The Dow Jones Industrial Average rose in morning trading Friday in the wake of Thursday's market rally that carried the blue-chip index and S&P 500 to all-time highs, and pushed the Nasdaq above 16,000. One key ingredient for Thursday's big gains, artificial intelligence juggernaut Nvidia, climbed to more record highs on the stock market today.
The Dow Jones Industrial Average climbed 0.5% in morning action, while the S&P 500 rose 0.3%. The tech-heavy Nasdaq composite was up 0.1% in morning action.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF was up 0.1%, as the SPDR S&P 500 ETF moved up 0.4%.
The 10-year Treasury yield was virtually flat at 4.32%. Further, oil prices dipped from this week's highs, as West Texas Intermediate futures fell 1.2%, trading around $77.60 a barrel.
Stock Market Today
Nvidia pared gains to around 2% in morning action, as the AI chip giant can't seem to stop charging upward. Shares are set to add to Thursday's earnings-fueled 16% surge and hit more record highs.
Key earnings reports Friday morning include Booking, Carvana, Intuit, MercadoLibre and Block.
Booking stock tumbled 6.2%, while Carvana shares soared nearly 30%. Intuit shares declined almost 1%, as MercadoLibre stock dived more than 9% in early trading. Finally, Square shares surged 20% in morning action.
Dow Jones Rises
In Thursday's rally, the Dow Jones Industrial Average climbed 1.2%, while the S&P 500 moved up 2.1%. Both indexes hit new highs, while the Dow Jones industrials closed above 39,000 for the first time ever. It took the Dow only 22 sessions to rise from 38,000. That's the shortest time between 1,000-point milestones since the 33,000-to-34,000 jump.
Thursday's Big Picture column commented, "After Thursday's powerful gains, the major stock indexes and top growth stocks are once again getting extended. So investors should be hesitant to add much exposure at these levels, especially in AI stocks. "
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 Buy And Watch In Stock Market Today
Birkenstock, Lennar and Toll Brothers — plus Dow Jones components Procter & Gamble and Walmart — are among the best stocks to buy and watch in the current market rally.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones Stocks: Walmart Rallies On Earnings
Consumer products giant Procter & Gamble gained 0.1% Thursday, rising for a fifth straight day. Shares are back above their 158.38 buy point in a cup base, according to IBD MarketSmith pattern recognition. Procter shares edged up Friday.
Following this week's gains, discount retail leader Walmart is out of buy range past a 163.57 entry in a cup with handle. Walmart shares tacked on 0.5% Friday morning.
4 Top Growth Stocks To Watch In The Stock Market Rally
Birkenstock Breaks Out
Birkenstock is breaking out past a choppy cup-with-handle's 51.09 buy point, according to IBD MarketSmith, despite a 1.3% drop Thursday. Shares inched down Friday morning.
Homebuilder Lennar remains below its flat base's 156.01 buy point amid Thursday's 1% rise. Lennar shares gained 0.8% early Friday.
Fellow homebuilder Toll Brothers is breaking out above a flat base's 105.91 buy point, with another 2% rally Thursday. Toll stock was up 0.9% Friday.
Best Bets On Stock Market Today
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 |
|---|---|---|---|
| Novo Nordisk | 105.69 | Flat base | |
| Merck | 119.65 | Cup base | |
| DraftKings | 39.35 | Cup base | |
| Spotify | 202.88 | Flat base |
Source: IBD Data As Of Feb. 12, 2024
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Magnificent Seven Stock: Tesla
Magnificent Seven stock Tesla fell 1.8% in the stock market today.
Tesla stock rose 1.4% Thursday, still rebounding from its lowest level since May 2023.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple and Microsoft traded mixed after Friday's stock market open.
Apple is forming a flat base with a buy point at 199.62. But Apple stock must first retake the key 50-day moving average, as it searches for support around its long-term 200-day line. Shares were down 0.5% Friday.
Microsoft shares jumped back out of buy range past a 384.30 buy point in a flat base, with a 2.35% rally Thursday. The software giant was up 0.2% Friday morning.
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.
