The Dow Jones Industrial Average dropped along with other major indexes Friday, as investors kicked off the final trading session of 2023. But Nvidia battled the market tide and climbed after launching a gaming chip for China that will comply with U.S. export restrictions.
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After the opening bell, the Dow Jones Industrial Average inched lower, and the S&P 500 was also slightly lower. The tech-heavy Nasdaq composite edged down as well. All three were down less than 0.1%.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) was flat, as was the SPDR S&P 500 ETF (SPY).
Oil prices stabilized after Thursday’s losses, as West Texas Intermediate futures climbed around 1% Friday morning, going past $72 a barrel.
Early Friday, the Institute for Supply Management’s Chicago PMI is due out at 9:45 a.m. ET. The PMI is expected to fall to 50.0 in December vs. 55.8 in November.
Nvidia (NVDA) rose 0.7% Friday morning, nearing a flat base’s 505.48 buy point. An IBD Leaderboard stock, Nvidia still is considered to be in a buy zone off a double-bottom with a 476.09 entry that formed prior to the flat base.
An adjusted version of the company’s new gaming chip will be available in January for Chinese consumers. It was “designed to fully comply with U.S. government export controls,” according to Reuters.
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Dow Jones Hits New High
The stock market finished mixed Thursday, as the Dow Jones Industrial Average climbed 0.1% to hit another all-time high. The S&P 500 notched a fresh 2023 high and edged toward a new all-time record. On the tech-heavy Nasdaq composite, stocks lost a fraction but touched a new 2023 high in the process. The small-cap Russell 2000 diverged lower, falling 0.4%.
Thursday’s Big Picture column commented, “With just one trading day left in 2023, the Nasdaq is on pace to advance more than 44% on the year. The S&P 500 is up more than 24% year to date and the Dow 30 is up nearly 14%.”
Now is an important time to read IBD’s The Big Picture column amid the continuing stock market gains. Be sure to read how to invest during the ongoing uptrend.
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Best Stocks To Buy And Watch
Magnificent Seven player Alphabet (GOOGL), Celsius (CELH), Monday.com (MNDY), Netflix (NFLX) and Snowflake (SNOW) — along with Dow Jones components Amgen (AMGN), Caterpillar (CAT) and Visa (V) — are among the best stocks to buy and watch in the current market rally.
Microsoft and Netflix are featured in this Stocks Near A Buy Zone column.
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Dow Jones: Amgen Attempts Breakout
Drug leader Amgen is trying to break out past a 288.46 official buy point in a flat base amid a 0.7% rise Thursday. AMGN stock fell 0.1% early Friday.
Heavy machinery giant Caterpillar remains above a 293.88 buy trigger, despite a 0.4% drop Thursday. CAT stock was off marginally Friday morning.
Payments leader Visa remains in buy range above a 250.06 entry in a cup base, according to IBD MarketSmith pattern recognition. V stock was up 0.4% Friday.
4 Top Growth Stocks To Watch In The Stock Market Rally
Alphabet, Netflix In Buy Range
Alphabet is in buy range past a 139.42 buy point in a cup with handle following last week’s breakout move. GOOGL stock edged lower early Friday.
Netflix ranks among the best stocks to buy and watch, even as it fell 0.3% Thursday. The streaming giant broke past a 482.70 buy point out of a cup with handle last week. NFLX stock inched higher Friday morning.
Fitness drink leader Celsius raced more than 5% higher Wednesday, bullishly retaking the 50-day line for the first time since early November. Investors could view Wednesday’s move as an aggressive entry. The official buy point is 68.95. Investors could use 62.99 or a downward-sloping trendline as other early entries. CELH stock fell 0.8% Friday morning.
Monday.com continues to hold just above a 185.81 buy point in a cup with handle after a 0.7% gain Thursday, according to IBD MarketSmith. MNDY stock was up 0.3% Friday.
Artificial intelligence leader Snowflake is at the top of its buy range past a cup-with-handle’s 192.66 buy point. SNOW stock was down 0.5% Friday, but remained about 3% above the buy trigger.
Best Bets In Today’s Action
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 |
|---|---|---|---|
| Celsius | (CELH) | 68.95 | Consolidation |
| Caterpillar | (CAT) | 293.88 | Cup base |
| Netflix | (NFLX) | 482.70 | Cup with handle |
| Snowflake | (SNOW) | 192.66 | Cup with handle |
Source: IBD Data As Of Dec. 28, 2023
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Magnificent Seven Stocks: Tesla
Another Magnificent Seven stock, Tesla (TSLA), gained 0.5% in early trading Friday.
The electric-vehicle giant skidded 3.2% Thursday, closing just above the latest entry at 252.75. Tesla stock has a big double-bottom pattern with conventional buy point of 278.98.
Dow Jones Leaders: Apple, Microsoft
Two Dow Jones stocks in the Magnificent Seven, Apple (AAPL) and Microsoft (MSFT), traded slightly higher after Friday’s stock market open.
Apple stock moved up 0.2% Thursday, adding to Wednesday’s gains. Shares are testing their cup-with-handle entry of 192.93 following a Dec. 5 breakout. Apple shares were up 0.3% Friday.
Microsoft stock gained 0.3% Thursday, still modestly above a 366.78 cup-base buy point. And the software giant was up 0.35% Friday morning.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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