The Dow Jones Industrial Average rose Friday , as the stock market headed for a four-week win streak. Tesla stock rebounded from Wednesday's losses, while Nvidia slid after a report that the chipmaker would delay the launch of a new AI chip in China.
The economic calendar is light Friday, with the stock market set to close early at 1 p.m. ET.
S&P Global released its Composite Purchasing Managers' Index (PMI) just after the market open Friday. The manufacturing index dipped to 49.4 in November, with the services index rising to 50.6.
Nvidia sold off more than 1% early Friday, after Reuters reported the company told customers in China it would delay until the first quarter of next year the launch of a new artificial intelligence chip designed to comply with U.S. export rules.
Dow Jones Today: Oil Prices, Treasury Yields
After Friday's opening bell, the Dow Jones Industrial Average rose 0.3%, while the S&P 500 inched lower. The tech-heavy Nasdaq composite dropped 0.3% in morning action.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust moved down 0.3%, while the SPDR S&P 500 ETF fell less than 0.1% early Friday.
The yield on the 10-year U.S. Treasury bond ticked higher to 4.47% Friday morning. On Wednesday, the benchmark settled at 4.41%.
Oil prices remained pulled back and near recent lows. West Texas Intermediate futures fell more than 1% Friday morning to trade near $76 a barrel. WTI hit a low near $73 in mid-November. In September, it traded above $93.
Stock Market Rally
On Wednesday, the Dow Jones Industrial Average rose 0.6%, while the S&P 500 moved up 0.4%. The tech-heavy Nasdaq composite climbed 0.5%.
Wednesday's Big Picture column commented, "At 4556, the (S&P) 500 is now a 1.1% rally away from taking out its year-to-date high of 4607. The index stands 5.5% below its all-time peak, set in the first week of 2022, of 4818."
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 invest during the ongoing stock market uptrend.
Learn How To Time The Stock Market With IBD's ETF Market Strategy
Stock Market Today: Best Stocks To Watch
IBD Leaderboard stock Amazon, along with MercadoLibre, Nvidia, IBD SwingTrader stock Shopify and Toll Brothers — as well as Dow Jones stocks Microsoft, Salesforce and UnitedHealth — are among the best stocks to watch in the current market rally.
Salesforce and Shopify featured in this Stocks Near A Buy Zone column. Amazon and MercadoLibre are members of IBD Leaderboard.
Get Real-time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones Stocks To Watch
Software leader Salesforce is approaching a 228.79 buy point in a double-bottom base, according to IBD MarketSmith chart analysis. CRM stock is about 3% away from the latest buy point. Shares were down 0.6% early Friday.
Health care giant UnitedHealth is closing in on a handle's buy point at 546.78. UNH stock was up 0.3% Friday.
4 Top Growth Stocks To Watch In The Stock Market Rally
Stocks To Buy And Watch: Amazon Retakes Buy Point
Amazon regained its cup base's 145.86 buy point during Wednesday's 1.95% gain. Shares remain sharply above an early entry at 134.48. AMZN dipped 0.9% Friday morning.
IBD Leaderboard stock MercadoLibre moved further out of a buy zone past a 1,398.59 buy point, according to IBD MarketSmith pattern recognition, after Wednesday's 2% rally. Shares were up 0.6% Friday.
IBD SwingTrader stock Shopify is breaking out past a double bottom's 67.60 buy point. The buy zone tops out at 70.98, so shares are nearly extended. SHOP stock was down 0.6% early Friday.
Homebuilder Toll Brothers remains in buy range past a cup-with-handle's 82.39 buy point in the wake of last week's breakout move. The buy zone goes up to 86.51. TOL stock rose 0.4% Friday morning.
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 |
|---|---|---|---|
| Amazon | 145.86 | Cup base | |
| UnitedHealth | 546.78 | Handle entry | |
| Toll Brothers | 82.39 | Cup with handle | |
| MercadoLibre | 1,398.59 | Cup with handle |
Source: IBD Data As Of Nov. 24, 2023
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Magnificent Seven Stocks: Nvidia, Tesla
Among the so-called "Magnificent Seven" stocks, Tesla rebounded 0.3% early Friday, while Nvidia sold off 1.4%.
Graphics-chip giant Nvidia is trying to halt its recent slide around a double-bottom base's 476.09 entry. Shares tumbled 2.5% Wednesday after the company's earnings report.
Tesla stock skidded nearly 3% Wednesday, as shares continue to face strong resistance around their 50-day line after retaking the 200-day line last week. A big double bottom has a 278.98 buy point.
Dow Jones Leaders: Apple, Microsoft
Two Dow Jones stocks in the Magnificent Seven, Apple and Microsoft, traded mixed after today's stock market open.
Apple climbed 0.35% Wednesday, still near its highest level since early August. Shares are above an early entry at 182.34, as they continue to trace a consolidation that has a 198.23 buy point. Apple shares dipped 1% Friday.
Microsoft stock moved up 1.3% Wednesday, hitting an all-time high at 379.79. The stock is squarely in buy range above a cup base's 366.78 buy point. In recent weeks, shares rose above an early buy trigger at 346.20. And MSFT stock was down 0.5% Friday morning.
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.
