Dow Jones futures and other major indexes reversed higher after this morning's jobs report, as leaders in artificial intelligence Nvidia (NVDA) And Super micro computer (SMCI) rose to new highs in the stock market today.
X
Dow futures rose 0.1% versus fair value in morning trading on Friday, and S&P 500 futures rose 0.3%. The tech-heavy Nasdaq 100 futures also rose 0.3% before the opening bell.
Among the US exchange-traded funds is the Nasdaq 100 Tracker Invesco QQQ Trust ETF (QQQ(by 0.3%, as well as the SPDR S&P 500 ETF)spy).
The 10-year Treasury yield fell to 4.05%. Furthermore, oil prices paused after two days of gains, with WTI futures falling 0.4%, to trade near $78.50 per barrel.
Shares of Nvidia and Super Micro rose 2.9% and 4.3%, respectively, before the market opened on Friday. Both were on the verge of reaching new highs.
Nvidia stock jumped another 4.5% on Thursday, hitting more record highs and trading more than 80% above a flat entry level of 505.48. Nvidia is an IBD Leaderboard stock.
Super Micro shares extended their winning streak to six sessions on Thursday, with a 3.1% rise.
Be sure to read about how to adapt to changing market conditions, with IBD's new exposure levels.
Stock Market Today: Jobs Report
Early Friday, the Labor Department said the US economy added 275,000 jobs in February, higher than estimates of 190,000 jobs. The unemployment rate rose to 3.9% in February, compared to 3.7% in January. Meanwhile, January payrolls were revised downward from an increase of 353,000 to 229,000.
Key earnings reports included on Friday Broadcom (Afgo), Costco wholesale (it costs), Marvell technology (MRVL), MongoDB (MDB) And Samsara (The Internet of things).
Broadcom shares fell 0.4% in premarket trading, while Costco shares fell more than 3%. Marvell stock fell more than 4%, and MongoDB stock fell 7%. Samsara stock rose nearly 13% in early trading.
Dow Jones rise
On Thursday, the Dow Jones Industrial Average rose 0.3%, while the S&P 500 rose 1%. The Nasdaq Composite Index, which is dominated by technology stocks, advanced 1.5%. Small-cap Russell 2000 stocks added 0.8%.
“After Thursday's gains, the Nasdaq and S&P 500 are back at new highs, rebounding nicely from Tuesday's sell-off,” commented Thursday's Big Picture column. IBD is maintaining its recommended exposure level at 60%-80%, with Taking into account that withdrawing now would not be surprising.”
Now is an important time to read IBD's “Big Picture” column amid the ongoing stock market rally. Be sure to read about how to adapt to changing market conditions, with IBD's new exposure levels.
Learn how to time the stock market with IBD's ETF market strategy
The best stocks to buy and watch in today's stock market
Duolingo (Ragdoll), Fifth Third Bancorp (Fitb), Fortnite (Fascinated) And Weatherford (WFRD) – in addition to the components of the Dow Jones Index Disney (Dis), IBM (IBM) And Procter & Gamble Company (s) — among the best stocks to buy and watch in the stock market today.
IBM and Duolingo are featured in this “Stocks Near Buy Zone” column.
A great resource for daily hacks is IBD MarketSurge's “Breakthrough of the Day” list. It shows MarketSurge Growth 250 stocks that have crossed new buy points. There were no breakouts on Thursday, which makes sense after the recent market weakness.
Meanwhile, MarketSurge's “Near Pivot” list shows stocks that are approaching buy points in bases, such as Badger scale (BMI). This stock is close to entering the 170.86 cup level.
Get real-time buy and sell alerts on stock market leaders with the IBD Leaderboard
Dow Jones Stocks: Disney Trying to Breakout
Disney is trying to surpass a buy point for its large cup with handle base of 112.92, according to IBD MarketSurge chart analysis. Disney stock is down a bit on the stock market today.
IBM stock is also trying to break above a flat buy point of 196.90, with a 2.2% gain on Thursday. IBM shares fell on Friday.
Consumer products giant Procter & Gamble rose 0.7% on Thursday, surpassing a 158.38 buy point in the cup base. Procter & Gamble shares fell 0.3% on Friday.
3 top growth stocks to watch in Stock market pool
Point of purchase for square eyes
IPO leader Duolingo added a handle to the base of the cup, raising the buy point to 241.86. Duolingo shares fell on Friday.
Fifth Third Bancorp stock rose 0.9% on Thursday, surpassing a buy point of 35.73. Shares rose 1.4% on Friday.
Leading cybersecurity firm Fortinet adds a handle to its long cup base, raising its buy point to 73.91. The stock rose 0.8% on Friday.
The square main block adds a raised handle to the base of the cup, raising the valid buy point to 83.29. The short-term breakout failed after the 80.29 entry on Tuesday when the stock fell 7% from the buy reason. Square shares rose 1.25% on Friday.
Best bets on the stock market today
These are the four best stocks to watch in the stock market today, including Dow Jones stocks.
| Company Name | Code | Correct point of purchase | Point of purchase type |
|---|---|---|---|
| Novo Nordisk | (NVO) | 105.69 | Flat base |
| Merck | (Mark) | 119.65 | Cup base |
| Kings Project | (DKNG) | 39.35 | Cup base |
| Spotify | (spot) | 202.88 | Flat base |
Source: IBD data as of February 28, 2024
Join IBD experts as they analyze the leading stocks in the current stock market rally on IBD Live
The 7 Great Stocks: Tesla
Among the Magnificent Seven stocks, Tesla rose 2% in pre-market trading.
Tesla stock rose 1.2% on Thursday, ending a three-day losing streak. Shares remain sharply below their 50-day and 200-day moving averages.
Dow Jones leaders: Apple, Microsoft
Among the Dow Jones stocks in Magnificent Seven, apple (Camel) And Microsoft (MSFT) were trading mixed before the stock market opened on Friday.
Apple stock fell 0.1% on Thursday, extending its losing streak to seven sessions and moving further below its long-term 200-day line. Shares rose 0.7% on Friday morning.
Microsoft shares are back out of the buy range past a buy point of 384.30 in a flat base, finding support at the 50-day line on Thursday. The software giant fell 0.2% on the stock market today.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen To learn more about growth stocks, the Dow Jones Industrial Average, and today's stock market.
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