The Dow Jones Industrial Average fell 150 points on Friday, as major stock indexes extended losses on Thursday. Meanwhile, Elon Musk-led SpaceX sold its entire stake in Bitcoin, which led to a sell-off in the cryptocurrency.
Tesla and Costco are IBD Leaderboard stocks, while Boeing and SLB were recently IBD Stock Picks Of The Day. Costco appeared in the stock column near the buy area. Oracle is a share of IBD SwingTrader. After the opening bell on Friday, the Dow Jones Industrial Average fell 0.5%, while the S&P 500 lost 0.7%. The tech-heavy Nasdaq Composite fell 1% in the morning move. Among the US ETFs, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ(down 1%, while the SPDR S&P 500 ETF)spy) fell 0.6% early on Friday. Early Friday, the 10-year US Treasury yield fell to 4.26%, after settling at 4.30% Thursday, its highest level since 2007.
Dow jones today: oil prices and treasury yields
WTI oil prices extended their recent losses, falling nearly 1% on Friday. WTI futures hovered around $80 a barrel in morning trade.
Stock market action
On Thursday, the Dow Jones Industrial Average fell 0.8% to close below its 50-day moving average for the first time since June 1. The S&P 500 lost 0.8%.
Meanwhile, the Nasdaq Composite fell 1.2% on Thursday, its third consecutive drop of more than 1%. The last time the index fell by at least 1% for three consecutive days was on Oct. 11, according to market data from Dow Jones.
The Big Picture column commented Thursday, “During market corrections, investors should focus on the next round of potential market leaders. One way to do this is by using the RSI line. The RS line measures a stock’s price performance against the S&P 500. Look for stock charts in which the line is heading upwards, which means that the stock is outperforming the S&P.”
Now is an important time to read IBD’s Big Picture column as the stock market continues to retreat from its highs for the year.
The five best Dow stocks to buy and watch right now
Dow Jones shares: Boeing, Visa
Aerospace giant Boeing has erupted in recent weeks, eclipsing its entry point with a flat base of 223.91. Shares are testing their buy-in point, and were slightly higher after Thursday’s drop of 2.35%. BA shares fell 0.9% Friday morning.
Visa, the payments leader at Dow Jones, continues to hold a buy range above 235.57 fixed-base buy points, according to IBD MarketSmith pattern recognition. V shares fell 0.6% early on Friday.
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Stocks to watch: SLB, Lululemon, Costco, Oracle
Energy giant SLB, formerly Schlumberger, is still short of its 58.70 buy point in a cup with handle with a gain of 0.2% on Thursday, according to IBD MarketSmith. SLB stock fell 0.5% early on Friday.
Lululemon has seen continued support around the 50-day line in recent weeks, even after breaching the buy point of 389.06. LULU’s RS line has reached its highest level since June, according to IBD MarketSmith. LULU stock lost 0.2% on Friday morning.
On the IBD Leaderboard, Costco was added as a half-size stand last week. The megacap retailer is just shy of entering the handle at 571.16, and is back below the mini trendline near 559-560. On Friday morning, Costco stock fell.
Oracle continues to follow the flat base at 127.54 buy points. Early entry also takes place at 121.36, where the program leader tries to maintain support around the 50-day line. ORCL stock fell 0.4% early on Friday.
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 |
|---|---|---|---|
| inspiration | (ORCL) | 127.54 | Flat base |
| visa | (Fifth) | 235.57 | Flat base |
| slb | (slb) | 58.70 | mug with handle |
| Costco | (it costs) | 571.16 | mug with handle |
Source: IBD data as of August 16, 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 fell another 2.8% on Thursday, closing further below its 50-day line and extending its losing streak into five sessions. Amidst the continued selling, the stock clearly requires more time to consolidate before a new entry.
The electric car giant threatened to extend its losses on Thursday, dropping 2% early Friday.
Dow Jones leaders: Apple and Microsoft
Among Dow Jones stocks, Apple stock fell 1.5% Thursday, hitting a recent low. The stock is still below its 50-day line after sharp losses in recent weeks. Shares traded down 0.5% on Friday.
Microsoft shares are also trading below the 50-day line, and at recent lows indicate that the stock needs more time to consolidate before a new buy point emerges. On Friday morning, the stock was down 0.8%.
Be sure to follow Scott Lehtonen on Twitter at @employee Learn more about developing stocks and the Dow Jones Industrial Average.
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