Dow Jones futures rallied Friday, looking to snap a two-day losing streak to kick off the second quarter of 2022. The March payrolls report missed estimates Friday morning. U.S. oil prices continued lower in the wake of Thursday’s dive, trading below $100 a barrel. And the 10-year Treasury yield jumped Friday morning.
X
Financials were in motion, with Goldman Sachs (GS) leading the Dow industrials in premarket trade. Comerica (CMA) traded high on the S&P 500, up more than 2% after a pair of analyst upgrades.
Among other Dow Jones stocks, Apple (AAPL) inched higher Friday morning, but is back below a recent buy point after Thursday’s sell-off. Microsoft (MSFT) moved up 0.5% in today’s stock market. UnitedHealth (UNH), a Dow Jones stock to watch, continues to make progress in the wake of a recent breakout.
EV giant Tesla (TSLA) rallied 0.7% early Friday, on pace to rebound after Thursday’s sell-off.
Amid the stock market’s uptrend, IBD Leaderboard stock Arista Networks (ANET), Broadcom (AVGO), CVS Health (CVS), Regeneron Pharmaceuticals (REGN) and Vertex Pharmaceuticals (VRTX) are among Friday’s top stocks to buy and watch.
Arista, Microsoft and Tesla are IBD Leaderboard stocks. Apple and Regeneron were featured in this week’s Stocks Near A Buy Zone column.
Dow Jones Today: Treasury Yields, Oil Prices, Jobs Report
Ahead of Friday’s open, Dow Jones futures traded up 0.4% vs. fair value. S&P 500 futures rose 0.35% and Nasdaq 100 futures gained 0.4% vs. fair value. Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) rose 0.4%, and the SPDR S&P 500 ETF (SPY) was up 0.4% before Friday’s open.
The 10-year U.S. Treasury yield surged to 2.41% Friday following Thursday’s close at 2.32%, on pace to snap a four-day losing streak.
U.S. oil prices continued to retreat Friday morning after Thursday’s tumble in the wake of President Joe Biden’s plan to release up to 180 million barrels from the Strategic Petroleum Reserve. Bloomberg reported that the U.K. was set to join the action and release from its reserves. Meanwhile, the Organization of Petroleum Exporting Countries and its partners agreed on Thursday to a slight increase in the group’s gradual increase in production quotas.
West Texas Intermediate crude dropped 1% to trade below $100 a barrel.
The Labor Department released the March jobs report at 8:30 a.m. ET. The U.S. economy added 431,000 jobs in March, missing estimates that called for 490,000 new hires in March, down from 678,000 in February, according to Econoday estimates. The unemployment rate fell to 3.6%.
Stock Market Rally
The stock market posted more disappointing action Thursday, as the major stock indexes sold off with heavy losses. For more daily stock market commentary, check out IBD’s The Big Picture column.
Thursday’s The Big Picture column commented, ” Remember, not all breakouts will work, so it’s important to keep losses manageable by selling at the 7%-8% loss-cutting level. For example, promising breakout GlobalFoundries (GFS) hit the 7%-8% sell trigger Wednesday. And shares tumbled another 6.9% Thursday.”
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 Buy And Watch: UnitedHealth
Managed care giant UnitedHealth shows a 500.10 buy point with a handle entry on a double-bottom base. Shares remain in the buy range above that entry despite Thursday’s 2.1% decline. UNH shares rose 1% early Friday.
Bullishly, the stock’s relative strength line is perking up again after pulling back from new highs in recent sessions, indicating significant stock market outperformance.
Four Top Growth Stocks To Buy And Watch In The Current Stock Market Rally
Stocks To Buy And Watch: Arista, Broadcom, CVS, Regeneron, Vertex
Arista Networks is at the top of the buy range above a double bottom’s 133.97 buy point after rising 0.6% Thursday, according to IBD MarketSmith charts. The stock added 0.6% early Friday.
Chip giant Broadcom fell 0.2% Thursday, but is still holding above an early entry at 614.74. Shares continue to rally up the right side of a new cup base. The cup base’s proper buy point is 677.86. AVGO shares were slightly higher Friday morning.
Recent IBD Stock Of The Day CVS Health now shows a cup with handle with a 109.79 buy point. CVS stock gave up its 50-day line Tuesday and fell further below it during Thursday’s 2.3% fall. CVS shares were up 0.5% Friday morning.
Biotech leader Regeneron Pharmaceuticals remains in buy range above a 673.96 flat-base entry in the wake of a March 16 breakout move. REGN shares tested the buy point on March 23 before regaining the buy point on March 24. The 5% buy zone tops out at 707.66. The stock gained 0.7% early Friday.
Vertex Pharmaceuticals moved higher in its buy range Thursday after a 1.7% advance. The 5% buy area above a 255.03 cup-base entry tops out at 267.78. VRTX shares were up 0.8% Friday.
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla Stock
Tesla stock pared early gains to 0.1% early Friday, on pace to rebound after Thursday’s 1.5% drop. Shares are approaching a cup base’s 1,208.10 buy point. Be on the lookout for a potential handle to offer a more risk-optimal entry.
The stock traded as high as 1,243.49 on Nov. 4. and ended Thursday just 13% off that all-time high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares sold off 1.6% Thursday, falling back below a double bottom’s 176.75 buy point. The 5% buy area goes up to 185.59. Look for a decisive move back above the entry as a buy signal. AAPL stock inched higher early Friday.
Software leader Microsoft dropped 1.6% Thursday, as shares continue to build the right side of a new base formation. Microsoft shares rose 0.5% Friday morning.
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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