Futures Rise Ahead Of Jobs Report

The Dow Jones Industrial Average and the other major stock indexes traded higher at the start of November’s first day of trade, as Wall Street reacted to a weaker-than-expected jobs report. Amazon.com (AMZN) and Apple (AAPL) were early earnings movers on the stock market today.

After the opening bell, the Dow Jones Industrial Average rose 0.8%, while the S&P 500 climbed 0.7%. The tech-heavy Nasdaq composite gained 0.9% in morning trading.

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Early Friday, the 10-year Treasury yield ticked higher to 4.29%, tracking toward a seventh weekly advance ahead of Tuesday’s election. Oil prices bounced further from this week’s lows, as West Texas Intermediate futures traded around $70.60 per barrel.

Among exchange traded funds, the Invesco QQQ Trust (QQQ) rose 0.9%, as the SPDR S&P 500 ETF (SPY) moved up 0.7% after the open.

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Apple Stock Slides On Earnings

Shares of Apple sold off nearly 2% Friday after the company beat Wall Street’s estimates for its fiscal fourth quarter thanks to strong iPhone and services sales. But the company also issued weaker-than-expected sales growth target for the current quarter.

Apple stock closed Thursday just below its 50-day line.

Meanwhile, Amazon reported better-than-expected third-quarter results late Thursday. Amazon stock rallied 6.6% in early trading.

Amazon shares are retaking a 195.37 buy point in a cup with handle.

Stock Market Today

Elsewhere on the earnings front, chip stock Intel (INTC) and energy giants Exxon Mobil (XOM), Chevron (CVX) were on the move Friday morning.

Intel stock jumped 6.3% in morning trading, while Exxon shares climbed 2.4%. Chevron stock moved up 3.2%.

Early Friday, the Labor Department reported that the U.S. economy grew by just 12,000 jobs in October, down from September’s 254,000 increase. They were expected to grow by 125,000 in October, per Econoday. The unemployment rate held steady at 4.1%.

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Best Stocks To Watch

On Thursday, the Dow Jones Industrial Average declined 0.9% and closed below its 50-day moving average for the first time since Aug. 12.

The S&P 500 lost 1.9% and the Nasdaq composite tumbled 2.8%. For both, it was the biggest loss since Sept. 3, according to Dow Jones Market Data. And the small-cap Russell 2000 index dropped 1.6%.

During Thursday’s IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market action.

Among the best companies to watch on the stock market today are Costco Wholesale (COST), MercadoLibre (MELI) and On Holding (ONON).

Notable Dow Jones components are Amazon.com, Apple, Goldman Sachs (GS) and Microsoft (MSFT).

Goldman and Tesla were featured in the Stocks Near A Buy Zone column.

There were two new stocks on IBD MarketSurge‘s “Breaking Out Today” list Thursday, including GoDaddy (GDDY), which topped a 166.17 buy point. Check for potential breakouts  on the “Near Pivot” list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.

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Dow Jones: Goldman Sachs Reclaims Buy Point

Dow Jones financial leader Goldman Sachs remains above its 517.26 buy point despite Thursday’s decline, according to MarketSurge pattern recognition. Shares edged down on the stock market today.

Outside the Dow Jones index, Costco is forming a flat base with a 923.83 buy point but it threatens to give up support around the 50-day moving average. Costco stock traded down 0.2% early Friday.

Online retailer MercadoLibre is working on a flat base with a 2,161.73 buy point. The stock is also below the 50-day moving average. Shares fell 0.7% early Friday. MercadoLibre is due to report third-quarter results on Thursday.

Footwear company On Holding is again trying to find support at its 50-day line. Shares are just below an early entry at 50.11 from the Oct. 17 high. The stock rebounded 0.4% Friday morning. On Holding reports on Nov. 12.

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Stock Market Today: Companies To Watch

These are four stocks in or near buy zones in today’s stock market.

Source: IBD Data as of Oct. 28

Join IBD Experts As They Analyze Leading Stocks On IBD Live

Magnificent Seven Stocks: Alphabet, Nvidia, Tesla

Among Magnificent Seven stocks, Alphabet (GOOGL) moved down 1.1% in morning trading on the stock market today. Shares are forming a cup base that has a 191.75 entry, but keep an eye out for a potential handle.

Artificial intelligence giant Nvidia (NVDA) slid 4.7% Thursday. It’s now back below a 140.76 buy point in a consolidation. Shares moved up 2.1% Friday. Nvidia reports third-quarter results on Nov. 20.

Last week, electric-vehicle giant Tesla (TSLA) broke out past a 264.86 buy point in a cup with handle. But shares fell further below that entry Thursday, with a 3% decline. Tesla stock bounced 1.3% Friday.

Dow Jones Leaders: Microsoft

Among Dow Jones components in the Magnificent Seven, Microsoft shares rebounded 0.8% Friday morning. On Thursday, the software giant dived through its 50-day line, a key sell signal, after the company’s earnings results.

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

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