Dow Jones futures were on the rise Friday morning, marking a potential end to a four-week win streak in the stock market. Tesla and Nvidia both experienced losses, with Nvidia slipping due to a report that the launch of a new AI chip in China would be delayed. The economic calendar for the day looked light, with S&P Global releasing its Composite Purchasing Managers’ Index at 9:45 a.m. ET. Nvidia’s stock sold off early Friday, dipping more than 1% after news about the launch delay.
As the opening bell approached on Friday, Dow Jones futures rose 0.15% vs. fair value, with S&P 500 futures gaining 0.1%. On the other hand, the Nasdaq 100 tracker Invesco QQQ Trust fell 0.1% while the SPDR S&P 500 ETF rose 0.15%. Oil prices also remained near recent lows, further adding to the stock market’s complexity. West Texas Intermediate futures dropped to trade near $77 a barrel. IBD’s newsletter MarketDiem has actionable ideas for stocks, options, and crypto right in your inbox.
The stock market rallies saw the Dow Jones Industrial Average rise by 0.6% on Wednesday, the S&P 500 moved up by 0.4%, and the Nasdaq composite climbed by 0.5%. The ongoing stock market uptrend presents opportunities for investors to keep up-to-date with the shifting market landscape.
IBD Leaderboard stocks such as Amazon, Nvidia, Shopify, and Toll Brothers, as well as Dow Jones stocks including Microsoft, Salesforce, and UnitedHealth, are set to be some of the best stocks to watch in the midst of the current market rally. In the stock market action on Friday, these top stocks had offerings for investors to consider. For instance, software leader Salesforce is approaching a 228.79 buy point in a double-bottom base, as per IBD’s MarketSmith chart analysis.
The continuation of the ongoing stock rally bodes well for investors looking for opportunities in the market. While Nvidia and Tesla are part of the “Magnificent Seven”, their stock performance hasn’t been as impressive lately. On the other hand, Apple and Microsoft, both Dow Jones stocks, showcased mixed performance ahead of Friday’s stock market open. For investors keen on growth stocks and the Dow Jones Industrial Average, staying updated with industry expert Scott Lehtonen’s insights can provide a strategic advantage.
