Stock market today: Dow Jones and Nasdaq gain after robust labor market report; Palantir and Tesla on the move (live reporting)

Stocks fell slightly on Friday as gains on the S&P 500 and Nasdaq narrowed in morning trading and the Dow Jones Industrial Average hovered near breakeven. Palantir Technologies (PLTR) tried to maintain its winning streak for a while Tesla (TSLA) reclaimed a critical moving average in the stock market today.

The Nasdaq gained 0.4%, hovering around the 18,000 mark. The S&P 500 gained 0.2%.

Meanwhile, the Dow Jones was flat, eyeing 42,000 after closing just above it on Thursday. Small caps in the Russell 2000 outperformed the major indices with a 1% gain and returned to their 21-day exponential moving average.

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Volume was higher on the New York Stock Exchange and lower on the Nasdaq than at the same time Thursday.

The 10-year Treasury yield rose 10 basis points to 3.95% following the robust jobs report. That increases the likelihood of smaller interest rate cuts from the Federal Reserve. The CME FedWatch tool shows a 91 percent chance of a quarter-point cut at the November meeting.

Crude oil climbed to $74 a barrel.

Economic news: Employment growth disappoints expectations

The Labor Department reported that nonfarm payrolls rose a whopping 254,000 in September from the estimate of 132,500 and were nearly 60% higher than August's revised 159,000.

Private payrolls rose by 223,0000, well above the forecast 125,000 and nearly double August's revised 114,000.

Finally, manufacturing jobs fell by 7,000, compared to the revised decline of 27,000 in August. The unemployment rate fell to 4.1%, below the expected 4.2%.

According to the Wall Street Journal, the East Coast longshoremen's strike ended with the International Longshoremen's Association agreeing to a 62% wage increase over six years.

Despite the agreement, container shipping companies ZIM Integrated Shipping (ZIM) fell another 13% after three days of selling on heavy volume. Shares broke out of a consolidation pattern with a 23.82 buy point last Friday. They hit a 52-week high on Monday before the stock made a U-turn the next day. Shares fell below their 50-day moving average on the stock market today.

Stock market today: Tesla is trying to recover

Magnificent Seven stock Tesla (TSLA) rose more than 3% to break its three-day losing streak. Shares are in a cup base with a buy point of 271, but a handle attempted to form at 264.86. The stock regained its 21-day line on the stock market today.

Tesla rival Rivian (RIVN) slumped more than 6% after the electric vehicle maker reported third-quarter production and delivery numbers that fell short of last year's numbers. The company also lowered its full-year 2024 production outlook. With a dismal Relative Strength Rating of 10 IBD and a 59% decline, the stock has performed poorly so far this year.

Palantir Technologies (PLTR) rose 1% on top of Thursday's 4.7% gain to hit a 52-week high. IBD 50 stock has extended from its recent base and is rebounding from its 10-week moving average. Shares are up 128% so far this year.

IBD 50 and SwingTrader name Nvidia (NVDA) posted a significant increase premarket, but pared those gains to a slim 0.4% in recent trading.

Other Stock Brokers: Window Maker Rises After Profit

Apogee Enterprises (APOG) rose more than 23% on strong volume after the window maker beat adjusted profit and revenue expectations for the fiscal second quarter. In addition, the forecast for adjusted profit for the 2025 financial year was increased. Shares jumped above the buy point of an irregular base with a 70.65 buy point. The stock reached a new high today.

Spirit Airlines (SAVE) plunged enormously by more than 25% after news that the airline was considering filing for Chapter 11 bankruptcy, according to the Wall Street Journal. According to Dow Jones Market Data, stocks are on track for all-time lows.

Other airline stocks including United Airlines (UAL), American Airlines (AAL) and Delta Air Lines (DAL) all rose 5% or more on the Spirit news.

Dow Jones shares Amazon.com (AMZN) recorded a gain of 1.5%. According to Reuters, the company announced that it will hire 250,000 transportation and warehouse workers for the holiday season, like last year.

Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.

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