Following Thursday’s stock market decline, the Dow Jones Industrial Average rebounded Friday. Cathie Wood’s Ark Invest ETF added to Palantir shares, and biotech Seagen soared after positive trial results.
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S&P Global will release preliminary Purchasing Managers’ Index (PMI) results for September at 9:45 a.m. ET. The manufacturing economy index for September is expected to be 47.8, slightly down from August’s 47.9. The service index is also expected to drop from 50.5 in August to 50.2 this month.
Seagen (SGEN) rose almost 4% in the early stages after announcing positive results from a Phase 3 trial of a combination drug using Keytruda to treat advanced bladder cancer.
Palantir Technologies (PLTR) rose 1.6% Friday morning as Cathie Wood’s Ark Invest ETF bought more than 1 million shares of AI stock worth $14.92 million at closing price. After a big move that began in May, the stock has held steady below its 50-day line. Watch for a rebound in that level as a bullish sign for the stock’s outlook.
stock market today
dow jones aerospace giant boeing (BA) The stock rose slightly after CFRA lowered its price target from 253 to 210 and downgraded the stock from Buy to Hold. The stock price is expected to end its five-day losing streak.
EV giant tesla (TSLA) rose 0.5% on Friday morning, but Nvidia (NVDA) rose 1.1%.Dow Jones tech icon apple (AAPL) and microsoft (MSFT) After the stock market opened today, prices rose.
stock market leader alphabet (Google) and meta platform (Meta) both rose slightly in early action.
Dow Jones Today: Oil Prices, Treasury Yields
After Friday’s opening bell, the Dow Jones Industrial Average rose 0.1% and the S&P 500 rose 0.2%. The tech-heavy Nasdaq Composite Index rose 0.45%, with China-based stocks leading the index after a strong overnight market in Hong Kong.
Among U.S. exchange-traded funds, Invesco QQQ Trust (QQQ) added 0.4% and SPDR S&P 500 ETF (spy) rose 0.2% early Friday.
In early trading on Friday, the yield on the 10-year U.S. Treasury note stood at 4.47%, on track to end the week sharply higher.
Oil prices have rebounded somewhat after four days of moderate decline. West Texas Intermediate futures rose 1% in morning trading to $90.50 a barrel, essentially flat for the week.
Top 5 Dow Jones Stocks to Buy Now and Watch
stock market decline
On Thursday, the Dow Jones Industrial Average fell 1.1% and the S&P 500 fell 1.6%. The tech-heavy Nasdaq Composite Index fell 1.8%, and the small-cap Russell 2000 index fell 1.6%.
Thursday’s Big Picture column says, “During a market correction, investors should primarily stay on the sidelines until a new uptrend begins. Instead of being cautious, be a market leader in the next uptrend. “We should create a watchlist of potential major stocks.”
As the stock market widens its losses and hits recent lows, now is an important time to read IBD’s “The Big Picture” column. Be sure to read how to deal with the ongoing stock market downturn and prepare for a new uptrend.
Dow Jones Stocks: Caterpillar, Intel
Dow Jones leader Caterpillar is nearing a new flat-based buy point of 293.88 after its biggest rally since early June. CAT stock fell 2.4% on Thursday, ending below its 50-day line. Shares were up 0.1% Friday morning.
Semiconductor giant Intel’s sharp decline this week triggered a 7% sell rule below its flat base entry of 37.19. INTC stock fell 0.1% early Friday.
4 Top Growth Stocks to Buy and Watch stock market correction
Stocks to watch: Airbnb, Axon, DraftKings, Uber
Recent IBD Stock Of The Day, Airbnb continues to build a cup-with-handle base with a buy point of 151.16. However, ABNB stock fell further below its 50-day line during Thursday’s 3.8% decline. Airbnb stock rose 0.1% Friday morning.
Axon Enterprises fell 3.55% on Thursday, trading about 4% off Cup With Handle’s buy point of 217.61. AXON stock rose 0.5% on Friday.
IBD Leaderboard Watchlist Stock DraftKings is building a cup with handle with a buy point of 32.65, according to IBD MarketSmith pattern recognition. The stock is holding steady below its 50-day moving average, which is an important level to watch. DKNG stock rose 1.4% Friday morning.
Uber Technologies also fell 4.2% on Thursday, falling below its key 50-day line. UBER forms a flat base with 49.49 entries. The stock rose 1.4% early Friday.
Learn how to time the market with IBD’s ETF Market Strategy
Best stocks in today’s stock market movements
These are the four best stocks to buy and watch in the stock market today, including the Dow Jones leader.
| Company Name | symbol | correct purchase point | Types of purchase points |
|---|---|---|---|
| Uber Technologies | (Uber) | 143.63 | flat base |
| caterpillar | (Cat) | 293.88 | flat base |
| airbnb | (ABNB) | 154.95 | cup base |
| draft kings | (DKNG) | 32.65 | cup with handle |
Source: IBD data as of September 21, 2023
IBD experts analyze the top stocks in the current stock market correction on IBD Live.
tesla stock
Tesla stock fell 2.6% on Thursday, closing just above its 50-day line. The stock price gave up on early entry at 261.18. Also, the official cup-based buy point for TSLA stock is 299.29, but the early entry of 278.98 is also effective.
TSLA stock rose 0.5% Friday morning, trying to recoup some of Thursday’s losses.
Dow Jones Leader: Apple, Microsoft
Among Dow Jones stocks, Apple shares fell another 0.9% on Thursday, falling further below its 50-day line, following a steep decline in recent weeks. AAPL stock continues to build a flat base with a buy point of 198.23. Shares were up 0.4% Friday morning.
Microsoft stock fell further below its 50-day line, down 0.4% on Thursday. And on Friday morning, the stock was up 0.1%.
Follow Scott Lehtonen on X/Twitter. @IBD_SLehtonen Learn more about growth stocks and the Dow Jones Industrial Average.
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