The Dow Jones Industrial Average and the other major stock indexes traded lower Friday as investors reacted to more inflation data. An early loser was Tesla (TSLA), which plunged on the stock market today following its highly anticipated robotaxi event.
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Indexes Dip, Small Caps Lag After Inflation Data: DVA, ALNY, UTHR In Focus
Ahead of the opening bell, Dow Jones futures traded down less than 0.1% vs. fair value, while S&P 500 futures fell 0.1%. Tech-heavy Nasdaq 100 futures moved down 0.3% in early trading.
Early Friday, the 10-year Treasury yield ticked higher to 4.1%. Oil prices dropped, with West Texas Intermediate futures trading around $75.25 per barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) lost 0.3%, as the SPDR S&P 500 ETF (SPY) inched lower ahead of the open.
Tesla shares plunged nearly 7% Friday morning after the company’s robotaxi event, as analysts said the event offered few details. Chief Executive Elon Musk unveiled a self-driving taxi prototype called a Cybercab, saying production may start in 2026 and the price tag could be below $30,000.
Tesla stock continues to trade in the handle portion of a cup base, near a 264.86 buy point.
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Stock Market Today: PPI Inflation Report
Ahead of Friday’s stock market open, the Labor Department’s Producer Price Index was unchanged on the month, with an annual increase of 1.8%. The PPI was expected to rise 0.2% in September, with an annual rise of 1.6%, according to Econoday.
Excluding food and energy, core PPI rose 0.2% in September, with a yearly increase of 2.0%. Core PPI was expected to increase 0.2% on the month, with a year-over-year increase of 2.7%.
Key earnings movers include JPMorgan Chase (JPM) and Wells Fargo (WFC).
JPMorgan shares traded narrowly higher premarket Friday, approaching a flat base’s 225.48 buy point. And Wells Fargo jumped 3.6% in early trading.
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Best Stocks To Watch
On Thursday, the Dow Jones Industrial Average fell more than 0.1%, while the S&P 500 dipped 0.2% and the Nasdaq composite inched lower. The small-cap Russell 2000 index declined nearly 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 rebound.
Among the best companies to watch on the stock market today are Arista Networks (ANET), Ryan Specialty (RYAN), Texas Roadhouse (TXRH) and Toast (TOST).
Notable Dow Jones components are Amazon.com (AMZN), Amgen (AMGN), Apple (AAPL) and Microsoft (MSFT).
Amazon and Tesla featured in this Stocks Near A Buy Zone column.
There were two new stocks on IBD MarketSurge‘s “Breaking Out Today” list Thursday. Notably, Shake Shack (SHAK) broke out past a 111.17 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: Amgen Shows Buy Point
Dow Jones biotech leader Amgen is building a flat base that has a 346.85 buy point, according to MarketSurge pattern recognition. Shares edged lower early Friday.
Outside the Dow Jones index, Arista Networks is moving further out of the buy zone past a 376.50 buy point in a consolidation. Shares were up a fraction Friday morning.
Insurance leader Ryan Specialty is in the buy range above a 69.03 flat-base entry following last week’s breakout move. Shares dipped 0.2% Friday.
Texas Roadhouse continues to hover at a 177.72 flat-base entry amid a recent rebound. Shares lost 0.3% Friday.
Finally, restaurant software provider Toast is in the buy zone above its 27.88 buy point. The stock declined 2.1% early 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. 30
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Magnificent Seven Stocks: Alphabet, Meta, Nvidia
Among Magnificent Seven stocks, Alphabet (GOOGL) rose marginally, while Meta Platforms (META) traded up 0.2% Friday.
Google stock is back at its 50-day line after sharp losses in recent sessions due to talk of a possible breakup. The stock has yet to offer a new buy point.
Meta stock hit a new high this week, further above a 544.23 alternate entry.
Nvidia (NVDA) stock was down 0.3% Friday, trading just above a 131.26 buy point from an irregular handle. Shares are also approaching their all-time high of 140.76.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon shares are bouncing from their 50-day line, near a 195.37 buy point in a cup with handle. The stock climbed 0.2% Friday.
Apple is close to a V-shaped cup with handle that shows a 233.09 entry. Shares edged higher Friday morning.
Microsoft shares are trying to regain their 50-day line and are near a handle buy point at 441.85. And on Friday morning, the stock inched down marginally.
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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