Dow Jones futures extended gains Friday morning as the S&P 500 looked to open above the 5,000 threshold. Wall Street reacted to new inflation data. And Apple stock showed a new buy point in the stock market today, but first it needs to retake a key level.
X
Before the opening bell, Dow Jones futures rose 0.2%, while S&P futures moved up 0.25%. Tech-heavy Nasdaq 100 futures gained 0.3% vs. fair value.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) moved up 0.3%, while the SPDR S&P 500 ETF (SPY) was up 0.25%.
The 10-year Treasury yield was down slightly to 4.16% Friday. Further, oil prices paused after this week’s gains, as West Texas Intermediate futures edged lower. WTI futures traded around $76 a barrel.
In economic news, the Labor Department’s Bureau of Labor Statistics released revisions to Consumer Price Index information Friday morning. The report affected only the seasonally adjusted CPI data, which means the 12-month inflation rate won’t change.
December’s CPI inflation rate was revised to a monthly gain of 0.2% from 0.3%, while December’s core CPI was left unchanged at a 0.3% increase. The fourth quarter core CPI remained unchanged, with a 3.3% annualized increase.
Stock Market Today: Apple’s New Base
Apple (AAPL) was up 0.4% in premarket trades Friday as a new double-bottom base is forming for the tech giant. The new buy point is 196.38.
But first, Apple stock must retake the key 50-day moving average, a potential resistance level. Shares dipped 0.6% Thursday.
Meanwhile, PepsiCo (PEP) declined more than 1% Friday morning after the company reported a surprise drop in quarterly sales.
Other key earnings movers Friday include Cloudflare (NET), Expedia (EXPE), Pinterest (PINS),
Cloudflare stock soared more than 24%, while Expedia shares tumbled nearly 16%. Finally, Pinterest dived nearly 9% in premarket action.
Dow Jones Ticks Up
On Thursday, the Dow Jones Industrial Average and S&P 500 both moved up 0.1%, while the tech-heavy Nasdaq composite climbed 0.2%.
Thursday’s Big Picture column commented, “Fabless chip plays also had a good day, boosted by a remarkable 47.9% gain for Leaderboard name Arm Holdings. The IPO stock closed almost 61% above its 50-day moving average due to the explosive move, despite finishing well off session highs.”
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
Lennar (LEN), MongoDB (MDB) and Samsara (IOT) — plus Dow Jones members Disney (DIS) and Walmart (WMT) — are among the best stocks to buy and watch in the current market rally.
Walmart was featured in this Stocks Near A Buy Zone column.
Get Real-time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Stock Market Today: Disney Soars On Earnings
Media giant leader Disney soared through its buy zone, above a flat base’s 96.51 buy point, with a 11.5% earnings-fueled gain Thursday, according to IBD MarketSmith pattern recognition. Disney stock fell 0.9% Friday.
Discount retail leader Walmart is in buy range past a 163.57 entry in a cup with handle, even as the stock dipped Thursday. The stock added 0.3% early Friday.
4 Top Growth Stocks To Watch In The Stock Market Rally
MongoDB Breaks Out
Homebuilder Lennar is within striking distance of a flat base’s 156.01 buy point, with a 0.4% rise Thursday. Lennar shares moved up 0.4% early Friday.
Software leader MongoDB is moving out of buy range past a 426.51 buy point, with a 1.8% gain Friday, according to IBD MarketSmith. MongoDB shares tacked on 2.7% Friday.
Samsara rebounded bullishly from its 50-day line, with a 5.9% advance Thursday. Shares are rapidly nearing an official entry at 36.91. Samsara shares rose 2% Friday morning.
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. 5, 2024
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Magnificent Seven Stocks: Nvidia, Tesla
Magnificent Seven stocks Nvidia (NVDA) and Tesla (TSLA) climbed 1.1% and 0.7%, respectively, in premarket action Friday.
Nvidia reversed 0.7% lower Thursday after hitting a record high above the 700 price level, nearly 40% past a a 505.48 buy point in a flat base after a Jan. 8 breakout move.
Tesla rallied 1.1% Thursday, extending a win streak to three sessions and rebounding from its lowest level since May 2023.
Dow Jones Leaders: Apple Stock, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Microsoft (MSFT) traded higher ahead of Friday’s stock market open.
Microsoft shares inched higher Thursday, further out of buy range past a 384.30 buy point in a flat base. The software giant gained 0.6% 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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