Futures fall after strong jobs report

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Dow Jones futures fell lower Friday morning after a stronger-than-expected July jobs report. Square-parent Block (SQ) fell 6% on its earnings report. And Tesla stock traded lower after shareholders approved plans for a 3-for-1 stock split.




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The top profit movers on Friday include: AMC entertainment (AMC), Amgen (AMGN), funko (FNKO), Lyft (LYFT) and Vertex Pharmaceuticals (VRTX).

Shares of AMC fell more than 8%. Amgen shares closed lower. Funko lost 6.8%. Lyft raced 7.9% higher. Vertex rose more than 1%.

Tesla (TSLA) fell 1% early Friday. Elsewhere, Dow Jones Tech Leaders Apple (AAPL) and Microsoft (MSFT) was trading lower before today’s opening.

In the strengthening stock market environment, Dow Jones stocks Chevron (CVX) and UnitedHealth (UNH) — as well as Equinor (EQNR), heico (HOI) and Monolithic Energy Systems (MPWR) — are among the stocks to watch. Keep in mind that continued volatility in stock markets is a reason to remain more conservative despite recent signs of strength.

Heico, UnitedHealth and Vertex are IBD Leaderboard stocks. Chevron was featured in the Stocks near a buy zone column this week.

Dow Jones Today: Treasury Yields, Oil Prices, Jobs Report

Dow Jones futures fell 0.4% from fair value, while S&P 500 futures fell 0.75%. Nasdaq 100 futures fell 1% in morning trading. Remember that overnight action in Dow Jones futures and elsewhere does not necessarily translate into actual trading in the next regular trading session.

Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) fell 0.9%. And the SPDR S&P 500 ETF (SPY) fell 0.7%.

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The 10-year Treasury yield rose to 2.77% on Friday morning, recovering some of Thursday’s decline. 10-year government bond yields are trying to recover after hitting their lowest levels since early April.

Meanwhile, US oil prices extended this week’s sharp losses after West Texas Intermediate futures plunged below $88 a barrel on Thursday for the first time since mid-February.

The Labor Department’s July jobs report was released Friday morning. The US economy added 528,000 jobs in July, far ahead of Econoday’s projected 250,000 increase. The unemployment rate came in at 3.5%, better than the estimate of 3.6%. A solid jobs report could be bad news for the Dow Jones Industrial Average and other indexes. Many investors are counting on the economy being weak enough for the Federal Reserve to move from a rate hike to a rate cut in the first half of 2023.

stock market rally

On Thursday, the Dow Jones Industrial Average and S&P 500 lost 0.3% and 0.1%, respectively. The tech-heavy Nasdaq rose 0.4%, closing at its highest level since May 4.

Thursday’s column from The Big Picture noted, “The stock market took a breather after Wednesday’s strong gains, as major stock indices ended quietly ahead of Friday’s pivotal July jobs report.”

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Investors can also create watchlists, find companies approaching a buying point, or develop custom screens at IBD MarketSmith.


Five Dow Jones Stocks to Watch Now


Dow Jones Stocks to Watch: Chevron, UnitedHealth

Dow Jones energy giant Chevron is building the right side of a cup base with a buy point of 182.50. But amid a four-day losing streak, stocks are back below their key 50-day line. Chevron stock traded flat on Friday.

Health insurance giant and IBD Leaderboard stock UnitedHealth remains in buying range above the 518.80 buy point from its handle double bottom, amid Thursday’s 1.3% loss, according to IBD MarketSmith chart analysis. Shares were unchanged Friday.

UNH stocks show a solid 94 out of a perfect 99 IBD Composite Rating, according to the IBD Stock Checkup. Investors can use the IBD Composite Rating to easily measure the quality of a stock’s fundamental and technical statistics.


4 top growth stocks to keep an eye onrent Stock Market Rally


Top stocks to watch: Equinor, Heico, Monolithic

Norwegian oil giant Equinor is trading just below the 38.80 buy point from a double bottom base after Thursday’s 3.6% decline. Shares crept up 0.1% on Friday morning.

IBD Leaderboard stock Heico is in the buy range past the 151.37 double bottom entry after last week’s strong breakout. The buying area of ​​5% increases to 158.94. The stock was unchanged on Friday.

Thursday’s Chipmaker And IBD Stock Of The Day Monolithic Power Systems continues to build up the bright side of consolidation with a buy point of 580.10. Keep an eye out for a possible grab bar to provide a lower entry. MPWR shares were unchanged early Friday.

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


Tesla stock

Tesla shares rose another 0.4% on Thursday, extending a profit streak to seven sessions. Shares are at their highest level since early May, but are still trying to decisively clear resistance around their 200-day mark, which is an important level to watch.

Shares fell 1% Friday morning after shareholders approved plans for a 3-for-1 stock split.

Dow Jones Leaders: Apple, Microsoft

Of Dow Jones stock, Apple shares lost 0.2% on Thursday, pausing after recent gains as they moved higher to the right of a new base. The stock fell less than 0.1% on Friday morning.

Microsoft was up 0.4% on Thursday, contributing to Wednesday’s big gains. The software giant is still below its long-term 200-day mark. The stock closed about 19% from its 52-week high. Microsoft rose less than 0.1% early Friday.

Follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more information on growth stocks and the Dow Jones Industrial Average.

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