Dow Jones futures dropped on Friday, as Russia shelled, then seized, a Ukrainian nuclear power plant. Meanwhile, February’s jobs report topped estimates ahead of the stock market open. Bonds rallied, sending Treasury yields sharply lower. Oil prices climbed.
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After Thursday’s close, Broadcom (AVGO) and Marvell Technology (MRVL) reported their quarterly results. AVGO shares rallied more than 3% early Friday, while Marvell stock slid 2% ahead of the open.
Among the Dow Jones leaders, Apple (AAPL) dropped 1% and Microsoft (MSFT) traded down 0.8% in today’s stock market. UnitedHealth (UNH), a Dow Jones stock to watch, is approaching a new buy point.
Electric-vehicle leader Tesla (TSLA) declined less than 1% premarket Friday.
Amid the volatile, headline-driven market, Anthem (ANTM), Commercial Metals (CMC), Northern Oil & Gas (NOG) and Palo Alto Networks (PANW) are among Friday’s top stocks to watch. Keep in mind that current stock market conditions should keep investors in cash and on the sidelines.
Microsoft and Tesla are IBD Leaderboard stocks. Anthem is an IBD SwingTrader stock. Commercial Metals was featured in this week’s Stocks Near A Buy Zone column.
Dow Jones Today: Jobs Report, Russian Invasion
Ahead of Friday’s market open, Dow Jones futures pared losses to 0.6% after the jobs report. S&P 500 futures declined 0.5%. The Nasdaq 100 futures descended 0.4% in morning trade. Small caps outpaced the early declines, with Russell 2000 futures trading down less than 1%.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) dropped 0.4%, and the SPDR S&P 500 ETF (SPY) lost 0.5% before Friday’s open.
The 10-year Treasury yield ticked down to 1.76% Friday morning. On Thursday, the 10-year Treasury yield closed at 1.84%. Meanwhile, U.S. oil prices advanced more than 3% Friday, as West Texas Intermediate crude traded around $111 a barrel. WTI briefly jumped above $116 a barrel on Thursday before reversing lower.
The U.S. economy added 678,000 jobs in February, easily beating Econoday estimates that called for the addition of 390,000 jobs. The unemployment rate fell to 3.8%.
Meanwhile, Russian shelling in southern Ukraine caused a fire at Europe’s largest nuclear power plant before Russian troops then took control of the facility. Despite initial fears, the fire reportedly occurred at the power plant’s training facility. None of the reactors were affected by the fire and there was no radiation leak, according to officials at state-run Energoatom, the enterprise that runs Ukraine’s four nuclear plants.
Stock Market Rally Attempt
The stock market posted disappointing action Thursday, as the major stock indexes reversed from early gains to end with moderate-to-heavy losses. Friday is Day 7 of the ongoing rally attempt, which means a follow-through day — signaling the start of a new uptrend — is possible anytime now. Amid the current volatility, it’s an important time to read and follow IBD’s The Big Picture column.
Thursday’s The Big Picture commented, “During market corrections, investors should be in cash. But don’t tune out. Instead, keep a watchlist of top-performing stocks that are trying to hold up during the market weakness. Use the relative strength line to help you identify some emerging market leaders. You can also find stocks newly added to IBD’s proprietary watchlists like the IBD 50 here.”
If you’re new to IBD, consider taking a look at its stock trading system and CAN SLIM basics. Recognizing chart patterns is one key to the investment guidelines. IBD offers a broad range of growth stock lists, such as Leaderboard and SwingTrader.
Investors also can create watchlists, find companies nearing a buy point, or develop custom screens at IBD MarketSmith.
Four Dow Jones Stocks To Watch Now
Dow Jones Stocks To Watch: UnitedHealth
UnitedHealth is building a double-bottom base that offers a 501.03 buy point. Shares ended Thursday about 3% away from their latest entry. UNH stock traded 1.3% lower early Friday.
Bullishly, the stock’s relative strength line is right at new highs, indicating significant stock market outperformance.
Four Top Growth Stocks To Watch In The Current Stock Market Correction
Stocks To Watch: Anthem, Commercial Metals, Northern Oil, Palo Alto
IBD SwingTrader stock Anthem is just below a flat base’s 470.12 entry after Thursday’s 1.2% rise. Shares were flat Friday morning. Anthem was IBD’s Stock Of The Day on Wednesday.
Texas-based Commercial Metals — a manufacturer of metal products for the construction industry — is gaining traction after a recent breakout past a 38.82 buy point in a consolidation. Shares are about 3% above the entry, as the stock rallied nearly 3% Thursday. The 5% buy area goes up to 40.76. CMC stock shows a 98 out of a perfect 99 IBD Composite Rating, per IBD Stock Checkup. CMC shares were unchanged Friday morning.
Northern Oil & Gas is still in buy range past a cup-with-handle’s 25.57 buy point, according to IBD MarketSmith chart analysis, after Thursday’s 1.6% fall. NOG shares were unchanged Friday.
Cybersecurity leader Palo Alto Networks continues to hold just above a consolidation’s 572.77 buy point after Thursday’s 1.5% fall. The 5% buy area goes up to 601.41. The RS line hit a new high on the breakout day, but the market volatility has prevented the stock from adding to its breakout’s gains. Palo Alto shares were flat early Friday.
Join IBD experts as they analyze leading stocks in the current stock market correction on IBD Live
Tesla Stock
Tesla stock declined less than 1% Friday morning, threatening to add to Thursday’s 4.6% skid. Shares are just above their long-term 200-day moving average. Look for the stock to again find support around this year. Another decisive break lower could signal further weakness is likely.
The stock traded as high as 1,243.49 on Nov. 4, but ended Thursday about 33% off that all-time high.
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Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple is building a double-bottom base with a 176.75 buy point, according to IBD MarketSmith chart analysis. Shares are about 6% away from the new buy point. AAPL stock found support at its long-term 200-day line last week, but remains below its 50-day moving average. Apple shares lost 1% Friday.
How the Dow Jones stock handles potential resistance at the 50-day line will be key to the likelihood of a breakout. If the stock finds stout resistance, then a more lengthy consolidation period would be likely. However, if the stock decisively regains that level, then a breakout could be on the near horizon. For now, Apple stock is about 2.5% below the 50-day line.
The stock’s relative strength line remains near recent highs in the face of the stock market weakness, signifying that institutions are hesitant to sell their Apple shares.
Software leader Microsoft fell 1.4% Thursday, closing back below the 200-day line. Shares continue to build a new base. MSFT stock fell 0.8% early Friday.
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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The post Dow Jones Futures Cut Losses On Strong Jobs Report; Russia Seizes Ukrainian Nuclear Power Plant appeared first on Investor’s Business Daily.
