The Dow Jones Industrial Average and other significant stock indexes witnessed a downward trend on Friday. This reaction came in response to the mixed retail sales data. Early on, Nvidia (NVDA) and Tesla (TSLA) emerged as the early movers in the stock market.

After the Opening Bell: Dow and S&P's Decline

Once the opening bell rang, the Dow Jones Industrial Average dropped by 0.5%, and the S&P 500 suffered a loss of 0.8%. In morning trading, the tech-heavy Nasdaq composite also traded down by 1.4%. These declines indicated a bearish sentiment in the market.

Chip Giant Nvidia's Performance

Chip giant Nvidia held near recent highs on Thursday but moved down by 2.2% on Friday. It is scheduled to report earnings next week, and at least five research firms raised their price targets on Nvidia stock on Thursday. This shows the market's anticipation and attention towards Nvidia.

Tesla's Volatile Movement

Tesla rose by 2.1% on Friday but was still close to the week's lows. Shares had tumbled nearly 6% on Thursday, erasing the entire week's gains. Such volatility highlights the uncertainty and dynamic nature of the stock market.

Retail Sales Data and Its Impact

Early Friday, the Commerce Department reported that retail sales rose by 0.4% in October, exceeding the 0.3% Econoday estimate. However, retail sales excluding vehicles climbed only by 0.1%, falling short of the 0.3% estimate. And when excluding vehicles and gas, sales rose by 0.1%, which was below the expected 0.4% increase. These details provide insights into the specific aspects of retail sales and their influence on the stock market.

Key Earnings Movers

Among the key earnings movers on Friday morning were Alibaba (BABA) and Applied Materials (AMAT). Alibaba, the Chinese e-commerce giant, reported fiscal second-quarter earnings that beat estimates despite lower-than-expected sales. However, its stock declined nearly 3% in morning trading. Applied Materials, on the other hand, tumbled more than 7% after providing a lower-than-expected sales outlook for the current quarter.

Dow Jones Components in Focus

Among the Dow Jones components, Amazon.com (AMZN), Apple (AAPL), Microsoft (MSFT), and Salesforce (CRM) were making notable moves. Salesforce and Broadcom featured in the Stocks Near A Buy Zone column. There were no new stocks on IBD MarketSurge’s “Breaking Out Today” list due to the market weakness. Investors can look for potential breakouts on the “Near Pivot” list or refer to other IBD Stock Lists like IBD 50, Big Cap 20, and Stocks Near A Buy Zone.

Software Leaders and Their Positions

Dow Jones software leader Salesforce continued to hold just off its new highs, still extended beyond a 318.71 buy point, according to MarketSurge pattern recognition. Shares dropped 0.5% on Friday. Outside the Dow Jones index, artificial intelligence giant Broadcom is searching for support around its 50-day line, as it holds near a 186.42 alternative entry. Broadcom shares lost 1.9% on Friday.

Other Stocks in Buy Zones

These are four stocks in or near buy zones in today's stock market:- Ferrari (RACE) with a 498.23 flat base buy point.- Costco Wholesale (COST) at a 923.83 flat base buy point.- Broadcom (AVGO) with a 186.42 handle entry.- Deckers Brands (DECK) having a 172.57 handle entry.

Magnificent Seven Stocks

Among the Magnificent Seven stocks, Alphabet (GOOGL) fell 1.4% in morning trading. It is trying to top a 182.02 buy point in a cup with handle. Meta Platforms (META) is trading near a flat base’s 602.95 buy point and dropped 1.7% on Friday. Among Dow Jones components in the Magnificent Seven, Amazon stock reversed from new highs on Thursday and fell 2.7% on Friday. Apple shares rebounded above their 50-day line on Thursday but declined 0.9% on Friday morning. Microsoft shares slipped 1.4% on Friday morning and is moving back above its 50-day line, a key level to watch.Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average, and the stock market today.