Dow Jones Industrial Average Slips from Record High

It's been a wild week for the markets. Yesterday, the S&P 500, Nasdaq, and Dow Jones Industrial Average all closed at all-time highs.

This was the first time that this event had occurred since Dec. 31, 1999. And while Friday saw a retreat for the Dow and S&P 500, a number of profit opportunities emerged in the afternoon trading session.

Before we get to the breakout possibilities, check out the results for the Dow Jones, S&P 500, and Nasdaq:

Dow Jones: 18,576.47; -37.05; -0.20%                               

S&P 500: 2,184.05; -1.74; -0.08%   

Nasdaq: 5,232.90; +4.50; +0.09%

Now, here's the top stock market news today... and your best ways to profit.

DJIA Today: Dow Retreats from Record High Despite Oil Price Rally

The Dow Jones Industrial Average retreated from its all-time high on Friday after a slump in materials stocks and concerns about weak economic data. The index slipped 37 points, while the S&P 500 fell marginally.

Energy stocks pushed higher after oil prices hit a three-week high. Shares of Exxon Mobil Corp. (NYSE: XOM) were up 1.3%, offering the largest boost to the Dow. Meanwhile, shares of rival Chevron Corp. (NYSE: CVX) gained more than 0.6%.

Don't Miss: Most people remember the Bill Clinton economy as a "boom" they'd like to see again. But that's a false and dangerous myth. Read more...

Crude oil prices were rallying despite news that U.S. energy producers increased the number of rigs in the country last week by 15 to 396. That's still a sharp downturn from the 672 production rigs at this point in 2015. Prices were supported from a declining U.S. dollar and expectations that OPEC may consider action to freeze production. On Thursday, Saudi Arabian energy minister Khalid al-Falih announced that the global oil cartel could aim to stabilize prices during a September meeting in Algeria.

WTI crude gained 2.1%, while Brent crude prices added 1.9%.

It was a busy day of economic data. Last month, domestic producer prices fell by 0.4% -- the largest rate in almost one year. Meanwhile, retail firms reported flat sales in July. The monthly retail sales report suggests that American consumers cut back on discretionary spending last month. The downturn in consumer spending and weak inflation figures put the U.S. Federal Reserve back in focus. The central bank is unlikely to raise interest rates despite improvements in the domestic labor bowl.

Gold prices were pushing higher on Friday due to a weaker dollar and pessimism about U.S. data. Money Morning Resource Specialist Peter Krauth explains where gold prices are heading next and what to expect for gold over the next few months. Check out his analysis, right here.

The big news today is happening at Twitter Inc. (NYSE: TWTR). Shares were off more than 1.3% after the company denied rumors that it will shut down in 2017. The message #SaveTwitter was the top trending hashtag this morning. The company said there was no truth to the rumors.

Now, let's look at the day's biggest stock movers and your stock pick of the day.

[mmpazkzone name="in-story" network="9794" site="307044" id="137008" type="4"]

Top Stock Market News Today

• Shares of JCPenney Co. Inc. (NYSE: JCP) rallied more than 6.5% after the company topped Wall Street earnings expectations. The retail giant reported a smaller than expected loss of $0.05 per share on top of $2.92 billion in revenue. Meanwhile, shares of Nordstrom (NYSE: JWN) rallied more than 8.3% after the firm beat second-quarter earnings estimates and announced a smaller decline in same-store sales than analysts projected.
• Shares of Acacia Communications Inc. (Nasdaq: ACIA) rallied more than 35% after the company received a "Buy" rating and a $100 price target from investment analysts at Needham & Co.
• Shares of Delta Air Lines Inc. (NYSE: DAL) were off another 1% as the company attempts to get its operations back online. The company canceled thousands of flights this week after a computer glitch. Meanwhile, the airline has delayed its contract discussions with pilots for three weeks. The two sides have been unable to progress in their negotiations.
• Shares of Apple Inc. (Nasdaq: AAPL) were up more than 0.2%. While shares sit at roughly $108 each, now is a great buying opportunity. Our analysis indicates that Apple is a must-own buy that has upside of $200 per share. Be sure to check out why Apple is set to break through.

Up Next:  Investors often associate the best tech stocks to buy with big-name blue chips like FANG stocks. These are Facebook Inc. (Nasdaq: FB), Amazon.com Inc. (Nasdaq: AMZN), Netflix Inc. (Nasdaq: NFLX), and Alphabet Inc. (Nasdaq: GOOGL), which are viewed as the best high-growth tech stocks on the market. All four have gained a combined 21% so far this year. But investors need to know about one other stock that offers unique upside, but has fallen off of traders' radars. Money Morning Executive Editor Bill Patalon just recommended this company that's quickly become one of the biggest players in Silicon Valley. Read about it, here.

Follow Money Morning on Facebook and Twitter.