The morning of Friday saw a decline in Dow Jones futures, S&P 500 futures, and Nasdaq futures as investors awaited the release of the jobs report. Companies like Broadcom and Samsara were in the spotlight for their earnings reports.
The stock market showed signs of a rebound on Thursday but quickly turned mixed. Concerns about economic growth persisted as mixed reports came in ahead of the jobs report. August nonfarm payrolls were expected to rise by 160,000, with the jobless rate likely to tick down to 4.2%. Investor anxiety was heightened by weak labor data earlier in the week.
Some standout performers on Thursday included Tesla, BYD, PennyMac Financial Services, Sea, and DaVita. Companies like ServiceNow, Meta Platforms, DoorDash, and Netflix were working to recover from recent losses.
Overall, investors were advised to be cautious about new purchases and focus on cutting losses in their portfolios. Leaders such as Nvidia, DaVita, and ServiceNow were being closely monitored, while DoorDash was on the leaderboard watchlist. Meta stock and ServiceNow were among the top 50 stocks.
Despite the downward trend in futures, market experts emphasized that overnight trading activity doesn’t always reflect actual market performance during regular hours. They also recommended watching top stocks and market trends on IBD Live.
Earnings reports from companies like Broadcom, Samsara, Smartsheet, Guidewire Software, and DocuSign had varying impacts on their stock prices. The market rally appeared to be in recovery mode but faced challenges with weak hiring data and caution among investors.
ETFs like IGV, SMH, ARKK, and ARKG reflected the performance of various sectors in the market, while commodities like crude oil and gasoline experienced fluctuations. Tesla stock saw some positive movement following announcements related to Full Self-Driving technology.
With the market in a precarious state, it was advised to wait and observe market trends before making new investment decisions. Keeping watchlists updated and having exit strategies in place were essential as investors awaited the outcome of the jobs report and subsequent market reactions. Following sources like The Big Picture for market insights and updates was recommended.
