Stocks plunge into the strong jobs report
The Dow Jones Industrial Average briefly fell more than 350 points after the November jobs report came out better than expected on Friday morning. Tesla stock fell after delivery of its first all-electric semi-trailer truck.
Jobs report, earnings movers
The November jobs report was released from the Labor Department at 8:30 a.m. ET. The US economy added 263,000 jobs in November, beating estimates of 200,000. The unemployment rate has held steady at 3.7%, Econoday estimated. Average hourly earnings increased 0.6% in the month, double expectations of 0.3%. Annual wage growth of 5.1% beat expectations of 4.6% and accelerated from an upwardly revised 4.9% in October.
Include companies that have reported earnings Marvel (MRVL), Ulta Beauty (ULTA), Veeva systems (VEEV) f Zscaler (z).
Marvell stock fell 9% in morning trading, while Ulta stock fell more than 1%. VEEV stock is down 4%, and Zscaler is down 12% on Friday morning.
electric car giant Tesla (TSLA) fell 1% on Friday morning. Technology pioneers at Dow Jones apple (AAPL) and Microsoft (MSFT) was down sharply after the stock market opened today.
IBD Stock Leaderboard Arista Networks (Network), Celsius (CELH), Chubb (CB) f Lattice semiconductors (LSCC) – as well as the names of Dow Jones Boeing (BA) , Larva (CAT) f chevron (CVX) – Among the top stocks to buy and watch.
Arista Networks is an IBD stock on the leaderboard and was one of the most recent IBD stocks for the day. Boeing is an IBD SwingTrader stock and was one of the four leading companies featured in the Stocks Near Buy Zone column for this week. Celsius was Monday’s IBD 50 stock pick to watch.
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Dow jones today: oil prices and treasury yields
After the opening bell on Friday, the Dow Jones Industrial Average sold off 0.8%, while the S&P 500 lost 1%. The heavy Nasdaq Composite fell 1.3% in the morning move.
Among exchange-traded funds, the Nasdaq 100-tracking Invesco QQQ Trust (QQQ) lost 1.5% early Friday, and the SPDR S&P 500 ETF (SPY) fell 1.1%.
The 10-year Treasury yield jumped to 3.58% on Friday morning after better-than-expected jobs data. On Thursday, the 10-year Treasury yield fell to 3.52% amid subdued inflation pressures, the lowest since Sept. 21. Meanwhile, investors are putting the probability at 72%, down from 82% a day earlier, of a 50 basis-point interest rate hike at this month’s Fed meeting, according to the CME FedWatch Tool.
Meanwhile, US oil prices added nearly 1%, on their way to record a weekly advance after three weeks of decline, and after touching their lowest level since December 2021 on Monday. West Texas Intermediate crude futures were trading below $82 per barrel.
Stock market rise
On Thursday, the stock market posted a strong move, with the Nasdaq Technology Composite rising 4.4%. The Dow Jones Industrial Average rose 2.2%, while the S&P 500 rose 3.1%.
The Big Picture commented on Thursday, “five below Shares of (FIVE) rose more than 16%, reaching a profit range of 20% to 25% from 149.99 buy points. It is important to take at least some profit on the way to make up for some of the inevitable failures.”
Now is an important time to read IBD’s Big Picture column amid the ongoing volatility in the stock market.
Five Dow Jones stocks to buy and watch now
Dow Jones stocks to buy and watch: Boeing, Caterpillar, Chevron
Aerospace giant Boeing fell 1.7% Thursday, still holding above 173.95 buy points for the base of the cup. The Buy Zone rose by 5% to 182.65. Boeing shares fell 1.3 percent on Friday.
Dow Jones member Caterpillar Inc. finished nearly 238 buy points for its cup base, According to IBD MarketSmith pattern recognition, on the heels of Thursday’s drop of 0.3%. CAT stock lost a fraction on Friday.
CAT stock boasts a rating of 94 out of 99 IBD Composite Perfection rating, according to an examination of IBD stocks.
Energy giant Chevron fell 0.45% on Thursday, ending a touch below 182.50 buy points on a consolidation base. CVX shares fell slightly on Friday morning, even as oil prices extended their recent gains.
4 growth stocks to watch in Cursstock market rally
Top stocks to buy and watch: Arista, Celsius, Chubb, Lattice
IBD Leaderboard’s Arista Networks stock came out of the buy range above the 132.97 buy point of the volatile base amid Thursday’s gain of 0.35%. ANET stock fell more than 3% on Friday.
Energy drink maker Celsius rose for the second day in a row, up 1.8% on Thursday. The shares are just 4% away from the 118.29 cup base buy point. The stock fell 2.4% on Friday.
Chubb stayed above a buy point of 216.10 cups on Thursday after losing the session by 0.6%. Buying space is 5%, high at 226.91. The insurance giant fell 0.2% on Friday morning.
Lattice Semiconductors is in a buy range of over 70.25 buy points, according to IBD MarketSmith chart analysis. Lattice shares lost 2.4% on Friday.
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Tesla stock traded steadily on Thursday, pausing after Wednesday’s rally and settling near its recent highs. On November 22, the stock hit a 52-week low of 166.19. Stocks are down about 52% from their 52-week highs and sharply below the 50- and 200-day moving average lines.
Shares fell 1% on Friday morning.
Late Thursday, the electric car giant unveiled its long-awaited 18-wheel electric truck, after it was first announced five years ago. PepsiCo (PEP) received its first trucks during a delivery event at Tesla’s Nevada plant.
Dow Jones leaders: Apple and Microsoft
Among Dow Jones stocks, Apple shares rose 0.2% on Thursday, moving further above the recently captured 50-day line. The stock is down about 20% from its 52-week high. Apple stock was trading down 1.2% on Friday.
Microsoft shares fell 0.2 percent on Thursday, after shares hit their highest level since Sept. 13 on Wednesday. The software giant is still about 26% off its 52-week high. Microsoft shares fell 1.5 percent on Friday morning.
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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