The Dow Jones Industrial Average and other major indexes traded higher Friday, as Wall Street awaited economic data. Nvidia (NVDA) was an early frontrunner on the stock market today, again moving to test a key resistance level.
Ahead of the opening bell, Dow Jones futures rose 0.2% vs. fair value, as did S&P 500 futures. Tech-heavy Nasdaq 100 futures climbed 0.3% in morning trades.
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Early Friday, the 10-year Treasury yield ticked lower to 4.54%. Oil prices eased after reaching their highest levels since October, with West Texas Intermediate futures trading around $73 per barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) gained 0.3%, as the SPDR S&P 500 ETF (SPY) moved up 0.2% ahead of the open.
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Nvidia rallied 3% Thursday, again running up into potential resistance around the 50-day line. That is a key level to monitor as shares of the artificial intelligence giant build a double-bottom base that offers a 146.54 buy point. A decisive retake of the 50-day line around 140 would mark an aggressive buy trigger.
Nvidia stock added 0.4% Friday morning.
Due out at 10 a.m. ET, the Institute for Supply Management’s manufacturing index is expected to inch higher to 48.5 for December vs. November’s 48.4 reading, per Econoday.
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Dow Jones Extends Losses
On Thursday, the Dow Jones Industrial Average dropped 0.4% for its fourth consecutive loss, while the S&P 500 lost 0.2%. For the S&P, it was the fifth straight drop and third straight session below its 50-day moving average. The tech-heavy Nasdaq composite declined less than 0.2%, making it five straight down days. The small-cap Russell 2000 index outperformed with a 0.1% gain, although it had been up as much as 1.4%.
Both the S&P 500 and the Nasdaq have broken important levels of technical support in recent sessions, making this a good time to be tracking IBD’s Market Pulse market status indicator.
Among the best companies to watch on the stock market today are BlackRock (BLK), Fortinet (FTNT), Interactive Brokers (IBKR) and Taiwan Semiconductor Manufacturing (TSM).
Dow Jones components making notable moves were Amazon.com (AMZN), Apple (AAPL), Honeywell (HON) and Microsoft (MSFT).
Fortinet and Nvidia are featured in this Stocks Near A Buy Zone column.
Check out IBD MarketSurge‘s “Breaking Out Today” list for top growth stocks that are moving above correct buy points. Check for potential breakouts on the “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: Honeywell Shows Buy Point
Dow Jones component Honeywell is building a flat base that offers a 242.77 buy point, according to MarketSurge pattern recognition. Shares rose 0.4% Friday, looking to bounce from their 50-day line.
Outside the Dow Jones index, BlackRock is just under a 1,068.34 buy point in a four-weeks-tight pattern but fell further below support at its 50-day moving average. BlackRock stock edged lower in premarket trading Friday.
Cybersecurity leader Fortinet is approaching a flat base’s 100.59 buy point. Shares moved up 0.3% Friday morning.
Interactive Brokers reversed off its 50-day line Thursday, with a 3.3% rally. The stock is forming a flat base that shows a 193.42 entry. The stock gained 0.8% Friday and is an IBD SwingTrader stock.
AI chipmaker Taiwan Semiconductor, better known as TSMC, broke out last week, moving past a 205.63 cup-with-handle buy point. But shares remain below their buy point despite Thursday’s 2.1% advance. TSMC was a recent IBD Stock Of The Day. Shares tacked on 0.6% premarket 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, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| BlackRock | (BLK) | 1,068.34 | Tight area |
| Disney | (DIS) | 118.63 | Cup with handle |
| TSMC | (TSM) | 205.63 | Cup with handle |
| Fortinet | (FTNT) | 100.59 | Flat base |
Source: IBD Data as of Dec. 31
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Tesla Stock
Tesla stock dived more than 6% Thursday, extending a losing streak to five sessions after the company disappointed Wall Street in its fourth-quarter deliveries.
The electric-vehicle giant bounced back modestly from those losses, rising 0.3% in premarket trading Friday. Shares are more than 22% off their all-time high, which was set on Dec.18.
Dow Jones Leaders: Amazon, Apple, Microsoft
Besides Nvidia, another Dow Jones component in the Magnificent Seven is Amazon stock, which rose 0.4% Thursday. Amid its recent move into new highs in mid-December, the e-commerce giant is sharply extended above a 201.20 buy point. It rose 0.5% in premarket trading Friday.
Shares of Apple tumbled back into buy range above a flat base’s 237.49 entry after they hit a new high last week. They sold off 2.6% Thursday and fell another 0.6% Friday morning.
Microsoft shares rose 0.3% Friday morning, as they failed to find support around their 50- and 200-day lines this week. The software giant is building a cup with handle that has a 456.16 buy point.
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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