The Dow Jones Industrial Average briefly dipped more than 350 points after a better-than-expected November jobs report on Friday morning. Tesla’s stock plummeted after delivering its first all-electric semi-trailer truck.
Report on jobs, income movers
The Labor Department’s November jobs report is out at 8:30 a.m. ET. The US economy added 263,000 jobs in November, beating the estimate of 200,000. The unemployment rate held steady at 3.7%, according to Econoday estimates. Average hourly earnings rose 0.6% on the month, doubling expectations of 0.3%. Annual wage growth of 5.1% beat forecasts of 4.6% and accelerated from October’s upwardly revised 4.9%.
Companies that reported profits include Wonder (MRVL), Ultimate Beauty (ULTA), Veeva systems (VEEV) and Z-scale (ZS).
Marvell stock fell 9% in morning trading, while Ulta stock fell more than 1%. VEEV stock fell 4% and Zscaler plunged 12% on Friday morning.
Electric vehicle giant You’re here (TSLA) was trading down 1% on Friday morning. Dow Jones Technology Leaders Apple (AAPL) and Microsoft (MSFT) were down sharply after the stock market opened today.
IBD Ranking Stock Arista Networks (A NET), Celsius (CELH), Chubb (BC) and Lattice Semiconductors (LSCC) – as well as Dow Jones names Boeing (BA), caterpillar (CAT) and Chevron (CVX) – are among the best stocks to buy and watch.
Arista Networks is an IBD Leaderboard Stock and was recently an IBD Stock of the Day. Boeing is an IBD SwingTrader stock and was one of four leaders featured in this week’s Stocks Near A Buy Zone column. Celsius was Monday’s IBD 50 Stocks To Watch pick.
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Dow Jones Today: Oil Price, Treasury Yields
After Friday’s opening bell, the Dow Jones Industrial Average fell 0.8%, while the S&P 500 lost 1%. The tech-heavy Nasdaq composite fell 1.3% in morning action.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) lost 1.5% early Friday, and the SPDR S&P 500 ETF (SPY) fell 1.1%.
The 10-year Treasury yield jumped to 3.58% on Friday morning after better-than-expected jobs data. On Thursday, the 10-year Treasury yield plunged to 3.52% amid easing inflationary pressures, to its lowest level since Sept. 21. Meanwhile, investors are placing a 72% chance, down from 82% a day ago, of a base 50-point rate hike at this month’s Federal Reserve meeting, according to the CME FedWatch Tool.
Meanwhile, U.S. oil prices rose nearly 1%, on pace with a weekly advance after three weeks of declines, and after hitting their lowest level since December 2021 on Monday. West Texas Intermediate futures were trading just below $82 a barrel.
Stock market rally
On Thursday, the stock market posted strong action, with the tech-heavy Nasdaq composite jumping 4.4%. The Dow Jones Industrial Average rose 2.2%, while the S&P 500 rose 3.1%.
The Big Picture on Thursday commented: “five below (FIVE) shares jumped more than 16%, reaching the 20%-25% profit zone from a buy point of 149.99. It is important to take at least some upside profits to compensate for some inevitable failures.”
Now is an important time to read IBD’s The Big Picture column amid current stock market volatility.
Five Dow Jones Stocks to Buy and Watch Now
Dow Jones Stocks to Buy and Watch: Boeing, Caterpillar, Chevron
Aerospace giant Boeing was down 1.7% on Thursday, still holding above the buy point of 173.95 a cup basis. The 5% buy zone rises to 182.65. Boeing shares fell 1.3% on Friday.
Dow Jones member Caterpillar finished just shy of its cut base’s 238 buy points, according to IBD MarketSmith model recognition, following Thursday’s 0.3% drop. CAT stock lost a fraction on Friday.
The CAT stock boasts a solid 94 out of a perfect IBD composite rating of 99, according to the IBD stock balance sheet.
Energy giant Chevron slid 0.45% on Thursday, ending just below a buy point of 182.50 in a consolidation basis. Shares of CVX fell slightly on Friday morning, even as oil prices extended their recent gains.
4 growth stocks to watch in the currentrStock market rally
Top stocks to buy and watch: Arista, Celsius, Chubb, Lattice
IBD Leaderboard Arista Networks stock broke out of the buy range above the buy point of 132.97 on a choppy basis amid Thursday’s 0.35% rise. ANET shares fell more than 3% on Friday.
Energy drink maker Celsius rallied for a second straight day, climbing 1.8% on Thursday. The shares are only 4% away from the buy point of 118.29 a cup basis. The stock was down 2.4% on Friday.
Chubb remained above the 216.10 one-cup buy point with a handle on Thursday after losing 0.6% on the session. The 5% buy zone peaks at 226.91. The insurance giant fell 0.2% on Friday morning.
Lattice Semiconductors is in the buy range past a buy point of 70.25, according to chart analysis from IBD MarketSmith. Lattice stock lost 2.4% on Friday.
Join IBD experts as they analyze the top stocks of the current stock market rally on IBD Live
Tesla stock traded flat on Thursday, coming to a halt after Wednesday’s surge and holding near recent highs. On November 22, the stock hit a 52-week low at 166.19. The shares are around 52% off their 52-week high and significantly below their 50- and 200-day moving averages.
Shares were down 1% on Friday morning.
Late Thursday, the electric vehicle giant unveiled its highly anticipated Semi, an 18-wheel long-haul electric truck after it was first announced five years ago. PepsiCo (PEP) received its first trucks at a delivery event at the Tesla plant in Nevada.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, shares of Apple edged up 0.2% on Thursday, again topping its recently captured 50-day line. The stock is around 20% off its 52-week high. Apple stock traded 1.2% on Friday.
Microsoft fell 0.2% on Thursday, holding up well after shares hit their highest level since Sept. 13 on Wednesday. The software giant remains around 26% off its 52-week high. Microsoft shares fell 1.5% on Friday morning.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen to learn more about growth stocks and the Dow Jones Industrial Average.
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