The Dow Jones Industrial Average fell on Friday on the back of hotter-than-expected inflation data ahead of the Federal Reserve’s interest rate policy meeting next week. Broadcom, Costco and Lululemon were the earnings drivers before the market open on Friday, while Netflix jumped on an analyst upgrade.
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Wholesale inflation data was released on Friday, with the Labor Department’s Producer Price Index released at 8:30 a.m. ET. Producer prices rose 0.3% in November, above estimates of 0.2%. The producer price index rose 7.4% year-on-year, higher than the estimate of 7.2%.
from Broadcom (AVGO), Costco wholesale (cost) And the lululemon (Lulu) announced their quarterly earnings results on Thursday afternoon.
Chipmaker Broadcom shares rose 3% after The company reported earnings and revenue that topped Wall Street targets in the fiscal fourth quarter. Costco fell 1% after missing earnings and sales estimates. LULU shares fell more than 10% in morning trading after The clothing company won Quarterly forecast, but warned of rising inventories.
Running giant Netflix (NFLX) rose more than 4% after Wells Fargo upgraded the stock from equal weight to overweight with a $400 price target. The electric vehicle giant Tesla (TSLA) rose 3% on Friday. Technology pioneers at Dow Jones apple (AAPL) And the Microsoft (MSFT) were lower yet stock market today Open.
Allegro Microsystems (ALGM), IBD Leaderboard stock dexcom (DXCM), Kosovo Liberation Army (KLAC) And the Trane Technologies (TT) – as well as the names of the Dow Jones Larva (cat), chevron f Home Depot (HD) – among the top stocks to buy and watch.
Dexcom and Trane are the two IBD Leaderboard Stores. Caterpillar and Home Depot appeared In this week Arrows near the buy zone column. Allegro was modern IBD 50 shares to watch. Caterpillar and Dexcom were recent IBD stock today comp.
Dow jones today: oil prices and treasury yields
After the opening bell on Friday, the Dow Jones Industrial Average fell 0.1%, while the S&P 500 rose less than 0.1%. The tech-heavy Nasdaq Composite lost 0.1% in the morning move.
within Exchange traded fundsNasdaq 100 Invesco QQQ Trust Tracker (QQQ(down 0.3% and the SPDR S&P 500 ETF)spy) lost 0.25% early on Friday.
The 10-year Treasury yield rose to 3.52% on Friday morning. On Thursday, the 10-year Treasury yield rebounded to 3.49%, near its lowest level since September.
Meanwhile, US oil prices rebounded modestly again in early trading. Recent early rebounds turned into five consecutive losses, sending WTI futures to a fresh 2022 low below $72 a barrel on Thursday. West Texas Intermediate crude futures remained just below $72 early on Friday.
Stock market rise
The stock market rebounded on Thursday, as the Nasdaq Composite and S&P 500 snapped an extended losing streak.
Thursday’s Big Picture column He commented, “Amidst a volatile stock market this week, investors should maintain their cautious stance. For now, the Nasdaq is holding the 50-day line, but further weakness on the tech-heavy composite will send it below this benchmark, which is an important level.” Support to watch. A breach of this level is likely to lead to more bearishness.”
Now is an important time to read IBD’s The Big Picture column Amidst the constant fluctuations in the stock market.
Five Dow Jones stocks to buy and watch now
Dow Jones stocks to buy and watch: Caterpillar, Home Depot, Chevron
Dow Jones member Caterpillar continues to move away from the 238 cup base Point purchaseAnd the to me IBD MarketSmith Pattern Recognition, following Thursday’s gain of 0.85%. CAT stock rose 0.2% on Friday.
CAT stock It shows 94 constants from a perfect 99 IBD composite classification, per IBD stock check.
Energy giant Chevron rebounded another 0.6% on Thursday, still below 182.50 buy points on a consolidation base. Stocks are trying to bounce off the support at the 50-day line. CVX shares lost 1.2% Friday morning, as it looked like oil prices would rebound amid this week’s decline.
Home Depot, the home improvement retailer, ended Thursday nearly 2% below the $329.77 buy point for a cup coaster and handle. HD stock was trading down 0.6% on Friday.
4 growth stocks to watch in Cursstock market rally
Top stocks to buy and watch: Allegro, Dexcom, KLA, and Trane
Allegro MicroSystems ended Thursday in a buy range out of a cup by handle buy point at 32.07 following the day’s 2.5% rally. ALGM stock was trading down 0.5% on Friday.
IBD Leaderboard Dexcom stock is trying to break buy point 123.46 in aa flat base which is just below entry point. Dexcom stock fell 1.2% early on Friday.
Chip leader KLA ended Thursday in a buy range above 392.60 buy points, according to IBD MarketSmith chart analysis. The main technical force is the stock’s strong RS line, which reached another new high during Thursday’s move. KLA stock fell 1.4% on Friday.
Trane Technologies ended Thursday about 2% below 181.72 buy points in a cup with handle after the session rose 1%. Shares remained unchanged Friday morning.
Join IBD experts as they analyze the leading stocks of the current stock market rally on IBD Live
Tesla stock
Tesla stock It fell 0.3% on Thursday, extending the losing streak to four sessions. Stocks are heading down 11% for the week.
Despite the losses, the stock is holding above its 52-week low, which was set in mid-November. Shares are down nearly 57% from their 52-week high. Meanwhile, the stock seems to be seeing some resistance around the 200 price level, which is a key area to watch if the stock is able to make another bullish attempt. For now, it looks like the stock may be heading to test a 2022 low.
Shares were up 3% on Friday morning.
Dow Jones leaders: Apple and Microsoft
within Dow Jones stockApple shares rose 1.2% Thursday, ending a four-day losing streak and rebounding from recent lows. The stock is up about 22% from its 52-week high. Apple stock was trading down 1.1% on Friday.
Microsoft stock rose 1.2% on Thursday, as shares continued to hold support at the 50-day line. The software giant is still about 30% off its 52-week high. Microsoft shares lost 1.15% early on Friday.
Be sure to follow Scott Lehtonen on Twitter at @employee Learn more about developing stocks and the Dow Jones Industrial Average.
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