The Dow Jones Industrial Average, along with the other stock indexes, looked to rebound from Thursday's sell-off as Wall Street digested a stronger-than-expected jobs report. Meanwhile, Magnificent Seven stocks Meta Platforms and Nvidia rose on the stock market today, but Tesla dropped.
The Dow Jones Industrial Average rose 0.3% in morning action, while the S&P 500 gained 0.6%. The tech-focused Nasdaq composite climbed 0.7% after the opening bell.
The 10-year Treasury yield ticked higher to 4.37%. Further, oil prices added to six days of gains, as West Texas Intermediate futures traded around $86.90 a barrel, their highest level in 2024.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF was up 0.7%, while the SPDR S&P 500 ETF rose 0.6%.
Stock Market Today: Jobs Report
The Labor Department's March jobs report showed that the U.S. economy added 303,000 jobs, much higher than the 200,000 estimate. The unemployment rate fell to 3.8%; it was expected to hold steady at 3.9%, per Econoday estimates.
In merger news, Johnson & Johnson agreed to buy Shockwave Medical for $12.5 billion. J&J shares fell 0.3%, and Shockwave stock was up 1.6% in early trading.
Magnificent Seven stocks Meta and Nvidia climbed 1.7% and 1.6%, respectively, while Tesla fell 1.7% in morning action Friday.
Meta shares briefly topped a 515.05 entry in a short consolidation Thursday. But the stock gave up its early gains, closing below the buy trigger.
Nvidia skidded 3.4% Thursday, closing at its lowest level since March 11. The artificial intelligence giant is an IBD Leaderboard stock.
And Tesla bounced 1.7% Thursday, cutting into this week's losses. Shares remain more than 40% off their 52-week highs, as they look to test their 50-day line, a key resistance area to watch.
Be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.
Dow Jones Falls
On Thursday, the major stock indexes reversed lower after giving up solid gains. The Dow Jones Industrial Average rallied as much 0.8% before ending with a 1.4% slide. The S&P 500 and Nasdaq composite — up 0.9% and 1.2%, respectively, during midday trading — finished with losses of 1.2% and 1.4%. The small-cap Russell 2000 declined 1.1%.
Thursday's Big Picture column commented, "To help reduce your exposure to stocks, sell the losers and take some profits in the winners to avoid too much of a potential drawdown if today's weakness persists into Friday and next week."
Now is an important time to read IBD's The Big Picture column amid the continuing stock market rally. Be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.
Learn How To Time The Stock Market With IBD's ETF Market Strategy
Best Stocks To Watch On Stock Market Today
Google-parent Alphabet, Arista Networks, DraftKings and ServiceNow — plus Dow Jones components Disney, IBM and Verizon Communications — are among the best companies to watch on the stock market today.
ServiceNow is featured in this Stocks Near A Buy Zone column.
An essential resource for daily breakouts is IBD MarketSurge's "Breaking Out Today" list. It shows MarketSurge Growth 250 stocks that are breaking out past new buy points, like HubSpot. Meanwhile, the MarketSurge "Near Pivot" list shows stocks nearing buy points in bases.
To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone. These features identify bullish patterns and buy points and are available to check every day.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones: Disney, IBM, Verizon
Disney — the strongest Dow Jones component during the first quarter — is extended past a big cup-with-handle base's 112.92 buy point, according to IBD MarketSurge chart analysis. Shares tumbled another 1.6% Thursday, back in buy range. Disney stock fell 0.4% Friday morning.
IBM stock threatened to give up its 50-day line, with a 1.6% drop Thursday. Shares remain below a flat base's 196.90 buy point. IBM stock rose 0.4% Friday.
Telecom giant Verizon is trying to break out past a cup base's 43.21 entry, as the stock bullishly rebounds from its 50-day line. Verizon shares lost 0.7% Friday morning.
4 Top Growth Stocks To Watch In The Stock Market Rally
Stock Market Today: DraftKings Eyes Buy Point
Alphabet is back below a 153.78 buy point in a consolidation, as the stock lost 2.8% Thursday. Google stock inched higher Friday.
Arista shares again gave up a 292.66 flat-base buy point, according to MarketSurge charts, with a 3.4% decline Thursday. And on Friday, the stock climbed 0.7% in morning action.
DraftKings is trying to retake its 46.52 buy point in a short consolidation amid two days of gains. And the sports-betting giant inched 0.3% lower Friday morning.
Finally, ServiceNow continues to see resistance at the 50-day line this week. Shares are building a flat base with an 815.32 entry. The stock rose 0.5% Friday.
Stocks To Watch
These are four stocks in or near buy zones in today's stock market.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Disney | 112.92 | Cup with handle | |
| Arista Networks | 292.66 | Flat base | |
| DraftKings | 45.62 | Consolidation | |
| ServiceNow | 815.32 | Flat base |
Source: IBD Data As Of April 1, 2024
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple and Microsoft traded higher after Friday's stock market open.
Apple stock moved down 0.5% Thursday, back at its recent lows. Shares remain sharply below their long-term 200-day line. The stock added 0.4% Friday morning.
Microsoft shares slipped 0.6% Thursday, still holding above their 50-day line. And the stock moved up 0.5% early Friday.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
