The Dow Jones Industrial Average and other major stock indexes traded lower Friday, as Wall Street reacted to mixed retail sales data. Early movers were Nvidia and Tesla on the stock market today.
After the opening bell, the Dow Jones Industrial Average fell 0.5%, while the S&P 500 lost 0.8%. The tech-heavy Nasdaq composite traded down 1.4% in morning trading.
Early Friday, the 10-year Treasury yield rose to 4.48%. Oil prices dipped, as West Texas Intermediate futures traded around $68.20 per barrel.
Among exchange traded funds, the Invesco QQQ Trust fell 1.4%, while the SPDR S&P 500 ETF declined 0.8% after the open.
Chip giant Nvidia held near recent highs Thursday, but moved down 2.2% Friday. Nvidia is scheduled to report earnings next week. At least five research firms raised their price targets on Nvidia stock on Thursday.
Tesla rose 2.1% Friday, but was still near the week's lows. Shares tumbled nearly 6% Thursday to erase the entirety of the week's gains.
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Stock Market Today: Retail Sales
Key earnings movers Friday morning include Alibaba and Applied Materials.
Chinese e-commerce giant Alibaba reported fiscal second-quarter earnings that beat estimates despite sales that were lower than expected. Alibaba stock declined nearly 3% in morning trading.
Meanwhile, Applied Materials tumbled more than 7% after the chip gear maker provided a lower-than-expected sales outlook for the current quarter.
Early Friday, the Commerce Department said that retail sales rose 0.4% for the month of October, above the 0.3% Econoday estimate. Retail sales excluding vehicles climbed just 0.1% compared with the 0.3% estimate. And excluding vehicles and gas, sales rose 0.1% on the month, below the expected 0.4% increase.
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Dow Jones Holds Off Highs
On Thursday, indexes closed near session lows. The Dow Jones Industrial Average declined 0.5%, while the S&P 500 and Nasdaq composite both moved down 0.6%. The small-cap Russell 2000 index sold off 1.4%, falling sharply for a third straight session.
Among the best companies to watch on the stock market today are Broadcom, Costco Wholesale, Deckers Brands and FanDuel parent Flutter Entertainment.
Dow Jones components making notable moves are Amazon.com, Apple, Microsoft and Salesforce.
Salesforce and Broadcom featured in this Stocks Near A Buy Zone column.
There were no new stocks on IBD MarketSurge's "Breaking Out Today" list Thursday due to the market weakness. Check for potential breakouts on the "Near Pivot" list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones: Salesforce Tops Buy Point
Dow Jones software leader Salesforce continues to hold just off its new highs, still extended beyond a 318.71 buy point, according to MarketSurge pattern recognition. Shares dropped 0.5% on Friday.
Outside the Dow Jones index, artificial intelligence giant Broadcom is searching for support around its 50-day line, as it holds near a 186.42 alternative entry. Broadcom shares lost 1.9% Friday.
Costco is testing support at its flat base's 923.83 buy point. Costco is a recent options trade idea. Shares slipped 1.4% early Friday.
Deckers stock is in buy range past a 172.57 buy point in a cup-with-handle base. Shares moved down 0.6% Friday.
Shares of Flutter jumped past a 252.84 buy point in a flat base, with sharp gains this week as it was named the IBD Stock Of The Day. The stock fell 1.9% Friday morning.
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Stock Market Today: Companies 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 |
|---|---|---|---|
| Ferrari | 498.23 | Flat base | |
| Costco Wholesale | 923.83 | Flat base | |
| Broadcom | 186.42 | Handle entry | |
| Deckers Brands | 172.57 | Handle entry |
Source: IBD Data as of Nov. 12
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Magnificent Seven Stocks: Alphabet, Meta
Among Magnificent Seven stocks, Alphabet fell 1.4% in morning trading. Shares are trying to top a 182.02 buy point in a cup with handle.
Meta Platforms is trading near a flat base's 602.95 buy point. Shares dropped 1.7% Friday.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon stock reversed from new highs Thursday and fell 2.7% in morning trading Friday. Amazon shares are above a consolidation's 201.20 buy point.
Shares of Apple rebounded above their 50-day line Thursday, but declined 0.9% Friday morning.
Microsoft shares slipped 1.4% Friday morning. The stock is moving back above its 50-day line, a key level to watch.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
