Dow Jones Rises After Inflation Report; Trade Desk Crashes On Earnings

The Dow Jones Industrial Average rose on Friday morning following a major inflation report. Trade Desk (TTD), meanwhile, crashed after Wall Street was disappointed by the company's forecast.

According to the preliminary survey of consumer sentiment conducted by University of Michigan, consumer sentiment dropped from 63.8 in Oct. to 60.4. The report includes 1-year and five-year inflation expectations. The report includes inflation expectations for the next year and five years.

Trade Desk announced third-quarter earnings, revenue and sales that exceeded estimates. Internet television was the driving force behind Trade Desk's growth. The company's forecast was far below expectations. TTD's stock dropped 19% early in the morning.

Wynn Resorts and Unity Software (U), both of which have seen significant increases in earnings, were also notable.

WYNN shares sold off by more than 9% this morning, while Unity shares saw losses of only 2%.

Dow Jones Today - Oil Prices and Treasury Yields

The Dow Jones Industrial Average gained 0.2% after Friday's opening, while the S&P 500 rose by 0.3%. In morning trading, the tech-heavy Nasdaq Composite gained 0.5%.

The Nasdaq-100 tracker Invesco QQQ Trust, (QQQ), rose 0.6% while the SPDR S&P500 ETF, (SPY), gained 0.4% on Friday morning.

The yield on 10-year U.S. Treasury bonds has dropped to 4.57%. The benchmark was 4.63% on Thursday.

Stock Market Rally

The Dow Jones Industrial Average fell by 0.7% on Thursday while the S&P 500 dropped 0.8%. The Nasdaq Composite, which is dominated by technology stocks, fell 0.9% and snapped its nine-day winning streak. The Russell 2000, a small-cap index, led the decline with a 1.6% drop.

In the Big Picture column of Thursday, it was stated that "despite Thursday's losses IBD recommends a level of exposure between 40% and 60% until investors can see how the market reacts to a normal pullback." Idealy, stocks would pull back at lower volumes before institutional demand was found around previous buy points or moving averages.

After last week's impressive gains, it is important to read The Big Picture from IBD. Read about how to make investments in the initial stages of a new market trend.

Stock Market Today: What Stocks Should You Watch?

IBD Leaderboard stocks Amazon (AMZN), MercadoLibre(MELI), ServiceNow(NOW) and Uber Technologies ("UBER"), as well as Dow Jones stock Intel (INTC), Walmart WMT and UnitedHealth UNH ("UNH") are among the best stocks in the current market rally.

This Stocks Near A Buy Zone IBD Leaderboard column featured Intel.

Dow Jones Stocks To Watch

According to IBD MarketSmith's chart analysis, the chip giant Intel is within a buy range beyond a 37.22 purchase point in a base with a double bottom. Intel's stock fell 0.3% on Thursday but still held above the most recent entry. INTC was up 1.5% in the early hours of Friday.

Walmart, the Dow Jones retail giant, fell below its 165.85 purchase point after Thursday's 0.2% decline. WMT shares rose slightly on Friday.

UnitedHealth, the health care giant, has added a handle to an enormous consolidation and is showing a new purchase point at $546.78. UNH's stock fell slightly on Friday.

Stocks to Buy and Watch: Now in Buy Range

Amazon shares made a bullish return above their 50-day moving median line last week. They topped an initial entry at 134.48. AMZN is now within striking distance from a cup's 145.86 buying point. A handle may soon appear. Shares fell 0.3% on Friday.

According to IBD MarketSmith's pattern recognition, MercadoLibre surged last week. It moved up the right-hand side of a base cup with a buy point of 1,451.56. The shares are nearing the addition of a handle on their cup base. MELI's stock fell 0.3% on Friday morning.

ServiceNow is now in the buy zone after a 607.90 level in a double-bottom. The 5% zone of buys goes up to 638.30. This pattern can also be interpreted by a flat bottom with a buy point of 614.36. NOW stock lost 0.4% Friday morning.

Uber is still above the buy trigger of 49.19. This is a double bottom entry after Thursday's 1.1% gain. Uber's stock rose a small amount on Friday morning.

Stock Market Action Today: Best Stocks

Here are the four best stocks in the stock market today, including one Dow Jones leader.

Uber Technologies (UBER), 49.19 Double Bottom

Source: IBD Data As Of Nov. 9, 2023

Magnificent Seven Stocks: Meta, Nvidia, Tesla

Among the "Magnificent 7" stocks, Tesla's (TSLA), Meta Platforms (META), and Nvidia(NVDA) all gained in value. Apple (AAPL), Microsoft (MSFT), and other Dow Jones tech icons, such as Apple (AAPL), traded higher following today's opening of the stock market.

Meta stock recovered its 50-day line in the last week. It is still trying to create a new entry following a recent failure.

Nvidia, the graphics-chip maker, is trying to get past an entry of 476.09 that was a double bottom. Stocks closed Thursday below the buy trigger, despite topping the entry.

Tesla's stock fell 5.5% on Thursday. It found a strong resistance at the 200-day moving-average. Shares have fallen around 30% from their 52-week peak.

Dow Jones Leaders - Apple and Microsoft

Apple, one of the Magnificent 7 Dow Jones stocks, fell by 0.3% on Thursday. It was just above a previous entry, at 182.34. The shares continue to follow a consolidation with a buy point of 198.23. Apple shares increased 0.9% on Friday.

Microsoft's stock fell 0.7% on Thursday, ending a nine day winning streak. Shares are now above a buy trigger of 346.20, and they're moving towards the official buy point for a cup-base at 366.78. MSFT's stock rose 0.9% on Friday morning.