The Dow Jones Industrial Average rallied Friday after the Labor Department's weaker-than-expected October jobs report. Meanwhile, Apple stock sold off after the iPhone maker's earnings news.
The Labor Department's employment report showed that the U.S. economy added 150,000 jobs in October, below Wall Street's estimates for an increase of 179,000. The unemployment rate rose to 3.9% vs. estimates for it to remain unchanged at 3.8%.
In early action Friday, Apple declined 1.5% after the company beat expectations for its fiscal fourth quarter, but sales fell for the fourth consecutive period.
Also on the earnings front, movers included Atlassian, Block, Booking, Cloudflare, Coinbase, DraftKings and Fortinet.
TEAM stock dived more than 6%, while Block shares surged more than 12% in morning action. BKNG stock dropped 1.6%, as NET stock surged 9%. COIN stock sold off 1.2%, while DraftKings shares jumped 8%. Finally, Fortinet plunged 16% in early trading.
Dow Jones Today: Oil Prices, Treasury Yields
After Friday's opening bell, the Dow Jones Industrial Average rose 0.5%, while the S&P 500 moved up 0.8%. The tech-heavy Nasdaq composite rallied 0.9% in morning action.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust gained 0.9%, while the SPDR S&P 500 ETF moved up 0.8% early Friday.
The yield on the 10-year U.S. Treasury bond ticked lower to 4.53% Friday. On Thursday, the benchmark settled at 4.66%.
Oil prices continued their rebounds Friday morning, as West Texas Intermediate futures rose modestly, trading at $83 a barrel. WTI is holding near its lowest level since late August.
Stock Market Rally
On Thursday, the Dow Jones Industrial Average rallied 1.7%, while the S&P 500 gained 1.9%. The S&P had its best day since April 27, making its four-day streak the strongest since November 2022, according to Dow Jones Market Data.
Thursday's Big Picture column commented, "A jump in Treasury yields had been a drag on stocks, but that trend is reversing. The yield on the 10-year U.S. Treasury bond fell 12 basis points to 4.66% Thursday, closing at its lowest level since Oct. 13."
Now is an important time to read IBD's The Big Picture column after Wednesday's powerful gains. Be sure to read how to handle a changing market environment.
Learn How To Time The Stock Market With IBD's ETF Market Strategy
Stock Market Today: Best Stocks To Watch
IBD Leaderboard watch list stock Amazon, along with Lululemon Athletica, Arista Networks and Tradeweb Markets — as well as Dow Jones stocks Walmart and UnitedHealth — are among the best stocks to watch in the current market rally.
Lululemon and Walmart both were featured in this Stocks Near A Buy Zone column.
Dow Jones Stocks To Watch
Dow Jones retail titan Walmart is tracing a cup-with-handle base with a 164.33 buy point, according to IBD MarketSmith chart analysis. Shares found support at the critical 50-day moving average this week. WMT stock rose 0.3% Friday.
Healthcare giant UnitedHealth is adding a handle to a massive consolidation, and showing a new buy point at 546.78. UNH stock dropped 0.65% Friday morning.
4 Top Growth Stocks To Watch In The Stock Market Rally
Stocks To Buy And Watch: Amazon Above Buy Point
Amazon made a bullish move back above its 50-day line this week. Shares then topped an early entry at 134.48 during Wednesday's 2.9% advance. AMZN stock rose 0.9% Friday.
MercadoLibre rallied 1.5% after the company's earnings came out Thursday. MELI stock is on a five-day win streak. Shares are building a cup base with a 1,451.56 buy point, according to IBD MarketSmith pattern recognition. MELI stock rose 2.7% Friday.
Tradeweb broke out of a flat base's 87.53 buy point last week after the company's third-quarter earnings. TW stock added 1.2% Thursday, still in the buy zone that goes up to 91.91. TW stock was up nearly 1% Friday.
And Uber Technologies raced more than 6% higher Thursday, recapturing the 50-day line. Uber stock is building a double-bottom base with a 49.19 buy point and a 47.27 early buy trigger. UBER stock rose more than 1% early Friday.
Best Stocks In Today's Stock Market Action
These are four best stocks to watch in today's stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| International Seaways | 48.40 | Cup with handle | |
| UnitedHealth | 546.78 | Handle entry | |
| Arista Networks | 198.70 | Consolidation | |
| Tradeweb Markets | 87.53 | Flat base |
Source: IBD Data As Of Oct. 31, 2023
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Magnificent Seven Stocks: Meta, Nvidia, Tesla
Among the so-called "Magnificent Seven" stocks, Tesla traded up 2.4% early Friday, while Meta Platforms and Nvidia rose 0.8% and 1.2%, respectively. Meanwhile, Dow Jones tech icons Apple and Microsoft traded mixed ahead of today's stock market open.
Meta stock regained its 50-day line this week, but dropped 0.3% Thursday.
Graphics-chip giant Nvidia bounced another 2.8% higher Thursday, adding to Wednesday's gains. Early this week, shares hit their lowest level since mid-June before rebounding. NVDA stock is likely to form a double bottom that has a 476.09 entry, but must surpass the 50-day line first.
Tesla stock surged 6.3% Thursday, closing right at the long-term 200-day moving average. Shares are around 30% off their 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple added 2.1% Thursday, extending a win streak to five sessions. AAPL stock dropped 1.5% Friday morning after the company's earnings report.
Microsoft stock rose 0.65% Thursday, rallying for a fifth-straight session. Shares are above an early buy trigger at 346.20. MSFT stock gained 0.5% early Friday.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
