The Dow Jones Industrial Average and the other major stock indexes rose Friday, as Wall Street reacted to key inflation data. An early earnings loser on the stock market today was Costco Wholesale (COST).
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Ahead of the opening bell, the Dow Jones futures gained 0.2% vs. fair value, as did S&P 500 futures. The tech-heavy Nasdaq 100 futures also moved up 0.2% in early trading.
Early Friday, the 10-year Treasury yield dipped slightly to 3.76%. Oil prices climbed, with West Texas Intermediate futures trading around $67.75 per barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) was up 0.3%, while the SPDR S&P 500 ETF (SPY) added 0.2% before the open.
Trip.com (TCOM) is set to break out past a 58 buy point in a cup base, with a 4% premarket advance Friday. The stock has been a participant in the China rally as Beijing and local governments unveiled new moves to jolt the Chinese economy back to life. Meanwhile, Citi initiated a “90-day catalyst watch” on the stock Friday morning, maintaining a buy rating with a 66 price target.
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Stock Market Today: Inflation Gauge
Early Friday, the Commerce Department released its monthly personal income and outlays report for August. Personal income rose 0.2% on the month, below the 0.4% estimate.
The core personal consumption expenditures, or PCE, price index increased 0.1% for the month, with an annual rise of 2.7%. It was estimated to rise 0.2% for the month, with a year-over-year increase of 2.7%, according to Econoday. The core PCE price index is the Federal Reserve’s favored inflation gauge.
Ahead of Friday market open, Costco was a key earnings mover, as the retail giant dropped nearly 1% in premarket trading. Late Thursday, Costco posted mixed results for its fiscal fourth-quarter report.
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Best Stocks To Watch
On Thursday, the Dow Jones Industrial Average moved up 0.6% to bounce back near all-time highs. The S&P 500 rose 0.4%, and the tech-heavy Nasdaq composite gained 0.6%.
During Thursday’s IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market.
Among the best companies to watch on the stock market today are Arista Networks (ANET), Spotify (SPOT), Texas Roadhouse (TXRH) and Wingstop (WING).
Notable Dow Jones components are Amazon.com (AMZN), Apple (AAPL), Home Depot (HD) and Microsoft (MSFT).
Spotify featured in Investor’s Business Daily’s Stocks Near A Buy Zone column.
There were two new stocks on IBD MarketSurge‘s “Breaking Out Today” list Thursday, including Arm Holdings (ARM). Arm stock topped a 149.93 cup-with-handle entry. Check for more names on the site’s “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: Home Depot In Buy Range
Dow Jones retailer Home Depot is moving out of buy range past a handle buy point at 378.58, according to MarketSurge pattern recognition. Shares were up 0.8% early Friday.
Outside the Dow Jones index, Arista Networks is in a buy zone past a 376.50 buy point in a consolidation. Shares dipped 0.2% Friday morning.
Spotify shares are just out of buy range above a consolidation’s 359.38 entry. The music streaming platform was unchanged Friday.
Texas Roadhouse is attempting to break out above a 177.72 flat-base entry. Shares were flat Friday.
Finally, Wingstop topped a 431.03 entry earlier in the week, but is below it. The stock climbed 0.2% in morning action Friday.
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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 | (RACE) | 442.80 | Flat base |
| Taiwan Semiconductor | (TSM) | 175.45 | Cup with handle |
| ServiceNow | (NOW) | 850.33 | Flat base |
| Uber Technologies | (UBER) | 75.40 | Double bottom |
Source: IBD Data as of Sept. 23
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Magnificent Seven Stocks: Alphabet, Meta, Nvidia, Tesla
Among Magnificent Seven stocks, Alphabet (GOOGL) gained 0.3% while Meta Platforms (META) added 0.1% Friday.
Google-parent Alphabet is testing resistance at the 50-day line following a strong rebound in recent weeks.
Fellow Magnificent Seven stock Meta is in buy range above a 544.23 alternate entry.
Nvidia (NVDA) inched higher Friday. The stock has a 131.26 buy point from an irregular handle. Investors also could use the Sept. 12 high of 120.79 as a much smaller handle and an early buy trigger.
Tesla (TSLA) climbed 1.2% Friday morning, looking to bounce back from Thursday’s losses. The electric-vehicle giant is approaching a cup base’s 274 buy point.
Dow Jones Leaders: Apple, Microsoft Eye Buy Points
Among Dow Jones components in the Magnificent Seven, Amazon shares are nearing a 201.20 cup-base entry. The stock inched higher Friday.
Apple is close to a V-shaped cup with handle that shows a 232.92 entry. Shares gained 0.3% Friday morning.
Microsoft shares are also back above their 50-day line and nearing a 441.85 buy point in a cup with handle. And on Friday morning, the stock was up 0.4%.
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.
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