Finance
Dow Jones is ahead of inflation research; Nvidia, Tesla above key level
The Dow Jones Industrial Average and other major stock indexes traded lower on Friday ahead of a consumer confidence reading that also includes an inflation survey. Two big names to watch in the stock market today were Nvidia (NVDA) And Tesla (TSLA) as both reached a key level again.
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Market is rising strongly again; Nvidia, Shake Shack, Tesla in the picture
After the opening bell, the Dow Jones Industrial Average fell 0.1%, while the S&P 500 fell 0.2%. And the tech-focused Nasdaq composite lost 0.3% in morning action.
Early Friday, the yield on ten-year government bonds fell to 3.87%. Oil prices fell, with West Texas Intermediate futures falling to $75.30 per barrel.
Among exchange-traded funds, Invesco QQQ Trust (QQQ) lost 0.3%, while the SPDR S&P 500 ETF (SPY) fell 0.2% after the opening.
Within the Magnificent Seven stocks, Nvidia and Tesla rose 0.5% and 2%, respectively, in morning trading.
Nvidia shares rose another 4.1% on Thursday, extending its winning streak to four days and regaining its 50-day bullish line. That’s an important level to look at. If Nvidia can stay above this level, it will soon offer an extra good entry point. But if the stock gives up in high volume, further weakness is likely.
Shares of Tesla rose 6.3% on Thursday, regaining the 50-day line for the first time since August 2. The electric car giant’s shares could follow the right side of a new base, but it’s still early in the process.
Wake-up calls are still ringing for Nvidia, Google, Meta and more
Stock market today: consumer sentiment
In housing data, the Commerce Department reported annual numbers of 1.238 million starts and 1.396 million permits in July, slower than expected. According to Econoday estimates, this number is expected to slow to 1.342 million and 1.43 million respectively.
Later, the University of Michigan’s consumer sentiment index for August will be released at 10 a.m. The index is expected to rise to 67.0 versus 66.4 in July, Econoday estimates show. The study also includes inflation expectations for the coming year.
A major profit booster on Friday morning was the chip giant Applied materials (AMAT). Applied shares sold off 4% in early trading.
Hammer selling attack, Nvidia stock and more. But rays of hope appear.
Dow Jones extends rally
On Thursday, the Dow Jones Industrial Average climbed 1.4%, while the S&P 500 gained 1.6% and the tech-heavy Nasdaq composite rose 2.3%.
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 Cava (CAVA), Ferrari (RACE), Samsara (IOT) And Shake Shack (SHAKE).
Also on the list are Dow Jones components Amazon (AMZN), Apple (AAPL), IBM (IBM), Microsoft (MSFT) And United Health (UNH).
Four new shares were created IBD market wave‘s “Breaking Out Today” list Thursday, including Birkenstock (BIRK), which broke out past a 61.83 buy point. Shares rose 0.1% on Friday.
Furthermore, there are a handful of stock ideas on the site List ‘Near pivot point’. These are top stocks approaching new buy points, such as Costco Wholesale (COSTS). Costco stock is just below a flat-base entry of 896.67. Shares fell 0.5% on Friday.
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 traded higher Friday morning.
Meanwhile, IBM is closing in on its latest entry, a buy point for a cup with handle at 196.26. IBM shares fell lower on Friday.
Outside the Dow Jones index, Mediterranean restaurant chain Cava regained its 50-day line in bullish fashion last week. That also presents a buying opportunity for more aggressive investors. The stock forms the right side of a new base and remains just below 98.69. Cava shares fell 0.6% early on Friday. It is a stock on the IBD SwingTrader list.
Shares of carmaker Ferrari are breaking past a 442.80 buy point from a flat base. Ferrari is an IBD Leaderboard stock. Shares rose 0.9% Friday morning.
Artificial intelligence leader Samsara is tied at 39.21 in a cup with handle after this week’s breakout move. The stock fell 0.5% early Friday.
Shake Shack breaks past a cup-with-handle entry at 105.68. But shares fell 0.2% 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.
| Company name | Symbol | Correct purchase point | Purchase point type |
|---|---|---|---|
| Ferrari | (RACE) | 442.80 | Flat base |
| Shake Shack | (SHAKE) | 111.29 | Cup base |
| ServiceNow | (NOW) | 806.52 | Handle entry |
| Birkenstock | (BIRK) | 61.83 | Flat base |
Source: IBD data as of August 15
Join IBD experts as they analyze the top stocks in the stock market today on IBD Live
Dow Jones Leaders: Amazon, Apple, Microsoft
Among the Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft traded lower after Friday’s stock market open.
Amazon shares have decisively reclaimed their long-term 200-day mark during recent gains. The stock fell 0.1% on Friday morning.
Apple shares are back above the 50-day mark, amid a six-day winning streak. Last week, shares triggered the round-trip sell line from a 199.62 buy point. Apple fell 0.1% on Friday.
Microsoft shares are back above the 200-day mark. And on Friday morning, the stock was down 0.6%.
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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