Search

Dow Jones Falls After Weak Jobs Report; Tesla Stock Falls As Elon Musk Sells More Shares - Investor's Business Daily

The Dow Jones Industrial Average reversed lower after a weak November jobs report. Tesla stock dropped Friday, as Chief Executive Elon Musk sold another $1 billion worth of Tesla shares. Software stocks were under some early pressure after a round of earnings news, while Marvell Technology led an early advance among chip stocks.

X

Among the Dow Jones leaders, Apple (AAPL) was down 0.2% early Friday, while Microsoft (MSFT) dropped 0.5% in today's stock market. Nike (NKE) was up nearly 1%, still below a buy point after Thursday's solid gain.

Electric-vehicle leader Tesla (TSLA) lost over 2% Friday. EV peer Rivian (RIVN) was down over 3%, while Lucid Group (LCID) slid nearly 3%. Chinese EV leaders Li Auto (LI) and Xpeng Motors (XPEV) were each squarely lower after Friday's open.

Among the top stocks to buy and watch, Endeavor Group (EDR), Li Auto, NXP Semiconductors (NXPI) and Pfizer (PFE) are in or near new buy zones. However, recent stock market volatility suggests investors should be highly cautious if making new purchases.

Microsoft and Tesla are IBD Leaderboard stocks. NXP is an IBD SwingTrader stock. Apple and Li Auto were spotlighted in this week's Stocks Near A Buy Zone story. Endeavor is featured in this week's IPO Leaders story.

Dow Jones Today: November Jobs Report

After the stock market open Friday, the Dow Jones Industrial Average reversed from early gains to drop 0.3%, while the S&P 500 lost 0.5%. The tech-heavy Nasdaq composite reversed from early gains to sell off 1.3% in morning trade.

Among exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) lost 1% Friday, while the SPDR S&P 500 ETF (SPY) descended 0.4%.

Early Friday, the Labor Department released its November jobs report. The U.S. economy added just 210,000 jobs in November, far fewer than forecasts calling for the U.S. economy to add 543,000 jobs. The unemployment rate fell to 4.2%. A month ago, the October jobs report came in well above expectations, with 531,000 new jobs and a 4.6% unemployment rate for the month.

The 10-year Treasury yield rose near 1.46% Friday morning, after closing Thursday just below 1.45%. Oil prices traded higher, with West Texas Intermediate up almost 3% to above $68 a barrel, following a modest rebound on Thursday.


Stock Market ETF Strategy And How To Invest


Stock Market Rebound

The stock market rebounded sharply Thursday, as the Dow Jones Industrial Average and S&P 500 posted strong gains. The Nasdaq found much-needed support at its key 50-day benchmark.

Following the session, The Big Picture commented: "Lastly, be flexible. An uptrend under pressure means the current outlook is uncertain. While further weakness could trigger a correction, re-emergent strength could shift the market status back into a confirmed uptrend."

The stock market outlook was downgraded to "uptrend under pressure" this week, so it's an important time to read IBD's The Big Picture.


Five Best Dow Jones Stocks To Watch Now


Dow Jones Stocks To Watch: Apple, Nike

At the end of Thursday's session, Apple shares were extended above a 153.27 buy point out of a cup-with-handle base, according to IBD MarketSmith chart analysis. The 5% buy zone topped out at 160.93. Apple shares moved down 0.2% Friday.

Retail leader Nike rebounded 2% Thursday, snapping a two-day losing streak. Nike shares remain about 3% below their cup base's 174.48 buy point. Shares were up nearly 1% Friday.

Stock Market Earnings: Asana, DocuSign, Marvell

Former hot initial public offering, Asana (ASAN), plunged more than 23% Friday after the company's earnings results late Thursday. ASAN shares closed Thursday nearly 40% off their 52-week high.

DocuSign (DOCU) plummeted more than 35% after its October-quarter earnings and revenue topped Wall Street targets but revenue guidance for missed expectations. DOCU shares ended Thursday about 26% off its 52-week high and sharply below its 50- and 200-day lines.

Marvell Technology (MRVL) soared 23% after the company's better-than-expected earnings report and outlook. Shares are set to hit the 20%-25% profit-taking zone above a 64.17 buy point. And amid a struggling stock market uptrend, it would be prudent to take at least some profits.

Stocks To Buy And Watch: Endeavor, Li Auto, NXP, Pfizer

IPO Leader and UFC owner Endeavor Group continues to build a cup-with-handle base with a 31.80 buy point, according to IBD MarketSmith chart analysis. Shares are about 7% away from the new entry. The stock was down around 1% Friday.

Positively, the stock's relative strength line is making solid upward progress and is at its highest level since early October. The RS line measures a stock's price performance vs. the broad market. A strengthening RS line during periods of market weakness indicates leadership potential.

Li Auto ended Thursday squarely below a cup-with-handle base's 34.93 buy point following the session's 3.4% skid. Shares slumped over 3% Friday, falling further below the entry.

Chip leader and IBD SwingTrader stock NXP Semiconductors is trying to break out past a 227.60 buy point in a cup-with-handle base, but closed further below the entry after Thursday's 0.1% loss. Shares were up about 2% Friday.

Drug giant Pfizer is back in buy range past a 51.96 buy point in a cup base following Thursday's 3% drop. The 5% buy zone tops out at 54.56. Shares rose more than 1% Friday.


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


EV Stocks: Xpeng, Lucid Motors, Rivian

Xpeng Motors triggered the round-trip sell signal from a 48.08 buy point during Thursday's 5.6% skid. Investors should sell the growth stock if it falls back near the buy point after it has made a gain of more than 10%. Try to sell before all gains are wiped away. XPEV shares skidded 2% Friday morning.

Lucid Motors shares threatened to extend a three-day slide, falling nearly 3% Friday. LCID stock remains far extended past a 28.49 buy point in a cup-with-handle base.

Hot IPO Rivian was down 3% Friday morning, as it looks to rebound from Thursday's 4.25% fall.

RIVN shares closed Thursday about 38% off their post-IPO highs. The decline is a potential positive for investors remaining disciplined and waiting for an IPO base to form before considering a purchase. The recent weakness is the start of Rivian's first base formation, but sellers are in control at this time.

Tesla Stock

Tesla stock traded down over 2% Friday, threatening to extend a two-day losing streak and add to Thursday's 1% drop. CEO Elon Musk sold another 934,091 shares valued at slightly more than $1 billion, according to regulatory filings Thursday. He also exercised options to buy 2.1 million shares. Since Nov. 8, Musk has sold more than 10 million Tesla shares.

Shares traded as high as 1,243.49 on Nov. 4, but the stock ended Thursday about 13% off its 52-week high.

TSLA shares remain sharply above a 764.55 buy point in a cup with handle, as well as earlier entries at 700.10 and 730. The chart also showed an alternate entry at 900.50. Tesla shares are likely forming a new base, but there is no new buy point yet.

Dow Jones Leaders: Microsoft

Among Dow Jones stocks, software giant Microsoft moved down 0.5% Friday, on pace to add to a three-day losing streak. Positively, the stock's RS line remains near new highs, indicating strong stock market outperformance during this week's market weakness. The stock may be setting up for a test of the 50-day line.

On Oct. 18, Microsoft stock broke out past a flat base's 305.94 buy point. The 5% buy zone topped out at 321.24, so the stock is extended.

Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.

YOU MAY ALSO LIKE:

Top Growth Stocks To Buy And Watch

Learn How To Time The Market With IBD's ETF Market Strategy

Find The Best Long-Term Investments With IBD Long-Term Leaders

MarketSmith: Research, Charts, Data And Coaching All In One Place

How To Research Growth Stocks: Why This IBD Tool Simplifies The Search For Top Stocks

Adblock test (Why?)

Article From & Read More ( Dow Jones Falls After Weak Jobs Report; Tesla Stock Falls As Elon Musk Sells More Shares - Investor's Business Daily )
https://ift.tt/3oiJfCr
Business

Bagikan Berita Ini

0 Response to "Dow Jones Falls After Weak Jobs Report; Tesla Stock Falls As Elon Musk Sells More Shares - Investor's Business Daily"

Post a Comment

Powered by Blogger.