Major indexes came off session highs at closing bell on Friday. The Dow Jones Industrial Average held the 50-day moving average while the Nasdaq composite rebounded off that level. The S&P 500 rose back above its 21-day moving average. Nvidia rose while Tesla fell on the stock market today.
Friday's hot jobs data dampened hopes of a rate cut in June. Despite Friday's gains, all three indexes showed losses for the week on their charts.
The economy added 303,000 jobs in March, higher than estimates of 200,000, according to Econoday. The unemployment rate came in at 3.8% vs. views that it would hold at February's 3.9%, while the labor participation rate saw an uptick to 62.7% from 62.5% in February.
The yield on the benchmark 10-year Treasury note surged 6 basis points to 4.37%, and odds of a June rate cut went down after the strong jobs report.
Growth 250 Stocks Gain in Stock Market Today
In the MarketSurge Growth 250, GE Aerospace, Vertiv, MakeMyTrip and Celsius were top gainers, with gains of 5% to 6%. Vertiv, MakeMYTrip and Celsius are in the IBD 50 as well.
Despite the hot jobs report, the Dow Jones rose 0.8% on Friday while the S&P 500 gained 1.1% in the stock market today. All sectors rose. The Nasdaq led with a 1.2% gain.
Volume on the NYSE and on the Nasdaq was lower, according to preliminary data. Breadth was strong, with gainers leading losers on the New York Stock Exchange and the Nasdaq.
The small-cap Russell 2000 trimmed its gains to 0.5% and found support at its 10-week moving average.
The Innovator IBD 50 ETF outperformed and rose nearly 2.5%.
Crude oil rose 0.6% to $85.65 a barrel amid fears of a supply crunch.
Dow Jones Stocks
Salesforce, Microsoft and Caterpillar were among the bigger gainers in the Dow, while Intel, McDonald's, Verizon and Dow fell. Intel fell below the 200-day moving average on Friday for the first time since last May.
Shockwave Medical rose 2% after Dow Jones leader Johnson & Johnson confirmed plans to buy the company for $13.1 billion. J&J closed nearly flat.
Market Rebounds, AI Stocks Forging Bases; Tesla Jumps On Robotaxi News
Movers In Stock Market Today
Some stocks rebounded from key levels. Recent Stock Of The Day Broadcom held a 1.7% gain and is bouncing above the 10-week moving average.
ServiceNow climbed back above the 50-day moving average. Shares are also in a flat base with a buy point of 815.32, according to IBD MarketSurge. Investment management firm Ares Management is also in a flat base with a buy point of 139.48.
Magnificent Seven stock and Google parent Alphabet made progress in the stock market today toward regaining a buy point of 153.78 after a breakout attempt on Monday. Nvidia rose over 2.4% but it continues to face resistance at the 900 level. Nvidia is a holding in the IBD 50 and the IBD Leaderboard model portfolios.
Meanwhile, Tesla fell 3.6% after Reuters reported that plans for an inexpensive "mass market" car were called off. The company will continue to develop self-driving robotaxis, according to the report. On X, formerly called Twitter, CEO Elon Musk said "Reuters is lying (again)."
Shares fell further below the 50-day moving average.
Banks report their first quarter 2024 earnings next week. JPMorgan Chase, Citi, Wells Fargo and BlackRock will report on Friday.
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