Stocks Higher After Inflation Data

Stocks Higher After Inflation Data

The Dow Jones Industrial Average pared its gains Friday after the release of the Federal Reserve’s preferred inflation measure, the Personal Consumption Expenditures Price Index. In the meantime, Dell Technologies (DELL) plunged in the stock market today after the company released a disappointing outlook.


After the opening bell, the Dow Jones Industrial Average rose less than 0.1%, while the S&P 500 fell slightly. The tech-focused Nasdaq Composite Index lost 0.3% in morning action.

Early Friday, the 10-year Treasury yield fell to 4.51%. Oil prices climbed as West Texas Intermediate futures traded around $78.20 per barrel.

Among us exchange traded fundsthe Invesco QQQ trust (QQQ) fell 0.3% while the SPDR S&P 500 ETF (TO SPY) slightly lower.

Stock Market Today: Inflation Data

The Commerce Department’s Personal Income and Spending report updated the PCE price index, the Fed’s preferred measure of inflation, for April. The index rose 0.3% for the month, with an annual rise of 2.7%, matching Econoday estimates. The core PCE price index also met Econoday’s forecast, rising 0.2% in April, with a year-over-year increase of 2.8%.

Dell Technologies plunged 19% Friday morning after the company’s own forecasts proved disappointing. Dell met Wall Street’s profit target for its fiscal first quarter on higher-than-expected sales.

Other big drivers of gains on Friday included Costco (COST), Gap (GPS), MongoDB (BMD), NetApp (NTAP), SentinelOne (S) And Ulta Beauty (ULTA).

Costco shares fell 1% in early trading, while Gap shares rose 20%. MongoDB shares fell nearly 23%, while NetApp rose 1.3%. Finally, SentinelOne plunged 25%, while Ulta Beauty jumped nearly 6% in morning action.

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Dow Jones Slides

On Thursday, the Dow Jones industrials slipped nearly 0.9%, while the S&P 500 fell 0.6%. The Nasdaq composite index lost 1.1%.

Investor’s Business Daily Big Picture Column commented: “In the Dow Jones index, Selling power (RCMP) was the biggest loser on Thursday, as the software company plunged nearly 20%. Salesforce contributed to a drop of more than 352 points in the Dow Jones, which closed down 307 points. It was the largest one-day point drop on the Dow in 20 years, according to Dow Jones market data. »

During Thursday’s IBD LiveThe IBD Live team discussed current business conditions and how investors should handle the stock market today.

Now is an important time to read The Overview section in the middle of the current stock market action. Also be sure to read about how to adapt to changing market conditions, with New levels of IBD exposure.

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Stock market today: the best stocks to watch

Birkenstock (BIRCH), Netflix (NFLX), Robinhood Markets (HOOD) And TJX (TJX) — plus Dow Jones components Apple (AAPL), Merck (MRK) And Microsoft (MSFT) – are among the best companies to watch on the stock market today.

Microsoft was featured in the IBD Column Stocks close to a buy zone as it trades below a 430.82 buy point.

In IBD MarketSurge’s “Breaking Out Today” List, Apollo Global Management (APO) is trying to break through a buy point of 117.15. Check MarketSurge “Near the Pivot” List for stocks near buy points in the bases. To find more action ideas, check out IBD Stock Lists as MII 50, Large cap 20 And Stocks close to a buy zone.

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Dow Jones Merck Component

Pharmaceutical giant Merck is building a flat base with an entry at 133.10, but shares fell below their 50-day moving average this week. The title gained 0.3% on the stock market today.

Outside of the Dow, Birkenstock rose nearly 12%, surpassing the 55-cup base. point of purchase THURSDAY. Shares of Birkenstock rose 2.7% on Friday.

Streaming giant Netflix fell 1.1% on Thursday, holding above the 639 cut entry. Netflix stock was down 0.7% on Friday.

Robinhood Trading Platform broke out on Thursday after entering 21.21 with a 3.6% gain. Stocks fell slightly early Friday.

Finally, TJX regained decisively a double bottom entry of 102.04 on Thursday, up 1.9%. The off-price retail giant added 0.1% Friday morning.

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Stock market today: companies to watch

These are four stocks that are in or near buy zones in the current stock market.

Company NameSymbolCorrect purchase pointPoint of purchase type
Microsoft (MSFT)430.82Flat base
Netflix (NFLX)639Cup base
Crocs (CROX)146.79Cup base
Taiwan Semiconductor (TSM)148.43Double bottom
Source: MII data as of May 28, 2024

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Seven Magnificent Stocks: Nvidia, Tesla

Among the actions of the Magnificent Seven, Nvidia (NVDA) increased by 0.9%, and You’re here (TSLA) rose 0.2% on the stock market today.

Nvidia slipped 3.8% on Thursday, reversing lower after briefly hitting new highs. The company is a MII classification action. Last week, Nvidia stock surpassed a secondary point of purchase at 974, reaching new highs.

Tesla stock rose 1.5% on Thursday, rebounding from its 50-day line. Shares remain about 40% off their 52-week high.

Dow Jones leaders: Apple, Microsoft

Among Dow Jones Stocks In the Magnificent Seven, Apple and Microsoft traded mixed after Friday open stock market.

Apple stock rose 0.5% on Thursday, still forming a cup base with a 199.62 buy point. Shares added 0.1% on Friday.

Microsoft shares fell 3.4% on Thursday, falling below their 50-day line and significantly below the 430.82 buy point on a flat basis. Early Friday, Microsoft stock was down 0.6%.

Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen to learn more about growth stocks, the Dow Jones Industrial Average and the stock market today.


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