The Dow Jones Industrial Average dropped 100 points on Friday before reversing gains as investors digested the early release of the Labor Department’s Producer Price Index, another high-profile inflation indicator. Tech stocks were under selling pressure early on, with semiconductor and China-based stocks weighing on Nasdaq 100 futures. Kathy Wood’s Ark Invest ETF, meanwhile, sold more than 76,000 Tesla shares.
X
Wholesale prices rose 0.3% in July, up 0.8% for the year, according to PPI data. Both were hotter than expected. Core prices, which exclude food and energy, rose 0.3% from June and were up 2.4% year-on-year. Both were higher than expected.
The findings were released following Thursday’s consumer price index report. Consumer prices rose 0.2% month-on-month in July, according to CPI data. Core CPI, the price paid by consumers excluding food and energy, rose 0.2% from June. Both matched Wall Street predictions.
stock market today
electric car giant Tesla (TSLA) fell 2.5% early Friday.Dow Jones tech icon apple (AAPL) and microsoft (MSFTMore) fell after today’s stock market opening.
Other stock market leaders include: alphabet (Google) and meta platform (meta). GOOGL shares fell 0.9%, while Meta shares fell 1.3% in early trading.
Explo (XPRO), SLBs (SLBs), Mercado Libre (Meri) and interactive broker (IBKR) — as well as Dow Jones stocks boeing (BA) and intel (INTC) — one of the most watchable stocks in an uptrend of the market under increasing pressure.
Tesla is an IBD Leaderboard stock, SLB is an IBD SwingTrader stock and was recently named to the IBD Stock Of The Day. MercadoLibre is featured in the “Stocks Close to the Buy Zone” column.
Dow Jones Today: Oil Prices, Treasury Yields
After Friday’s opening bell, the Dow Jones Industrial Average rose 0.3% and the S&P 500 fell 0.1%. The technology-rich Nasdaq Composite Index fell 0.3% in morning trading after cutting losses.
Nasdaq 100 tracker Invesco QQQ Trust (QQQ) fell 0.3%, while the SPDR S&P 500 ETF (spy) fell 0.1% early Friday.
US 10-year Treasury yields climbed to 4.11% on PPI inflation data after settling at 4.07% on Thursday.
West Texas Intermediate crude oil prices are still hovering near the highs of the year, with WTI futures trading close to $83.50 a barrel, up less than 1%.
stock market movement
The Dow Jones Industrial Average rose nearly 0.2% on Thursday. The S&P 500 edged higher and the Nasdaq Composite rose 0.1% on Thursday. Small caps have lagged behind, with the Russell 2000 down 0.4%.
Thursday’s Big Picture column said, “Thursday’s move was weaker, with the Nasdaq up 1.6%, but it was certainly bearish, even if it didn’t strictly lead to a distribution date. Nasdaq and Nasdaq. 100 is testing the 50-day moving average.” And it will be interesting to see how the index behaves at that level. “
With the stock market reversing from its highs this year, now is an important time to read IBD’s The Big Picture column.
5 Best Dow Jones Stocks to Buy Now and Watch
Dow Jones Stocks: Boeing, Intel
Aerospace giant Boeing broke out last week, surpassing its flat base entry of 223.91. The stock briefly returned to the 5% buying zone and climbed to 235.11 before breaking out of the buying zone with a 3% rise on Monday. BA shares edged lower Friday morning.
Semiconductor giant Intel continues to etch handles into cup bases, offering a buy point of 37.19, according to pattern recognition from IBD MarketSmith. The stock is about 5% off the most recent entry. INTC shares fell 0.5% Friday morning.
4 Top Growth Stocks to Buy and Watch stock market rise
Stocks to watch: Explo, SLB, MercadoLibre, Interactive Brokers
Offshore drilling service provider Explo is about to break above the 23.72 buy point of the cup with handle, according to pattern recognition from IBD Marketsmith. The stock closed just above Thursday’s entry. XPRO shares rose 0.4% early Friday.
IBD swing trader stock SLB, formerly known as Schlumberger, is breaking above the 58.70 buy point on the cup with handles. The stock is in the buy area. SLB shares fell 0.1% Friday morning.
Mercado Libre surged this week, breaking above the cup-based buy point of 1,365.64. The stock is in 5% buy territory with a high of 1,433.92. MELI shares fell 2.6% on Friday.
Interactive Brokers broke above the consolidation buying point of 90.19 last week. The stock was up 0.6% on Thursday, above its buy trigger. Shares edged higher on Friday morning.
Learn how to time the market with IBD’s ETF Market Strategy
The best stocks in the stock market rally
These are the four best stocks to buy and watch on the stock market today, including the Dow Jones leader.
| Company Name | symbol | correct purchase point | Purchase point type |
|---|---|---|---|
| SLBs | (SLBs) | 58.70 | cup with handle |
| Salesforce | (CRM) | 225.00 | flat base |
| broadcom | (AVGO) | 921.78 | integration |
| sketchers | (SKX) | 54.77 | flat base |
Source: IBD data as of 10 August 2023
IBD experts analyze the leading stocks in the current stock market rally on IBD Live.
tesla stock
IBD leaderboard stock Tesla rose 1.3% on Thursday, ending a four-day losing streak, but is still on pace to drop 3.4% this week. The stock is still well below the 50-day line. A rebound from here would be positive for the short-term outlook for the stock and ultimately lead to new buying points. But the continued slump means it will take more time for stocks to stabilize before new entrants.
TSLA shares threatened to relinquish some of Thursday’s gains, dropping 2.5% Friday morning.
Dow Jones Leaders: Apple, Microsoft
Among the Dow Jones stocks, Apple edged lower on Thursday, holding near recent lows. The stock price is well below the 50-day line. AAPL shares are still above the buy point of 157.38, but the recent weakness is a sell signal, meaning investors should secure profits. Shares fell 0.5% early Friday.
Microsoft shares rallied from recent lows, gaining 0.2% on Thursday. The stock is just below the 50-day line and will need more time to consolidate before a new buy point emerges. And on Friday morning, Microsoft shares fell 1%.
Be sure to follow Scott Lehtonen on Twitter. @IBD_SLehtonen Learn more about growth stocks and the Dow Jones Industrial Average here.
You may also like:
Top Growth Stocks to Buy and Watch
Learn how to time the market with IBD’s ETF Market Strategy
Find your perfect long-term investment with the long-term leader in IBD
MarketSmith: Research, charts, data and coaching all in one place
How to research growth stocks: Why this IBD tool simplifies your search for top stocks
