The Dow Jones Industrial Average briefly fell 100 points on Friday before reversing higher as investors digested the early release of the Labor Department’s Producer Price Index, another closely watched inflation measure. Tech stocks were under early selling pressure, as chip stocks and names based in China weighed on Nasdaq 100 futures. Meanwhile, Cathie Wood’s ETF sold more than 76,000 shares of Tesla stock.
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PPI figures showed wholesale prices rose 0.3% in July, with an annual increase of 0.8%. Both came in at higher than estimated temperatures. Core prices, excluding food and energy, rose 0.3% from June, with a 2.4% jump year on year. Both were also higher than expected.
The results came on the heels of Thursday’s CPI report. CPI figures showed consumer prices for the month of July increased by 0.2% from the previous month. Core CPI, the prices paid by consumers excluding food and energy, rose 0.2% from June. Both matched Wall Street’s expectations.
stock market today
electric car giant Tesla (TSLA) fell 2.5% early on Friday. Dow Jones technology icons apple (AAPL) And Microsoft (MSFT) were down after the stock market opened today.
Includes other stock market leaders the alphabet (Google) And Meta platforms (meta). GOOGL stock was down 0.9%, while Meta stock was down 1.3% in early trading.
the previous (XPRO), slb (slb), Free market (millie) And Interactive Brokers (IBKR) – as well as Dow Jones shares Boeing (Bachelor’s) And Intel (INTC) – Among the best stocks to watch as the market’s upside is under increasing pressure.
Tesla is IBD Leaderboard stock, while SLB is IBD SwingTrader stock and today’s modern IBD stock. MercadoLibre appears in the stocks column near the buy area.
Dow jones today: oil prices and treasury yields
After the opening bell on Friday, the Dow Jones Industrial Average rose 0.3%, while the S&P 500 fell 0.1%. The Nasdaq Composite Heavy fell 0.3% in the morning move, after paring losses.
Among the US ETFs, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ(down 0.3%, while the SPDR S&P 500 ETF)spy) fell 0.1% early Friday.
The 10-year US Treasury yield rose to 4.11% on PPI inflation data, after settling at 4.07% on Thursday.
WTI prices remain near their highest level for the year, with WTI futures up less than 1% to trade near $83.50 a barrel.
Stock market action
On Thursday, the Dow Jones Industrial Average rose about 0.2%. The S&P 500 rose, while the Nasdaq Composite rose 0.1% on Thursday. Small caps lagged, with Russell 2000 down 0.4%.
The Big Picture column commented on Thursday, “Thursday’s fading move — the Nasdaq was up as much as 1.6% — was definitely bearish even if it didn’t technically result in a distribution day. Both the Nasdaq and the Nasdaq 100 are testing the 50-day moving averages, and how Indexes behaving at this level will be important to monitor.”
Now is an important time to read IBD’s The Big Picture column as the stock market is pulling back from this year’s highs.
The five best Dow stocks to buy and watch right now
Dow Jones shares: Boeing, Intel
Aerospace giant Boeing broke out last week, eclipsing an entry point with a flat base of 223.91. Shares briefly fell back into the 5% buy zone rising to 235.11 before Monday’s 3% rally brought them back out of the buy zone. Bibliotheca Alexandrina shares fell on Friday morning.
Chip giant Intel continues to dig the handle on the mug, offering 37.19 buy points, according to IBD MarketSmith pattern recognition. The stock is about 5% off its most recent entry. INTC stock fell 0.5% on Friday morning.
4 growth stocks to buy and watch Stock market rise
Stocks to watch: Expro, SLB, MercadoLibre, Interactive Brokers
Offshore drilling services provider Expro is attempting to edge Cup with 23.72 Buy per handle, according to IBD MarketSmith pattern recognition. The stock closed above entry on Thursday. XPRO stock rose 0.4% early on Friday.
IBD SwingTrader SLB stock, formerly known as Schlumberger, crosses a Buy point of 58.70 in a cup with handle. Stocks in the buy zone. SLB stock lost 0.1% on Friday morning.
MercadoLibre rose this week, surpassing 1,365.64 buy points for the cup rule. The stock is in the 5% buy zone which tops at 1,433.92. MELI stock fell 2.6% on Friday.
Interactive Brokers broke out last week over 90.19 buy points in a consolidation. The stock was above that buying trigger, with a gain of 0.6% on Thursday. Stocks rose Friday morning.
Learn how to time the market with IBD’s ETF market strategy
The best stocks in the stock market rally
These are the top four stocks to buy and watch in the stock market today, including leader Dow Jones.
| Company Name | Code | The right point of purchase | Point of purchase type |
|---|---|---|---|
| slb | (slb) | 58.70 | mug with handle |
| sales force | (CRM) | 225.00 | Flat base |
| from Broadcom | (AVGO) | 921.78 | merge |
| Skechers | (SKX) | 54.77 | Flat base |
Source: IBD data as of August 10, 2023
Join IBD experts as they analyze the leading stocks of the current stock market rally on IBD Live
Tesla stock
IBD Leaderboard Tesla stock rose 1.3% Thursday, snapping a four-day losing streak, but is still on track to drop 3.4% this week. The stocks remain directly below the 50-day line. A bounce from here would be positive for the stock’s near-term outlook, and would eventually lead to a new buying point. But continued weakness means that the stock needs more time to consolidate before a new entry.
TSLA stock threatened to give up some of Thursday’s gains, as it fell 2.5% on Friday morning.
Dow Jones leaders: Apple and Microsoft
Among Dow Jones stocks, Apple tumbled on Thursday, holding near its recent lows. Stocks have fallen sharply from the 50-day line. While AAPL stock is still above a buy point of 157.38, the recent weakness was a sell signal, which means that investors should lock in gains. Shares fell 0.5% early on Friday.
Shares of Microsoft have rebounded from recent lows, rising 0.2% on Thursday. With the stock directly below the 50-day line, the stock needs more time to consolidate before a new buying point emerges. And on Friday morning, Microsoft shares were down 1%.
Be sure to follow Scott Lehtonen on Twitter at @tweet Learn more about developing stocks and the Dow Jones Industrial Average.
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