The Dow Jones Industrial Average slid 150 points Friday, as the August jobs report badly missed estimates. Tesla stock dropped after the Cybertruck was delayed.
Among the Dow Jones leaders, Apple (AAPL) traded up 0.25%, while Microsoft (MSFT) moved up 0.2% in today’s stock market. American Express (AXP) retreated below a new buy point, and below a key technical level.
Tesla (TSLA) looked to extend a two-day losing streak, skidding about 1% Friday morning. The EV leader is at the top of its buy range. PayPal (PYPL) rose 1.4% Friday, as it approaches a new buy point.
Among the top stocks to buy and watch, Academy Sports & Outdoors (ASO), Mercado Libre (MELI), Palantir Technologies (PLTR) and Shopify (SHOP) are in or near new buy zones.
Mercado Libre, Microsoft and Tesla are IBD Leaderboard stocks. Academy Sports is an IBD IPO Leader. Palantir was featured in this week’s Stocks Near A Buy Zone column. Shopify is an IBD SwingTrader stock.
Dow Jones Today: Jobs Report
The Dow Jones Industrial Average trimmed its opening loss to 0.3% midday Friday. The S&P 500 narrowed its decline to 0.15%. The tech-heavy Nasdaq reversed from early losses to rise 0.1% in midday trade.
U.S. Stock Market Today Overview
Last Update: 10:34 AM ET 9/3/2021
Ahead of Friday’s open, the Labor Department reported the U.S. economy added 235,000 jobs in August, as the jobless rate fell to 5.2%. Consensus estimates from Econoday expected U.S. payrolls to grow by 740,000 jobs.
Among exchange traded funds, the Innovator IBD 50 (FFTY) was up 0.7% Friday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) moved up 0.2%. Meanwhile, the SPDR S&P 500 ETF (SPY) lost 0.15%.
Stock Market Rally Continues
The Nasdaq and S&P 500 are just off Thursday’s record highs, while the Dow Jones Industrial Average threatened to give back all of its modest gains from Thursday.
Thursday’s The Big Picture column commented, “With a modest amount of institutional selling, investors should remain confident in the current uptrend. Wednesday’s Big Picture cautioned the Nasdaq and S&P 500 are at or close to touching their respective upper channel lines. A normal pullback would not be a surprise, and Thursday’s uneven trading keeps that possibility alive.”
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Dow Jones Stocks To Buy And Watch: American Express
Dow Jones leader American Express is tracing a flat base with a 179.77 buy point, according to IBD MarketSmith chart analysis. But shares are below their key 50-day moving average line. Retaking support at that critical level would be bullish for the stock’s immediate prospects. Shares were down over 2% Friday.
Through the end of August, American Express was the No. 2 performer on the Dow Jones Industrial Average, advancing more than 37%. Goldman Sachs (GS) is the top performer with a 56.9% climb through Aug. 31.
Stocks To Buy And Watch: Academy Sports, Mercado Libre, Palantir, Shopify
IPO Leader Academy Sports is still in buy range past a 42.85 buy point in a cup base following this week’s retake of the entry. The top retail stock tacked on 0.1% Friday. The 5% buy zone tops out at 44.99.
Academy Sports was featured in last week’s IPO Leaders column.
IBD Leaderboard stock Mercado Libre rallied 0.7% Friday and is trading in the 5% buy range above a cup-with-handle’s 1,899.43 buy point.
Palantir Technologies is just above a cup-with-handle’s 26.04 buy point, according to IBD MarketSmith chart analysis. Shares rose 0.5% Friday and are in the 5% buy area that tops out at 27.34. The stock’s relative strength line remains far from its old highs. Ideally, the RS line should hit a new high on the breakout day.
Check out Palantir in this week’s Stocks Near A Buy Zone column.
IBD SwingTrader stock Shopify continues to trace a flat base that shows a 1,650.10 buy point. According to IBD Stock Checkup, SHOP stock boasts a 98 out of a perfect 99 IBD Composite Rating. The IBD Composite Rating identifies stocks with a blend of strong fundamental and technical characteristics.
SHOP stock climbed nearly 1% midday Friday.
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PayPal stock rose 1.4% Friday, looking to snap a two-day losing streak. The top stock is right at its 50-day moving average line.
Shares of the payment processor are tracing a flat base with a 310.26 buy point. The stock is about 8% away from the new entry.
Tesla stock lost about 1% Friday, as the company reportedly pushed back production of its Tesla Cybertruck. During a companywide call with employees, CEO Elon Musk said that Tesla doesn’t expect to start Cybertruck production until late 2022, according to Elektrek. Last week, shares regained their 700.10 aggressive buy point deep inside a correction and are at the top of the buy range that runs up to 735.11. Meanwhile, a deep, large base continues to take shape.
On Jan. 25, Tesla stock hit a record high of 900.40, after climbing as much as 93% from a 466 buy point in a cup-with-handle.
Dow Jones Leaders: Apple, Microsoft
Among the top Dow Jones stocks, Apple moved up 0.25% Friday, trading just shy of Wednesday’s record highs at 154.98. Apple shares are in buy range above a 148 trendline buy point.
Software giant Microsoft rose 0.2% Friday. Shares are about 15% above a cup base’s 263.29 buy point and near new highs.
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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