The stock market saw mixed results on Friday as investors analyzed key inflation data included in an early consumer sentiment report. Nvidia benefitted from strong monthly sales reported by Taiwan Semiconductor Manufacturing (TSM), leading to gains in morning trading.
The Dow Jones Industrial Average and S&P 500 both rose by 0.3%, while the Nasdaq composite also saw a 0.3% increase after the opening bell. The 10-year Treasury yield climbed to 4.49%, and oil prices increased to $79.55 a barrel.
TSMC reported a significant increase in revenue, with year-to-date revenue up by 26.2%. This news helped Nvidia stock rally by 2.3% in morning trading. Meanwhile, JFrog, Unity Software, and Yelp experienced declines in their stock prices.
On Thursday, the Dow Jones Industrial Average extended its winning streak to seven sessions, with the S&P 500 and Nasdaq also seeing gains. Investors were advised to slowly increase their exposure as new opportunities arise in the market.
Top stocks to watch included American Express, Merck, NetApp, NXP Semiconductor, Pinterest, and Tradeweb Markets, all of which showed positive movements in the stock market. These companies were highlighted as being in or near buy zones.
Tesla stock fell in Friday’s morning action, while Apple and Microsoft, among the Magnificent Seven stocks, traded mixed after the stock market open. Apple stock formed the right side of a new base, while Microsoft was building a new flat base with a buy point at 430.82.
Overall, investors were encouraged to stay informed about market trends and adjust to changing conditions. An awareness of key earnings movers and top growth stocks can help investors navigate the stock market successfully.
