Dow Jones futures, along with the other major stock indexes, dropped Friday as Wall Street reacted to a pivotal May jobs report from the Labor Department. GameStop (GME) stock plunged on the stock market today after the company announced an equity offering.

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Prior to the opening bell, Dow Jones futures lost 0.6% vs. fair value, as did S&P 500 futures. The tech-focused Nasdaq 100 futures moved down 0.6% vs. fair value in premarket trades.

Early Friday, the 10-year Treasury yield jumped to 4.41%. Oil prices rose as West Texas Intermediate futures climbed to around $76 a barrel.

Among U.S. exchange traded funds, the Invesco QQQ Trust (QQQ) fell 0.3% while the SPDR S&P 500 ETF (SPY) lost 0.4%.

GameStop stock plunged nearly 19% early Friday after the company reported weak first-quarter results and plans for a big stock offering. The firm will sell up to 75 million shares in the equity offering.

GameStop soared more than 47% Thursday after meme investor “Roaring Kitty” announced a YouTube event that is scheduled to take place today at 12 pm ET.

Stock Market Today: Jobs Report

The Labor Department’s employment report showed that nonfarm payrolls rose 272,000 in May, beating estimates for growth of 188,000, per Econoday. The unemployment rate rose to 4.0%, above the 3.9% estimate.

Big earnings movers Friday include DocuSign (DOCU) and Samsara (IOT).

DocuSign shares dived 7% in premarket trading, while Samsara stock tumbled more than 6%.

Adjust To Changing Market Conditions, With IBD’s New Exposure Levels

Dow Jones Extends Win Streak

On Thursday, the Dow Jones Industrial Average rose 0.2%, extending a win streak to three sessions. The S&P 500 and Nasdaq composite ended barely lower after hitting more record highs earlier in the day. But the small-cap Russell 2000 dropped 0.7%. It closed just above the 50-day moving average, where the index has been finding support.

Investor’s Business Daily’s Big Picture column commented, “Following Wednesday’s advance to record highs, IBD boosted its recommended market exposure range to 80%-100%. That means investors should be buying new breakouts or using follow-on buy areas to raised exposure to market leaders.”

During Thursday’s IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market today.

Now is an important time to read The Big Picture column amid the ongoing stock market action. Also, 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

Stock Market Today: Best Stocks To Watch

ASML (ASML), Netflix (NFLX), Robinhood Markets (HOOD) and Spotify (SPOT) — plus Dow Jones components Apple (AAPL), Amgen (AMGN) and Microsoft (MSFT) — are among the best companies to watch on the stock market today.

Amgen and Spotify were featured in IBD’s Stocks Near A Buy Zone column.

In IBD MarketSurge’s “Breaking Out Today” list, Novo Nordisk (NVO) is a recent breakout after moving past a 137.22 buy point in a cup with handle. The base, however, is a higher-risk, late-stage pattern.

Check out the MarketSurge “Near Pivot” list for stocks nearing buy points in bases. To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.

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

Dow Jones Component Amgen

Biotech giant Amgen is building a cup with handle that has a 133.10 entry. The Dow component added 0.5% on the stock market today.

Outside the Dow Jones index, streaming giant Netflix dipped 0.3% Thursday, holding above the 639 cup entry. Netflix stock was up a fraction Friday.

Trading platform Robinhood rallied 6.5% Thursday, further past a 21.21 handle buy trigger. Shares tacked on nearly 1% early Friday.

Spotify shares are just above a 319.30 buy point in a flat base, despite a 1.6% drop Thursday. Spotify stock inched higher in recent action.

ASML stock hit an early-entry buy point of 992.88 this week, based on an IBD analysis. With the move higher, it broke out of a handle. The 5% buy zone extends to 1,042.52. Shares fell 0.6% Friday morning.

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Stock Market Today: Companies To Watch

These are four stocks in or near buy zones in today’s stock market.

Source: IBD Data As Of May 28, 2024

Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live

Magnificent Seven Stocks: Nvidia, Tesla

Among Magnificent Seven stocks, Nvidia (NVDA) and Tesla (TSLA) fell 1.7% and 1.1%, respectively, on the stock market today.

Nvidia stock reversed down 1.2% Thursday after setting more record highs. The company is an IBD Leaderboard stock. In recent weeks, Nvidia stock topped a secondary buy point at 974, gapping up to new highs.

Tesla stock climbed 1.7% Thursday, rebounding further from the 50-day line. Shares remain more than 40% off their 52-week high.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones components in the Magnificent Seven, Apple and Microsoft traded lower ahead of Friday’s stock market open.

Apple stock fell 0.7% Thursday, just shy of a cup base’s 199.62 buy point. Shares remain at their highest level since December 2023. Apple was down 0.4% Friday.

Microsoft shares moved up 0.1% Thursday, moving closer to a 430.82 flat-base entry. Early Friday, Microsoft stock inched lower.

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.

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