Futures Turn Mixed On Strong Jobs Report

Dow Jones futures and the other major indexes reversed higher after this morning’s jobs report, as artificial intelligence leaders Nvidia (NVDA) and Super Micro Computer (SMCI) rallied to new highs on the stock market today.


Dow Jones futures rose 0.1% vs. fair value in morning action Friday, as S&P 500 futures gained 0.3%. Tech-heavy Nasdaq 100 futures moved up 0.2% before the opening bell.

Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was up 0.2%, as the SPDR S&P 500 ETF (SPY) gained 0.3%.

The 10-year Treasury yield ticked lower to 4.05%. Further, oil prices paused after two days of gains, as West Texas Intermediate futures fell 0.4%, trading near $78.50 a barrel.

Nvidia and Super Micro rallied 2.7% and 3.8%, respectively, ahead of Friday’s market open. Both were set to hit new highs.

Nvidia stock jumped another 4.5% Thursday, hitting more record highs and trading more than 80% above a flat base’s 505.48 entry. Nvidia is an IBD Leaderboard stock.

Super Micro shares extended a win streak to six sessions Thursday, with a 3.1% rally.

Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.

Stock Market Today: Jobs Report

Early Friday, the Labor Department said the U.S. economy added 275,000 jobs in February, higher than the 190,000 estimate. The unemployment rate rose to 3.9% in February vs. January’s 3.7% rate. Meanwhile, January payrolls were revised down from an increase of 353,000 to 229,000.

Key earnings reports Friday included Broadcom (AVGO), Costco Wholesale (COST), Marvell Technology (MRVL), MongoDB (MDB) and Samsara (IOT).

Broadcom shares declined 1.6% in premarket trade, while Costco stock fell more than 4%. Marvell slid more than 6%, as MongoDB plunged  nearly 9%. And Samsara stock soared nearly 14% in early action.

Dow Jones Rises

On Thursday, the Dow Jones Industrial Average climbed 0.3%, while the S&P 500 moved up 1%. The tech-heavy Nasdaq composite advanced 1.5%. The small-cap Russell 2000 added 0.8%.

Thursday’s Big Picture column commented, “After Thursday’s gains, the Nasdaq and S&P 500 are back to setting new highs, rebounding nicely from Tuesday’s sell-off. IBD is maintaining its recommended exposure level at 60%-80%, keeping in mind that a pullback now would not be surprising.”

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 adjust to changing market conditions, with IBD’s new exposure levels.

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Best Stocks To Buy And Watch In Stock Market Today

Duolingo (DUOL), Fifth Third Bancorp (FITB), Fortinet (FTNT) and Weatherford (WFRD) — plus Dow Jones components Disney (DIS), IBM (IBM) and Procter & Gamble (PG) — are among the best stocks to buy and watch on the stock market today.

IBM and Duolingo were featured in this Stocks Near A Buy Zone column.

A great resource for daily breakouts is IBD MarketSurge’s “Breaking Out Today” list. It shows MarketSurge Growth 250 stocks that are breaking out past new buy points. There were no breakouts Thursday, which makes sense after the recent market weakness.

Meanwhile, the MarketSurge “Near Pivot” list shows stocks nearing buy points in bases, like Badger Meter (BMI). That stock is nearing a 170.86 cup entry.

Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard

Dow Jones Stocks: Disney Attempts Breakout

Disney is trying to break out past a big cup-with-handle base’s 112.92 buy point, according to IBD MarketSurge chart analysis. Disney stock slipped a fraction on the stock market today.

IBM stock is also attempting a breakout above a flat base’s 196.90 buy point, with a 2.2% rally Thursday. IBM shares edged lower Friday.

Consumer products giant Procter & Gamble rose 0.7% Thursday, further above a 158.38 buy point in a cup base. P&G stock was down 0.3% Friday.

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Square Eyes Buy Point

IPO Leader Duolingo added a handle to a cup base, taking the buy point to 241.86. Duolingo shares edged lower Friday.

Fifth Third Bancorp climbed 0.9% Thursday, further above a 35.73 buy point. Shares were flat Friday.

Cybersecurity leader Fortinet is adding a handle to a long cup base, taking the buy point to 73.91. The stock inched down Friday.

Square parent Block is adding a high handle to a cup base, taking the correct buy point to 83.29. A short-lived breakout past an 80.29 entry failed on Tuesday when the stock fell 7% from the buy trigger. Square stock inched up Friday.

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Best Bets On Stock Market Today

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
Novo Nordisk (NVO) 105.69 Flat base
Merck (MRK) 119.65 Cup base
DraftKings (DKNG) 39.35 Cup base
Spotify (SPOT) 202.88 Flat base
Source: IBD Data As Of Feb. 28, 2024

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

Magnificent Seven Stocks: Tesla

Among Magnificent Seven stocks, Tesla climbed 1.5% in premarket trading.

Tesla stock rose 1.2% Thursday, ending a three-day losing streak. Shares remain sharply below their 50-day and 200-day moving averages.

Dow Jones Leaders: Apple, Microsoft

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

Apple stock fell 0.1% Thursday, extending a losing streak to seven sessions and moving further below its long-term 200-day line. Shares were up 0.4% Friday morning.

Microsoft shares moved back out of buy range past a 384.30 buy point in a flat base, as they found support at the 50-day line Thursday. The software giant fell 0.4% on the stock market today.

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


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