Dow Jones Falls As Job Hiring Slows; Tesla Dips After Musk Comments

The Dow Jones Industrial Average briefly fell 90 points Friday but turned higher, as U.S. hiring slowed in September. Tesla stock skidded in morning trade.


Among the Dow Jones leaders, Apple (AAPL) rallied 0.1% Friday, while Microsoft (MSFT) moved up 0.3% in today’s stock market. American Express (AXP) and Merck (MRK) are near new buy points Friday.

Tesla (TSLA) declined over 1% Friday morning, but is still just above its latest buy point.

Among the top stocks to watch, Advanced Micro Devices (AMD), Netflix (NFLX) and Palo Alto Networks (PANW) are in or near new buy zones, although the market, for now, remains in a correction.

Advanced Micro Devices, Microsoft and Tesla are IBD Leaderboard stocks. Palo Alto Networks is an IBD SwingTrader stock. Netflix featured in this week’s Stocks Near A Buy Zone column.

Dow Jones Today: September Jobs Report

Early Friday, the Dow Jones Industrial Average edged up 0.1%, while S&P 500 rose 0.2%. The tech-heavy Nasdaq composite rose less than 0.2% in morning action.

Ahead of the market open Friday, the Labor Department said the U.S. economy added only 194,000 jobs in September, badly missing Econoday consensus estimates for growth of 475,000 jobs. Still, the unemployment rate fell to 4.8%.

Among exchange traded funds, Innovator IBD 50 (FFTY) rose 0.2%. Nasdaq 100 tracker Invesco QQQ Trust (QQQ) rose a fraction. And the SPDR S&P 500 ETF (SPY) moved up 0.1%.

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Stock Market Rally Attempt

The Nasdaq and S&P 500 continue to rebound from Monday’s correction lows. On Monday, the Nasdaq closed at its lowest level since June 22, but it has since rallied. Meanwhile, the Dow Jones Industrial Average is testing its key 50-day line.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 34786.69 +31.75 +0.09
S&P 500 (0S&P5) 4408.06 +8.30 +0.19
Nasdaq (0NDQC ) 14677.07 +23.05 +0.16
Russell 2000 (IWM) 224.02 +0.76 +0.34
IBD 50 (FFTY) 47.44 +0.09 +0.19
Last Update: 10:20 AM ET 10/8/2021

On Thursday, The Big Picture commented, “The Nasdaq and S&P 500 soon may be testing their 50-day moving averages as they continue to rebound from Monday’s correction lows. Meanwhile, the Dow is already testing, but unable to claim, its own 50-day line. That’s a possible sign of resistance, and the way indexes pared gains also took away from an otherwise bullish session.”

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Dow Jones Stocks To Watch: American Express, Merck

Dow Jones leaders American Express and Merck are blue chip stocks to watch in today’s stock market action.

American Express is approaching a 178.90 buy point in a cup with handle, according to IBD MarketSmith chart analysis. Shares rallied more than 1% early Friday, and are about 2% away from the new entry.

Merck threatened to give back a part of Thursday’s 1.6% gain, falling almost 1% Friday. Last week, Merck said its Covid pill reduced the risk of hospitalization by half in a final-phase study, sparking an 8.4% surge and a breakout past a 79.33 buy point in a flat base.

A potential flaw is the stock’s weak 75 IBD Composite Rating.

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

Stocks To Watch: AMD, Netflix, Palo Alto

IBD Leaderboard stock Advanced Micro Devices threatened to fall after Thursday’s 2.7% rally, moving down 0.5% Friday. Shares are trying to regain their 50-day line. On Leaderboard, AMD exposure was raised after the stock moved above a trend line entry. AMD is also forming a cup-type base.

According to IBD Stock Checkup, AMD stock boasts a perfect 99 IBD Composite Rating. The IBD Composite Rating identifies stocks with a blend of strong fundamental and technical characteristics.

FANG stock leader Netflix traded just off new highs Friday morning in the wake of Thursday’s 1.1% decline. Shares rallied 1% in early trade. NFLX stock is outside the 5% buy zone past a 593.39 entry point in a consolidation amid the recent global success of its series “Squid Game.”

IBD SwingTrader stock Palo Alto Networks is trying to clear a 496.02 entry in a short consolidation. Shares rallied 0.6%, and are just above the new buy trigger. Bullishly, the stock’s relative strength line hit a new high Thursday, reaffirming the stock’s leadership status.

Tesla Stock

Tesla stock slid over 1% Friday morning, falling after Thursday’s 1.4% gain and threatening to snap a two-day win streak. TSLA shares are still above a 764.55 buy point in a cup with handle. The stock closed Thursday about 12% below its record high.

CEO Elon Musk said Thursday that Tesla will move its headquarters from Palo Alto, Calif., to Austin, Texas. He also gave comments on supply shortages and the company’s self-driving software updates.

Dow Jones Leaders: Apple, Microsoft

Among the top Dow Jones stocks, Apple moved up 0.3% early Friday, on pace to extend a win streak to four sessions. The stock is still well below the 50-day line.

Software giant Microsoft rose 0.5%, as the stock tries to move above its 50-day line. A decisive retake of this level would be bullish for the stock’s prospects. Meanwhile, a new flat base is forming with a 305.94 buy point.

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


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