Stock Market Today: Dow Jones Falls as Nvidia Extends Rebound; Elf Beauty dives for profit

Dow Jones futures and other major stock indexes were lower on Friday as Wall Street digested the previous session’s big rally. One of the first winners was Nvidia (NVDA), which appeared to contribute to Thursday’s gains in today’s stock market.

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Before the opening bell, Dow Jones futures fell 0.2% from fair value, while S&P 500 futures lost 0.3%. Tech-focused Nasdaq 100 futures fell 0.5% in morning action.

Early Friday, the yield on ten-year government bonds fell to 3.94%. Oil prices continued to rise, with West Texas Intermediate futures trading around $76.65 per barrel.

Among exchange-traded funds, Invesco QQQ Trust (QQQ) fell 0.5%, while the SPDR S&P 500 ETF (SPY) fell 0.3% before the open.

Wake-up calls are still ringing for Nvidia, Google, Meta and more

Stock market today: Nvidia gets price target increase

Giant in the field of artificial intelligence Nvidia (NVDA) rose another 0.5% Friday morning, on pace to add to Thursday’s gain of 6%. Early Friday, Mizuho raised its price target from 127.50 on Nvidia stock to 132. On Monday, shares hit their lowest level since mid-May before bouncing.

Cosmetics leader Elven beauty (ELEVEN) fell more than 9% after the company forecast late Thursday that annual revenue and profit would be below expectations. However, Elf achieved the highest profit and turnover expectations for the second quarter.

Other Friday morning profit movers included Sweet green (S.G), Trade Bureau (T.D), Unity software (YOU).

Sweetgreen shares rose 28%. Trade Desk rose 4%, while Unity shares fell nearly 3% in premarket trading.

Hammer selling attack, Nvidia stock and more. But rays of hope appear.

Dow Jones is recovering

On Thursday, the Dow Jones Industrial Average rose 1.8%, while the S&P 500 rose 2.3% and the tech-heavy Nasdaq composite rose 2.9%. For the S&P 500, this was the biggest single-day gain since Nov. 30, 2022, according to Dow Jones market data.

IBD’s The Big Picture column noted Thursday: “While Thursday’s gains were constructive, they were unable to change the status of the market’s outlook. It was too early for a follow-up day on the Nasdaq, which should occur on Day Four or later of a rally attempt was day one on Tuesday, so Friday would be the earliest day for a follow-up rally confirmation.

During Thursday’s IBD Live showthe IBD Live team discussed current trading conditions and how investors should interact with the stock market today.

This is an important time to read The Big Picture column amid the ongoing market action. Also learn how to adapt to changing market conditions, with IBD’s new exposure levels.

Nvidia cracks deepen. Don’t ignore previous wake-up calls.

Stock market today: the best stocks to watch

Some of the best companies to watch in the stock market today include Ferrari (RACE), MercadoLibre (MELI), ServiceNow (NOW) And Shake Shack (SHAKE).

Also on the list are Dow Jones components Amazon (AMZN), Apple (AAPL), IBM (IBM), Microsoft (MSFT) And United Health (UNH).

There was one new stock out IBD market wave‘s Breaking Out Today list for Thursday namely SharkNinja (S.N). Shares hit a buy point of 80.81 and rose another 0.6% premarket on Friday. SharkNinja was also the IBD Stock of the Day on Thursday.

View the MarketSurge List ‘Near Pivot Point’ for more stocks approaching buy points in bases. For more stock ideas, check out IBD stock lists such as IBD50, Large hood 20 and stocks near a buy zone.

Get real-time buy and sell alerts on stock market leaders with the IBD Leaderboards

Dow Jones: IBM, UnitedHealth

Among Dow Jones components, UnitedHealth is in a buy range above a 554.70 buy point in a cup basis, according to MarketSurge Pattern Recognition. Shares were flat Friday morning.

Meanwhile, IBM bullishly regained a 189.47 cup-with-handle entry during Thursday’s earnings. IBM shares fell 0.2% on Friday.

Outside the Dow Jones Industrial Average, shares of automaker Ferrari have been trying to find support around their 50-day line as they are about 5% away from a 442.80 buy point on a flat basis. Shares were flat Friday morning.

MercadoLibre broke out this week, passing a 1,792.05 buy point in a cup with handle. Shares rose 0.6% early Friday.

ServiceNow continues to hold below an 806.52 handle entry as it finds support at the 50-day mark. ServiceNow fell lower early on Friday.

Shake Shack adds a handle to a cup base, bringing the new entry to 105.68. Share prices remained unchanged on Friday morning.

Find the best stocks to buy and watch with IBD Stock Screener and IBD Screen of the Day

Stock market today: companies to watch

These are four stocks in or near buy zones in today’s stock market.

Source: IBD data as of August 5

Join IBD experts as they analyze the top stocks in the stock market today on IBD Live

Beautiful seven stocks: Tesla

Among the Magnificent Seven shares, Tesla (TSLA) fell 0.9% in morning trading.

Tesla stock rose 3.7% on Thursday, still below the 50- and 200-day lines.

Dow Jones Leaders: Amazon, Apple, Microsoft

Among the Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft were trading mixed ahead of Friday’s stock market open.

Amazon shares remain below their long-term 200-day limit after recent losses. The stock fell 0.1% on Friday morning.

On Thursday, Apple shares added 1.7% to close just below the 50-day line. This week, shares triggered the round-trip sell line from a 199.62 buy point. Apple fell 1.1% on Friday.

Microsoft shares are trying to get back above the 200-day line. And on Friday morning, the stock rose 0.1%.

Make sure you follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen to learn more about growth stocks, the Dow Jones Industrial Average, and the current stock market.

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