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