Dow Jones futures fell after briefly rising on April’s better-than-expected jobs report ahead of the open. The 10-year Treasury yield rose, after Thursday’s surge. Block and Vertex were earnings drivers on Friday morning.
square-parent Block (SQ), Vertex Pharmaceuticals (VRTX) and World wrestling entertainment (WWE) announced their quarterly results on Thursday evening.
Bulk shares jumped 5%. Vertex shares slid more than 2%. And WWE shares were flat in morning trading, just below a flat-base entry of 63.81.
Electric vehicle giant You’re here (TSLA) edged up 0.5% on Friday morning. Dow Jones Leaders Apple (AAPL) lost a fraction and Microsoft (MSFT) traded down 0.4% in today’s stock market.
Amid a worsening stock market correction, the Dow Jones leader Merck (MRK) — with Energy Cheniere (LNG), Exxon Mobil (XOM), Nutrients (RNT) and World wrestling entertainment (WWE) – are among the top IBD stocks to watch on Friday.
Cheniere Energy, Microsoft, Nutrien and Tesla are IBD ranking stocks. Exxon and Merck were featured in this week’s Stocks Near A Buy Zone column.
Dow Jones Today: Treasury Yields, Oil Prices, Jobs Report
Ahead of Friday’s open, Dow Jones futures were down 0.5% from fair value. S&P 500 futures were down 0.7%. And Nasdaq 100 futures fell 0.9%.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) fell 0.8%. The SPDR S&P 500 ETF (SPY) fell 0.6%.
The 10-year Treasury yield rose to 3.11% on Friday morning. On Thursday, the 10-year Treasury yield jumped above 3%, closing at 3.07%, its highest level since November 2018.
Meanwhile, US oil prices gained almost 2%. West Texas Intermediate crude was trading just above $110 a barrel.
The April payrolls report topped estimates on Friday morning. The U.S. economy added 428,000 jobs in April, above estimates that expected nonfarm payrolls to rise by 400,000, according to Econoday estimates. The unemployment rate remained stable at 3.6%.
Stock market correction
The stock market posted a disappointing performance on Thursday, as major stock indexes plunged, immediately giving up the entirety of Wednesday’s Fed-fueled advance.
Thursday’s The Big Picture column commented: “With Thursday’s big losses, the stock market rally attempt is in jeopardy. The Nasdaq’s rally attempt is dead as the tech-heavy composite hit new corrective lows. The market still has a chance with the S&P 500 clinging just above Monday’s lows Friday will be day 5 of an attempted rally But it’s hard to imagine the market mounting a rally supported after how promising gains on April 25, April 28, Monday and Wednesday were met so quickly.
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Five Dow Jones stocks to watch now
Dow Jones stocks to watch: Merck
Dow Jones drug stock Merck is below the 89.58 buy point by a handle cup basis after a brief breakout attempt last week. Shares fell 0.6% on Thursday, ending about 2% below the last entry. Merck stock was trading down 0.5% on Friday morning.
On a positive note, the stock’s relative strength line recently reached new highs, indicating strong stock market outperformance during the current stock market correction.
Three growth stocks to watch in the currentrent Stock market correction
Stocks to watch: Cheniere, Exxon, Nutrien
Cheniere Energy is still close to the buy point of 149.52 on a flat basis after Thursday’s 2.4% loss. LNG shares rebounded 2% on Friday morning.
Energy giant Exxon Mobil topped a cup with the handle’s 89.90 buy point on Wednesday. The stock closed just above the entry despite Thursday’s 1.5% loss. The 5% buy zone rises to 94.40, according to chart analysis from IBD MarketSmith. Exxon shares rose 0.9% early Friday.
IBD Leaderboard Nutrien stock is still trying to rebound from its 50-day line, a key support level, despite Thursday’s 3.5% loss. Nutrien stock was unchanged Friday morning.
Join IBD experts as they analyze the top stocks of the current market correction on IBD Live
Tesla stock was trading slightly higher on Friday morning, looking to rebound from Thursday’s 8.3% drop. The shares once again fell below their 50 and 200 day lines.
Shares of the electric vehicle giant ended Thursday about 24% off the buying point of 1,152.97 on a cup-with-handle basis. The stock traded as high as 1,243.49 on Nov. 4 and is about 30% off that all-time high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares fell 5.6% on Thursday, falling back below their 200-day line. Apple stock fell 0.4% on Friday.
Software leader Microsoft fell 4.4% on Thursday, giving up all of Wednesday’s gains. The stock closed more than 20% off its 52-week high. MSFT shares were down 0.4% on Friday morning.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen to learn more about growth stocks and the Dow Jones Industrial Average.
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