The Dow Jones Industrial Average and other major stock indexes fell on Friday ahead of consumer sentiment readings that include a survey of inflation. There were two big names to watch in the stock market today: Nvidia (NVDA program) and Tesla (Tesla) where both have regained a key level.
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Market is rallying again; Nvidia, Shake Shack, Tesla in the spotlight
After the opening bell, the Dow Jones Industrial Average fell 0.1%, while the S&P 500 fell 0.2%. The technology-focused Nasdaq Composite lost 0.3% in morning trading.
Early Friday morning, the yield on the 10-year U.S. Treasury note fell to 3.87%. Oil prices fell, with West Texas Intermediate crude futures falling to $75.30 a barrel.
Among the exchange-traded funds, the Invesco QQQ Trust (Q Q Q) lost 0.3%, as the SPDR S&P 500 ETF fellspy) down 0.2% after the open.
Among the seven major stocks, Nvidia and Tesla shares rose 0.5% and 2%, respectively, in morning trading.
Nvidia stock jumped another 4.1% on Thursday, extending its winning streak to four days and reclaiming the 50-day level. This is an important level to watch. If Nvidia can hold above this level, it will soon provide another decent entry. But if the stock clears this level on heavy volume, it is likely to see further weakness.
Tesla shares rose 6.3% on Thursday, reclaiming their 50-day streak for the first time since Aug. 2. The electric-vehicle giant’s shares may be tracking the right side of a new base, but they’re at an early stage of the process.
Wake-up calls continue to ring for Nvidia, Google, Meta and others
Stock Market Today: Consumer Sentiment
In housing data, the Commerce Department reported a slower-than-expected annual rate of 1.238 million starts and 1.396 million permits in July. The rates had been forecast to slow to 1.342 million and 1.43 million, respectively, according to Econoday estimates.
Later, the University of Michigan consumer sentiment index for August is due at 10 a.m. The index is expected to rise to 67.0 from 66.4 in July, according to Econoday estimates. The survey includes inflation expectations for the coming year.
The main driver of earnings on Friday morning was the chip giant. Applied materials (I diedThe company’s shares fell 4% in early trading.
Nvidia and other stocks are under heavy attack. But there is a glimmer of hope.
Dow Jones continues to rise
The Dow Jones Industrial Average rose 1.4% on Thursday, while the S&P 500 rose 1.6% and the technology-heavy Nasdaq Composite rose 2.3%.
During IBD Live on ThursdayThe IBD Live team discusses current trading conditions and how investors are approaching the stock market today.
Now is a good time to read the big picture column amidst the ongoing market movements. Also be sure to read how to adapt to changing market conditions, with IBD’s new exposure levels.
Deepening cracks at Nvidia. Don’t ignore early wake-up calls.
Stock Market Today: Top Stocks to Watch
Among the best companies to watch in the stock market today are: reward (reward), Ferrari (race), Samsara (Internet of Things) and Shake Shack (Shak).
The list also includes components of the Dow Jones Index. Amazon (Amazon), apple (Apple Inc.), IBM (IBM), Microsoft (Microsoft) and United Health (University of New Hampshire).
There were four new stocks on IBD MarketThursday’s “Breaking Out Today” list, including: Birkenstock (Burke), which surpassed the 61.83 buy point. Shares were up 0.1% on Friday.
Furthermore, there are a few stock ideas on the site. “Near Axis” ListThese are the leading stocks that are approaching new buy points, such as: costco wholesale (It costsCostco stock is trading at a flat entry level of 896.67. Shares were down 0.5% on Friday.
To find more stock ideas, check out IBD stock lists like Inflammatory bowel disease 50, Big Capital 20 And stocks close to the buy zone.
Get real-time buy and sell alerts on stock market leaders with the IBD Leaderboard.
Dow Jones: IBM, UnitedHealth
Among the Dow components, UnitedHealth is in a buy range above the 554.70 buy point on a cup basis, according to Pattern Recognition in MarketSurgeStocks were slightly higher Friday morning.
Meanwhile, IBM is approaching its latest entry, a cup-and-handle buy point at 196.26. IBM stock was down slightly on Friday.
Outside the Dow, Mediterranean restaurant chain Cava reclaimed its 50-day level last week. That also presents a buying opportunity for more aggressive investors. The stock is building on the right side of a fresh base and is close to an entry at 98.69. Cava shares were down 0.6% early Friday. It is included in the IBD SwingTrader list.
Shares of automaker Ferrari topped a 442.80 buy point from a flat base. Ferrari is a top stock on the IBD Leaderboard. Shares were up 0.9% Friday morning.
Artificial intelligence leader Samsara reached a cup-and-handle level of 39.21 after a breakout move this week. The stock was down 0.5% early Friday.
Shake Shack managed to break above the 105.68 cup-and-handle entry level. But shares were down 0.2% Friday morning.
Find the best stocks to buy and watch with IBD Stock Screener and IBD Screen Of The Day
Stock Market Today: Companies to Watch
These are the four stocks that are in or near buy zones in the stock market today.
| Company Name | code | The right point of purchase | Point of purchase type |
|---|---|---|---|
| Ferrari | (race) | 442.80 | flat base |
| Shake Shack | (Shak) | 111.29 | cup base |
| Service Now | (now) | 806.52 | entry handle |
| Birkenstock | (Burke) | 61.83 | flat base |
Source: IBD data as of August 15
Join IBD experts as they analyze today’s leading stocks on IBD Live.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among the Dow Jones Industrial Average’s seven superstar companies, Amazon, Apple and Microsoft shares fell after the stock market opened on Friday.
Amazon shares decisively reclaimed their 200-day long-term level during recent gains. The stock was down 0.1% Friday morning.
Apple stock is back above its 50-day line amid a six-day winning streak. Last week, the stock triggered a back-and-forth sell-off from a 199.62 buy point. Apple shares fell 0.1% on Friday.
Microsoft shares are back above their 200-day line. On Friday morning, the stock was down 0.6%.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen Learn more about growth stocks, the Dow Jones Industrial Average, and today’s stock market.
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