Dow Jones futures rose in mixed trade Thursday morning after a surprise drop in first-time jobless claims from the Labor Department, as the 10-year Treasury yield appeared to close above 4% for the first time. time since November. dow jones leader Sales force (CRM) rose 15% on the back of strong earnings results. AND tesla (TSLA) shares fell more than 8% after the company’s disappointing investor day postponed the unveiling of a next-generation vehicle until a “later date.”
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Initial weekly jobless claims fell to 190,000 from 192,000 the week before. They were expected to rise to 200,000, according to Econoday estimates.
On the earnings front, Best Buy (BBY), Celsius (CELL), double check (DV), macy’s (METER), okta (OKTA), Snowflake (SNOW), splunk (SPLK) and Veeva Systems (VEEV) were on the move.
Best Buy shares fell more than 2%, while Celsius was sold off nearly 5% in morning trading. DoubleVerify shares rose 7.5%. Macy’s shares soared 9.5% and Okta’s 15%.
Snowflake fell 7% after its earnings report included a revenue outlook well below expectations. Finally, Splunk fell back 4%, while Veeva Systems jumped 5.4%.
stock market today
Cryptocurrency-focused Silvergate Capital (SI) plunged 38% on Thursday morning after disclosing more losses and further delaying its annual report. Dow Jones technology giants Apple (AAPL) and Microsoft (MSFT) traded up and down before the stock market opened.
IBD Classification Table Watch List Palo Alto Networks (BREAD), deere (DELAWARE), toll brothers (To land wing stop (WING), as well as Dow Jones stocks amexpress (AXP), cisco systems (CSCO) and JPMorgan Chase (JPM), are among the top stocks to watch amid recent stock market weakness.
Palo Alto is an IBD Leaderboard Watch List stock. Deere was a recent selection of IBD’s Stock Of The Day. And American Express appeared in the Stocks column near a buy zone this week.
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Dow Jones Today: Oil Prices, Treasury Yields
Before the market opened Thursday, S&P 500 futures were down 0.5% and tech-heavy Nasdaq 100 futures shed 0.9%. The yield on the 10-year Treasury held at more than 4% in morning action after briefly breaking above that level on Wednesday.
Dow Jones futures rose 0.3% against fair value, driven almost exclusively by Salesforce.com’s 15% advance. At the bottom of the Dow, Apple traded down 0.7%.
Among US exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) fell 0.9% and the SPDR S&P 500 ETF (SPY) lost 0.7% early Thursday.
On Wednesday, the 10-year US Treasury yield settled at 3.99%, closing at its highest level since November 9. Earlier Thursday, the yield on the 10-year note jumped to 4.07%.
US oil prices rose after gaining in four of five recent sessions. West Texas Intermediate futures were up 0.5%, nearly 2% on the week, and traded above $78 a barrel again.
Stock Market Recovery Struggles
On Wednesday, the Dow Jones industrial average rose a bit, while the S&P 500 lost 0.5%. The Nasdaq technology composite fell 0.7%, falling for the second day in a row.
Wednesday’s Big Picture column commented: “As you can see in the accompanying Market Pulse chart, more quality CAN SLIM stocks rose in high turnover than those that fell significantly in above-average trading. This is due to the strength of the smaller companies in terms of market capitalization.
Now is an important time to read IBD’s The Big Picture column amid the now-struggling stock market rally.
Five Dow Jones Stocks to Buy and Watch Now
Dow Jones Stocks to Buy and Watch: American Express, Cisco, JPMorgan
American Express, listed in the Stocks column near a buy zone this week, is building a giant cup-handle base that shows a buy point of 182.25. Shares are just 3% below their buy point as they rose 1.1% on Wednesday. Bullishly, the stock’s relative strength line is at new highs, a particularly positive sign ahead of a potential breakout. AXP shares were down 0.5% on Thursday morning.
Banking giant JPMorgan is in the buy range above its flat-based buy point of 138.76 despite a 0.6% loss on Wednesday, according to IBD MarketSmith chart analysis. Stocks are recovering from their key 50-day moving average last week. JPM shares fell 0.8% early Thursday.
JPM shares show a solid 95 out of a perfect 99 IBD composite rating, according to IBD stock verification. The composite rating is designed to help investors easily find the fastest growing stocks.
Cisco Systems declined 0.2% on Wednesday, falling further below the buy point of 50.81 from a flat base. Stocks are trying to stop their slide around their 50-day line and are about 4% below the entry. CSCO shares rose on Thursday.
Top 4 Growth Stocks to Buy and Watch in the stock rally
Top Stocks to Buy and Watch: Palo Alto, Wingstop
IBD Palo Alto Networks leaderboard watch list stocks are building on the right side of a base that has a buy point of 193.01 after jumping more than 10% last week. PANW shares were down 0.3% on Thursday morning.
Background: Last week, the cybersecurity giant announced strong results for the quarter ending in January, with earnings reaching $1.05 per share, up 81% from a year earlier, with earnings up 26%. revenue to $1.7 billion.
Wingstop is barely holding above a handle cup entry of 169.04 after recent losses. Investors should wait for signs of renewed strength before considering stock purchases, especially amid deteriorating general market conditions. WING shares were up 0.6% early Thursday.
Background: The Dallas-based restaurant chain has more than 1,900 locations in the US and international markets, according to Dow Jones Newswires. Its international locations include Mexico, Colombia, Panama, Singapore and the United Kingdom. Wingstop added 61 new locations in the fourth quarter, bringing Wingstop’s total footprint to 1,959 restaurants worldwide.
Deere, Toll Eye Last Purchase Points
Deere shares rose 0.1% on Wednesday, still closing below its 50-day line. Shares are 6% below a buy point of 448.50 on a flat basis. DE shares were down 0.3% on Thursday morning.
Background: An industry benchmark, Deere has shrugged off recession and inflation fears to turn in solid profits. In the last year, higher prices for raw materials have allowed farmers to buy new and improved machines. In the fiscal first quarter ending January 29, the tractor maker posted a 124% increase in earnings per share with a 32.2% increase in total revenue, both beating estimates. Earnings growth accelerated for the second consecutive quarter.
Homebuilder Toll Brothers is building a handle mug base that shows a purchase point of 63.29. Bullishly, the stock is counting on a line of relative strength at new highs during this week’s market action. TOL shares show a strong 95 IBD composite rating. Toll Brothers shares fell slightly early Thursday.
Background: Last week, luxury homebuilder Toll Brothers beat earnings and revenue projections while maintaining its full-year guidance. The homebuilder’s financial report comes as a 12-month drop in US existing home prices showed signs of slowing in January.
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Stocks to Buy and Watch on the Stock Market Rally
Here are the top six stocks to buy and watch in today’s stock market, including two leaders from the Dow Jones.
| Company Name | Symbol | correct point of purchase | Point of Purchase Type |
|---|---|---|---|
| deere | (DELAWARE) | 448.50 | flat base |
| toll brothers | (TOL) | 63.29 | mug with handle |
| cisco systems | (CSCO) | 50.81 | flat base |
| Palo Alto Networks | (PANW) | 193.01 | Consolidation |
| JPMorgan | (JPM) | 138.76 | flat base |
| wing stop | (TO THE) | 169.04 | mug with handle |
Source: EII data as of March 1, 2023
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Tesla Stock
Tesla shares fell 1.4% on Wednesday ahead of the company’s investor day after the market closed. Chief Executive Elon Musk announced his “Master Plan 3.” Musk’s ambitious plan calls for a complete switch to electric vehicles and $10 trillion in spending to create a “sustainable energy future.”
Despite its strong recovery since January 6, stocks are still below the 200-day line. That key level is shaping up to be an area of ​​potential resistance. Shares closed Wednesday about 46% below their 52-week high.
Tesla shares threatened to add to losses on Wednesday, falling more than 8% in early Thursday trading after investor day failed to feature a next-generation electric vehicle.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares fell 1.4% on Wednesday, closing below its 200-day line. Shares are around 19% below their 52-week high. Apple shares lost 0.7% on Thursday.
Microsoft shares remain below their 200-day line after Wednesday’s 1.3% loss. The stock is more than 20% below its 52-week high after recent declines. MSFT shares were down 0.4% early Thursday.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more information on growth stocks and the Dow Jones Industrial Average.
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