Major indexes came off session highs in late afternoon trades Friday. The Dow Jones Industrial Average and the Nasdaq composite rebounded off the 50-day moving average while the S&P 500 rose back above its 21-day moving average. Nvidia (NVDA) rose while Tesla (TSLA) fell on the stock market today.

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Friday’s hot jobs data dampened hopes of a rate cut in June. On their weekly charts, all three indexes are on track for losses.

The economy added 303,000 jobs in March, higher than estimates of 200,000, according to Econoday. The unemployment rate came in at 3.8% vs. views that it would hold at February’s 3.9%, while the labor participation rate saw an uptick to 62.7% from 62.5% in February.

The yield on the benchmark 10-year Treasury note surged 6 basis points to 4.37%, and odds of a June rate cut went down after the strong jobs report.

Growth 250 Stocks Gain in Stock Market Today

In the MarketSurge Growth 250, GE Aerospace (GE), Vertiv (VRT), MakeMyTrip (MMYT) and Celsius (CELH) were top gainers, with gains of 4% to 6%. Vertiv, MakeMYTrip and Celsius are in the IBD 50 as well.

Despite the hot jobs report, the Dow Jones rose 0.8% in the afternoon while the S&P 500 gained 0.9% in the stock market today. All sectors, except utilities, rose. The Nasdaq continued to hold a lead with a 1% gain.

Volume on the NYSE and on the Nasdaq was lower compared with the same time on Thursday. Breadth was strong, with gainers leading losers on the New York Stock Exchange and the Nasdaq.

The small-cap Russell 2000 trimmed its gains to 0.5% and is rebounding off its 10-week moving average.

The Innovator IBD 50 ETF (FFTY) continued to outperform and rose nearly 2%.

Crude oil rose 0.5% to $85.65 a barrel amid fears of a supply crunch.

Dow Jones Stocks

Salesforce (CRM), Microsoft (MSFT) and Caterpillar (CAT) were among the bigger gainers in the Dow, while Intel (INTC), McDonald’s (MCD), Verizon (VZ) and Dow (DOW) fell. Intel has fallen below the 200-day moving average.

Shockwave Medical (SWAV) rose 2% after Dow Jones leader Johnson & Johnson (JNJ) confirmed plans to buy the company for $13.1 billion.

Movers In Stock Market Today

Some stocks are rebounding from key levels. Recent Stock Of The Day Broadcom (AVGO) held a 2% gain and is bouncing above the 10-week moving average.

ServiceNow (NOW) climbed back above the 50-day moving average. Shares are also in a flat base with a buy point of 815.32, according to IBD MarketSurge. Investment management firm Ares Management (ARES) is also in a flat base with a buy point of 139.48.

Magnificent Seven stock and Google parent Alphabet (GOOGL) made progress in the stock market today toward regaining a buy point of 153.78 after a breakout attempt on Monday. Nvidia rose over 2% but it continues to face resistance at the 900 level. Nvidia is a holding in the IBD 50 and the IBD Leaderboard model portfolio.

Meanwhile, Tesla fell over 3% after Reuters reported that plans for an inexpensive “mass market” car were called off. The company will continue to develop self-driving robotaxis, according to the report. On X, formerly called Twitter, CEO Elon Musk said “Reuters is lying (again).”

Shares fell further below the 50-day moving average.

Banks report their first quarter 2024 earnings next week. JPMorgan Chase (JPM), Citi (C), Wells Fargo (WFC) and BlackRock (BLK) will report on Friday.

Please follow VRamakrishnan on X/Twitter for more news on the stock market today.

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