Futures Mixed As Nvidia Slides On AI Chip Delay

Dow Jones futures rose Friday morning, as the stock market headed for a four-week win streak. Tesla stock extended Wednesday’s losses, while Nvidia (NVDA) slid after a report that the chipmaker would delay the launch of a new AI chip in China.


The economic calendar is light Friday, with the stock market set to close early at 1 p.m. ET.

S&P Global releases its Composite Purchasing Managers’ Index (PMI) at 9:45 a.m. The manufacturing index is expected to dip to 49.9 in November, with the services index to inch lower to 50.5, per Econoday.

Nvidia sold off more than 1% early Friday, after Reuters reported the company told customers in China it would delay until the first quarter of next year the launch of a new artificial intelligence chip designed to comply with U.S. export rules.

Dow Jones Today: Oil Prices, Treasury Yields

Ahead of Friday’s opening bell, Dow Jones futures rose 0.15% vs. fair value, while S&P 500 futures gained 0.1%. Tech-heavy Nasdaq 100 futures inched higher in morning action.

Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) moved down 0.1%, while the SPDR S&P 500 ETF (SPY) rose 0.15% early Friday.

The yield on the 10-year U.S. Treasury bond ticked higher to 4.47% Friday morning. On Wednesday, the benchmark settled at 4.41%.

Oil prices remained pulled back and near recent lows. West Texas Intermediate futures fell more than 0.5% Friday morning to trade near $77 a barrel. WTI hit a low near $73 in mid-November. In September, it traded above $93.

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Stock Market Rally

On Wednesday, the Dow Jones Industrial Average rose 0.6%, while the S&P 500 moved up 0.4%. The tech-heavy Nasdaq composite climbed 0.5%.

Wednesday’s Big Picture column commented, “At 4556, the (S&P) 500 is now a 1.1% rally away from taking out its year-to-date high of 4607. The index stands 5.5% below its all-time peak, set in the first week of 2022, of 4818.”

Now is an important time to read IBD’s The Big Picture column amid the continuing stock market rally. Be sure to read how to invest during the ongoing stock market uptrend.

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Stock Market Today: Best Stocks To Watch

IBD Leaderboard stock Amazon (AMZN), along with MercadoLibre (MELI), Nvidia, IBD SwingTrader stock Shopify (SHOP) and Toll Brothers (TOL) — as well as Dow Jones stocks Microsoft (MSFT), Salesforce (CRM) and UnitedHealth (UNH) — are among the best stocks to watch in the current market rally.

Salesforce and Shopify featured in this Stocks Near A Buy Zone column. Amazon and MercadoLibre are members of IBD Leaderboard.

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Dow Jones Stocks To Watch

Software leader Salesforce is approaching a 228.79 buy point in a double-bottom base, according to IBD MarketSmith chart analysis. CRM stock is about 3% away from the latest buy point. Shares were unchanged early Friday.

Health care giant UnitedHealth is closing in on a handle’s buy point at 546.78. UNH stock was flat Friday.

4 Top Growth Stocks To Watch In The Stock Market Rally

Stocks To Buy And Watch: Amazon Retakes Buy Point

Amazon regained its cup base’s 145.86 buy point during Wednesday’s 1.95% gain. Shares remain sharply above an early entry at 134.48. AMZN tacked on 0.1% Friday morning.

IBD Leaderboard stock MercadoLibre moved further out of a buy zone past a 1,398.59 buy point, according to IBD MarketSmith pattern recognition, after Wednesday’s 2% rally. Shares were unchanged Friday.

IBD SwingTrader stock Shopify is breaking out past a double bottom’s 67.60 buy point. The buy zone tops out at 70.98, so shares are nearly extended. SHOP stock were modestly higher early Friday.

Homebuilder Toll Brothers remains in buy range past a cup-with-handle’s 82.39 buy point in the wake of last week’s breakout move. The buy zone goes up to 86.51. TOL stock rose a fraction Friday morning.

Best Stocks In Today’s Stock Market Action

These are four best stocks to watch in today’s stock market, including a Dow Jones leader.

Company Name Symbol Correct Buy Point Type Of Buy Point
Amazon (AMZN) 145.86 Cup base
UnitedHealth (UNH) 546.78 Handle entry
Toll Brothers (TOL) 82.39 Cup with handle
MercadoLibre (MELI) 1,398.59 Cup with handle
Source: IBD Data As Of Nov. 24, 2023

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Magnificent Seven Stocks: Nvidia, Tesla

Among the so-called “Magnificent Seven” stocks, Tesla (TSLA) declined 0.7% early Friday, while Nvidia sold off more than 1%.

Graphics-chip giant Nvidia is trying to halt its recent slide around a double-bottom base’s 476.09 entry. Shares tumbled 2.5% Wednesday after the company’s earnings report.

Tesla stock skidded nearly 3% Wednesday, as shares continue to face strong resistance around their 50-day line after retaking the 200-day line last week. A big double bottom has a 278.98 buy point.

Dow Jones Leaders: Apple, Microsoft

Two Dow Jones stocks in the Magnificent Seven, Apple (AAPL) and Microsoft, traded mixed ahead of today’s stock market open.

Apple climbed 0.35% Wednesday, still near its highest level since early August. Shares are above an early entry at 182.34, as they continue to trace a consolidation that has a 198.23 buy point. Apple shares dipped 0.3% Friday.

Microsoft stock moved up 1.3% Wednesday, hitting an all-time high at 379.79. The stock is squarely in buy range above a cup base’s 366.78 buy point. In recent weeks, shares rose above an early buy trigger at 346.20. And MSFT stock was up 0.2% Friday morning.

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


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