Dow Jones Futures Dip Ahead Of Powell Speech; Tesla Stock Slides On Production Cut

Dow Jones futures and other major indexes dipped in the wake of another record-setting session for the markets, as Federal Reserve Chairman Jerome Powell was set to speak again Friday. Meanwhile, electric-vehicle leader Tesla (TSLA) tumbled on the stock market today after reportedly reducing its China factory production output.


Dow Jones futures slipped 0.1% vs. fair value in morning action, while S&P 500 futures lost 0.2%. Tech-heavy Nasdaq 100 futures fell 0.3% before the opening bell.

Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was down 0.3%, while the SPDR S&P 500 ETF (SPY) edged lower.

The 10-year Treasury yield ticked lower to 4.24%. Further, oil prices paused after a two-day skid, as West Texas Intermediate futures were down slightly to trade around $81 a barrel.

Tesla stock skidded more than 4% Friday morning after Bloomberg reported that the company had cut production at its plant in China due to slowing sales growth and rising competition.

Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.

Stock Market Today: Powell Speech

Fed Chair Powell will give the opening remarks at the Fed Listens event that is set to start at 9 a.m. ET Friday. The event is expected to feature perspectives on current economic conditions and discuss how the pandemic reshaped the economy and the U.S. workforce.

The planned speech comes two days after Powell addressed reporters following the Fed’s two-day meeting. On Wednesday, Powell indicated that the Fed still sees three rate cuts by year’s end.

Key earnings reports Friday morning include FedEx (FDX), Lululemon Athletica (LULU) and Nike (NKE).

FedEx surged 12% in premarket action, while Lululemon shares dived 13%. Nike stock tumbled 6% in early morning trades.

Dow Jones Hits New High

On Thursday, the Dow Jones Industrial Average rose 0.7%, while the S&P 500 moved up 0.3% after a 0.7% gain petered out. The tech-heavy Nasdaq composite climbed just 0.2% after advancing as much as 1%. The small-cap Russell 2000 climbed 1.1%, closing just shy of the 2,100 level.

Thursday’s Big Picture column commented, “Volume fell on the Nasdaq but rose on the New York Stock Exchange vs. Wednesday’s session. That results in a rare form of institutional selling called a stall day. The action hinted at institutional players taking advantage of an intraday rally to sell into strength and take profits off the table.”

Now is an important time to read IBD’s The Big Picture column amid the continuing stock market rally. Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.

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Best Stocks To Buy And Watch On Stock Market Today

Arista Networks (ANET), Duolingo (DUOL), Dexcom (DXCM) and DraftKings (DKNG) — plus Dow Jones components Disney (DIS), IBM (IBM) and Procter & Gamble (PG) — are among the best stocks to buy and watch on the stock market today.

Arista and Disney were featured in this Stocks Near A Buy Zone column.

An essential resource for daily breakouts is IBD MarketSurge’s “Breaking Out Today” list. It shows MarketSurge Growth 250 stocks that are breaking out past new buy points. There were four new breakouts Thursday, including IBD Stock Of The Day Owl Capital (OWL).

Meanwhile, the MarketSurge “Near Pivot” list shows stocks nearing buy points in bases, like Alphabet (GOOGL) that is approaching a 153.78 buy point. Shares climbed 0.4% Friday morning.

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Dow Jones Stocks: Disney in Buy Range

Disney is in buy range past a big cup-with-handle base’s 112.92 buy point, according to IBD MarketSurge chart analysis. Disney stock edged lower Friday morning.

IBM stock remains below a flat base’s 196.90 buy point, with a 1.1% loss Thursday. Shares lost 0.2% Friday.

Consumer products giant Procter & Gamble inched lower Thursday, still above a 158.38 buy point in a cup base. P&G stock edged up Friday.

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Stock Market Today: DraftKings Breaks Out

Arista shares rallied 2.7% Thursday, further above a 292.66 flat-base buy point, according to MarketSurge charts. And on Friday morning, Arista shares edged down 0.3%.

IPO Leader Duolingo is trying to break out past a cup-with-handle’s 241.86 entry amid Thursday’s 0.7% rise. Duolingo shares were down 0.6% Friday.

Dexcom shares rose 0.7% Thursday, still above a 132.03 entry in a flat base. Dexcom shares rose 0.6% early Friday.

Finally, DraftKings moved out of buy range past a 46.52 buy point in a short consolidation, rising another 3.6% Thursday. Shares slid 0.5% Friday morning.

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Stocks To Watch

These are four stocks in or near buy zones in today’s stock market.

Company Name Symbol Correct Buy Point Type Of Buy Point
Disney (DIS) 112.92 Cup with handle
Arista Networks (ANET) 292.66 Flat base
DraftKings (DKNG) 45.62 Consolidation
Duolingo (DUOL) 241.86 Cup with handle
Source: IBD Data As Of March 19, 2024

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Magnificent Seven Stocks: Nvidia, Tesla

Magnificent Seven stock Nvidia (NVDA) lost 0.5% in Friday’s premarket action.

Nvidia shares rallied 1.2% Thursday, extending a win streak to four sessions. Nvidia is an IBD Leaderboard stock.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks in the Magnificent Seven, Apple (AAPL) and Microsoft (MSFT) traded higher ahead of Friday’s stock market open.

Apple stock tumbled 4.1% Thursday, snapping a three-day win streak and moving back near its recent lows. Shares remain sharply below their long-term 200-day line. Apple lost 0.2% Friday.

Microsoft shares found support at the 50-day line last week, and they hit new highs Thursday. Microsoft shares lost 0.3% on the stock market today.

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


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