more than 5% Thursday. The stock is back below a cup-with-handle’s 83.29 buy point, according to MarketSurge charts. And on Friday, Square stock fell 0.3%.

Finally, Brazil-based XP dipped 2.5% Thursday, finishing right at the 50-day line. Shares are building a cup with handle that displays a 27.03 entry. XP stock inched lower Friday.

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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 (NVO) 105.69 Flat base
Merck (MRK) 119.65 Cup base
DraftKings (DKNG) 39.35 Cup base
Spotify (SPOT) 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: Nvidia

Magnificent Seven stock Nvidia (NVDA) declined 0.7% in Friday’s action.

Nvidia lost 3.2% Thursday, extending Wednesday’s losses. The artificial intelligence giant is an IBD Leaderboard stock.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks in the Magnificent Seven, Apple (AAPL) and Microsoft (MSFT) traded lower after Friday’s stock market open.

Apple stock moved up 1.1% Thursday, rising four of the last five sessions. Shares remain sharply below their long-term 200-day line. The stock dropped 1.1% Friday morning.

Microsoft shares found support at the 50-day line this week, sending them into new highs Thursday. That placed the software giant in a new buy area. Microsoft shares fell 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.


Top Growth Stocks To Buy And Watch

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Find The Best Long-Term Investments With IBD Long-Term Leaders

Nvidia Partner Rides AI Megatrends To 3,594% Gain — With More To Come

Spot Buy Points And Sell Signals With MarketSurge Pattern Recognition

Source: investors.com

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