Futures Dive On Strong Jobs Report

Dow Jones futures dived more than 400 points after a better-than-expected November jobs report Friday morning. Tesla stock dropped after delivering its first all-electric semitrailer truck.


Jobs Report, Earnings Movers

The Labor Department’s November jobs report came out at 8:30 a.m. ET. The U.S. economy added 263,000 jobs in November, topping the 200,000 estimate. The unemployment rate held steady at 3.7%, meeting Econoday estimates.

Companies that reported earnings include Marvell (MRVL), Ulta Beauty (ULTA), Veeva Systems (VEEV) and Zscaler (ZS).

Marvell stock tumbled nearly 5% in premarket trade, while Ulta shares climbed more than 1%. VEEV stock dropped 3.4%, and Zscaler plunged 10% Friday morning.

Electric-vehicle giant Tesla (TSLA) traded down 2.1% Friday morning. Dow Jones tech leaders Apple (AAPL) and Microsoft (MSFT) were sharply lower ahead of today’s stock market open.

IBD Leaderboard stock Arista Networks (ANET), Celsius (CELH), Chubb (CB) and Lattice Semiconductors (LSCC) — as well as Dow Jones names Boeing (BA), Caterpillar (CAT) and Chevron (CVX) — are among the top stocks to buy and watch.

Arista Networks is an IBD Leaderboard stock and was a recent IBD Stock Of The Day. Boeing is an IBD SwingTrader stock and was one of the four leaders featured in this week’s Stocks Near A Buy Zone column. Celsius was Monday’s IBD 50 Stocks To Watch pick.

IBD’s latest newsletter MarketDiem gives you actionable ideas for stocks, options and crypto right in your inbox.

Dow Jones Today: Oil Prices, Treasury Yields

Ahead of Friday’s opening bell, Dow Jones futures dived 1.2% vs. fair value, while S&P 500 futures lost 1.5%. Tech-heavy Nasdaq 100 futures traded down 2.2% in morning action.

Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) lost 2.2% early Friday, and the SPDR S&P 500 ETF (SPY) declined 1.5%.

The 10-year Treasury yield jumped to 3.62% Friday morning after the better-than-expected jobs data. On Thursday, the 10-year Treasury yield dived to 3.52% amid cooling inflation pressures, to its lowest level since Sept. 21. Meanwhile, investors place a 72% likelihood, down from 82% one day ago, of a 50-basis-point rate hike at this month’s Federal Reserve meeting, according to the CME FedWatch Tool.

Meanwhile, U.S. oil prices added nearly 1%, on pace to log a weekly advance following three weeks of declines, and after touching their lowest level since December 2021 on Monday. West Texas Intermediate futures traded just below $82 a barrel.

Stock Market Rally

On Thursday, the stock market posted strong action, as the tech-heavy Nasdaq composite surged 4.4%. The Dow Jones Industrial Average rallied 2.2%, while the S&P 500 rose 3.1%.

Thursday’s The Big Picture commented, “Five Below (FIVE) shares surged more than 16%, hitting the 20%-25% profit zone from a 149.99 buy point. It’s important to take at least some profits on the way up to offset some inevitable breakout failures.”

Now is an important time to read IBD’s The Big Picture column amid the ongoing 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 declined 1.7% Thursday, still holding above a cup base’s 173.95 buy point. The 5% buy area goes up to 182.65. Boeing shares inched higher Friday.

Dow Jones member Caterpillar ended just shy of its cup base’s 238 buy point, according to IBD MarketSmith pattern recognition, in the wake of Thursday’s 0.3% fall. CAT stock lost a fraction Friday. 

CAT stock boasts a solid 94 out of a perfect 99 IBD Composite Rating, per the IBD Stock Checkup.

Energy giant Chevron slipped 0.45% Thursday, ending a touch below a 182.50 buy point in a consolidation base. CVX shares traded flat Friday morning, even as oil prices extended their recent gains.

4 Top Growth Stocks To Watch In The Current Stock Market Rally

Top Stocks To Buy And Watch: Arista, Celsius, Chubb, Lattice

IBD Leaderboard stock Arista Networks moved out of buy range above a choppy base’s 132.97 buy point amid Thursday’s 0.35% rise. ANET stock was down almost 1% Friday.

Energy-drink maker Celsius rallied for a second straight day, climbing 1.8% Thursday. Shares are just 4% away from a cup base’s 118.29 buy point. The stock was inactive Friday.

Chubb stayed above a cup-with-handle’s 216.10 buy point Thursday after the session’s 0.6% loss. The 5% buy area tops out at 226.91. The insurance giant traded unchanged Friday morning.

Lattice Semiconductors is in buy range past a 70.25 buy point, according to IBD MarketSmith chart analysis. Lattice stock traded flat Friday.

Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live

Tesla Stock

Tesla stock traded flat Thursday, pausing after Wednesday’s surge and holding near its recent highs. On Nov. 22, the stock notched a 52-week low price at 166.19. Shares are around 52% off their 52-week high and sharply below their 50- and 200-day moving average lines.

Shares declined more than 2% Friday morning.

Late Thursday, the EV giant revealed its long awaited Semi, a 18-wheeler long-haul electric freight hauler after it was first announced five years ago. PepsiCo (PEP) received its first trucks during a delivery event at Tesla’s Nevada factory.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks, Apple shares inched up 0.2% Thursday, moving further above its recently captured 50-day line. The stock is around 20% off its 52-week high. Apple stock traded down 2% Friday.

Microsoft fell 0.2% Thursday, holding tight after shares reached their highest level since Sept. 13 on Wednesday. The software giant remains about 26% off its 52-week high. Microsoft shares fell 1.9% Friday morning.

Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.


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