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Dow Jones Futures Pulled Back by Hot Inflation Data Top 6 Stocks to Buy and Watch

Dow futures extended losses Friday morning as investors digested the early release of the Labor Department’s Producer Price Index, another closely watched measure of inflation. Tech stocks were under early selling pressure, as chip stocks and names based in China weighed on Nasdaq 100 futures.


PPI figures showed wholesale prices rose 0.3% in July, with an annual increase of 0.8%. Both came in at higher than estimated temperatures. Core prices, excluding food and energy, rose 0.3% from June, with a 2.4% jump year on year. Both were also higher than expected.

The PPI report came on the heels of Thursday’s CPI report. It showed that consumer prices for the month of July increased by 0.2% compared to the previous month. Core CPI, the prices paid by consumers excluding food and energy, rose 0.2% from June. Both matched Wall Street’s expectations.

stock market today

electric car giant Tesla (TSLA) fell 1.4% early on Friday. Dow Jones technology icons apple (AAPL) And Microsoft (MSFT) was low before the stock market opened today.

Includes other stock market leaders the alphabet (Google) And Meta platforms (meta). GOOGL stock was down 0.4%, while Meta stock was down 0.7% in early trading.

the previous (XPRO), slb (slb), Free market (millie) And Interactive Brokers (IBKR) – as well as Dow Jones shares Boeing (Bachelor’s) And Intel (INTC) – Among the best stocks to watch as the market’s upside is under increasing pressure.

Tesla is IBD Leaderboard stock, while SLB is IBD SwingTrader stock and today’s modern IBD stock. MercadoLibre appears in the stocks column near the buy area.

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Dow jones today: oil prices and treasury yields

Before the opening bell on Friday, Dow Jones futures were down 0.25% against fair value, while S&P 500 futures were down 0.4%. Futures for the technology-heavy Nasdaq 100 Index were down 0.7% in the morning move.

Among the US ETFs, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ(down 0.7%, while the SPDR S&P 500 ETF)spy) fell 0.4% early Friday.

The 10-year US Treasury yield rose to 4.14% on PPI inflation data, after settling at 4.07% on Thursday.

WTI prices remain near their highest level for the year, with WTI futures up less than 1% to trade near $83.50 a barrel.

Stock market action

On Thursday, the Dow Jones Industrial Average rose about 0.2%. The S&P 500 rose, while the Nasdaq Composite rose 0.1% on Thursday. Small caps lagged, with Russell 2000 down 0.4%.

The Big Picture column commented on Thursday, “Thursday’s fading move — the Nasdaq was up as much as 1.6% — was definitely bearish even if it didn’t technically result in a distribution day. Both the Nasdaq and the Nasdaq 100 are testing the 50-day moving averages, and how Indexes behaving at this level will be important to monitor.”

Now is an important time to read IBD’s The Big Picture column as the stock market is pulling back from this year’s highs.

The five best Dow stocks to buy and watch right now

Dow Jones shares: Boeing, Intel

Aerospace giant Boeing broke out last week, eclipsing an entry point with a flat base of 223.91. Shares briefly fell back into the 5% buy zone rising to 235.11 before Monday’s 3% rally brought them back out of the buy zone. Bibliotheca Alexandrina shares fell on Friday morning.

Chip giant Intel continues to dig the handle on the mug, offering 37.19 buy points, according to IBD MarketSmith pattern recognition. The stock is about 5% off its most recent entry. INTC stock fell 0.3% on Friday morning.

4 growth stocks to buy and watch Stock market rise

Stocks to watch: Expro, SLB, MercadoLibre, Interactive Brokers

Offshore drilling services provider Expro is attempting to edge Cup with 23.72 Buy per handle, according to IBD MarketSmith pattern recognition. The stock closed above entry on Thursday. XPRO stock was unchanged early Friday.

IBD SwingTrader SLB stock, formerly known as Schlumberger, crosses a Buy point of 58.70 in a cup with handle. Stocks in the buy zone. SLB stock lost 0.1% on Friday morning.

MercadoLibre rose this week, surpassing 1,365.64 buy points for the cup rule. The stock is in the 5% buy zone which tops at 1,433.92. MELI stock fell 2% on Friday.

Interactive Brokers broke out last week over 90.19 buy points in a consolidation. The stock was above that buying trigger, with a gain of 0.6% on Thursday. Stocks were flat on Friday morning.

Learn how to time the market with IBD’s ETF market strategy

The best stocks in the stock market rally

These are the top four stocks to buy and watch in the stock market today, including leader Dow Jones.

Company Name Code The right point of purchase Point of purchase type
slb (slb) 58.70 mug with handle
sales force (CRM) 225.00 Flat base
from Broadcom (AVGO) 921.78 merge
Skechers (SKX) 54.77 Flat base
Source: IBD data as of August 10, 2023

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

Tesla stock

IBD Leaderboard Tesla stock rose 1.3% Thursday, snapping a four-day losing streak, but is still on track to drop 3.4% this week. The stocks remain directly below the 50-day line. A bounce from here would be positive for the stock’s near-term outlook, and would eventually lead to a new buying point. But continued weakness means that the stock needs more time to consolidate before a new entry.

TSLA stock threatened to give up some of Thursday’s gains, as it fell 0.5% on Friday morning.

Dow Jones leaders: Apple and Microsoft

Among Dow Jones stocks, Apple tumbled on Thursday, holding near its recent lows. Stocks have fallen sharply from the 50-day line. While AAPL stock is still above a buy point of 157.38, the recent weakness was a sell signal, which means that investors should lock in gains. Shares rose 0.2% early on Friday.

Shares of Microsoft have rebounded from recent lows, rising 0.2% on Thursday. With the stock directly below the 50-day line, the stock needs more time to consolidate before a new buying point emerges. On Friday morning, Microsoft shares were down 0.3%.

Be sure to follow Scott Lehtonen on Twitter at @tweet Learn more about developing stocks and the Dow Jones Industrial Average.

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