The Dow Jones Industrial Average reversed lower on Thursday after the release of jobless claims for the first time and more headline inflation data. while, Delta Airlines (DAL) fell sharply after missing earnings estimates, with higher-than-expected earnings expected for the second quarter.
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Weekly jobless claims rose for the first time to 239,000, above Wall Street’s estimate of a rise to 233,000 versus 228,000 the previous week, the first week to reflect a benchmark revision.
Moreover, the Labor Department’s Producer Price Index for March showed that inflation among producers decreased by 0.5% on a monthly basis, with an annual increase of 2.7%. Wall Street had expected producer inflation to remain unchanged from the previous month. Core producer prices, which exclude food and energy, fell 0.1% month-on-month with an annual increase of 3.4%. Core prices were expected to rise by 0.3% during the month.
First-quarter earnings season begins this week, Delta Airlines announced Thursday morning. DAL stock fell 3% in early trade. The carrier missed March quarter earnings estimates, but beat revenue targets and delivered an optimistic outlook, citing record bookings for summer cruises.
banking giants c. B. Morgan Chase (JPM), Citigroup (c), Wells Fargo (WFC) And PNC Finance (PNC) to report earnings on Friday, along with the health insurance giant United Health Group (United nations).
stock market today
drug giant Dow Jones merck (Mrk) rose 1.1% on Thursday after Citi raised the stock from neutral to buy with a price target of 130 from 105. First Solar (FSLR) fell 1.6% after Deutsche Bank downgraded the leading solar energy company, preventing it from buying.
electric car giant Tesla (TSLA) rose 1.3% in early trade. Dow Jones Tech Giants apple (AAPL) And Microsoft (MSFT) were higher after the stock market opened today.
five below (five), IBD Leaderboard Watchlist stock floor and decoration (FND), service now (now) And Vertex Pharmaceuticals (VRTX) – as well as Dow Jones shares Boeing (Bachelor’s), Cisco systems (CSCO) And visa (Fifth) – among the best stocks to buy and watch with the continued bullishness of the market.
Floor & Decor and Visa appeared in stocks for the week near the Buy Zone column.
Dow jones today: oil prices and treasury yields
After Thursday’s opening bell, the Dow Jones Industrial Average fell, and the S&P 500 rose 0.3%. The Nasdaq Composite Heavy Index rose 0.9% in the morning move.
Among the US ETFs, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ(up 0.7%, while the SPDR S&P 500 ETF)spy) rose 0.3% early Thursday.
The 10-year US Treasury yield fell Thursday to 3.39%. Last week, the 10-year yield hit its lowest level since mid-September, but this week it has rebounded.
US oil prices paused after Wednesday’s gains, and drifted lower early Thursday morning. West Texas Intermediate crude futures settled at $83 a barrel, up about 10% since the Organization of the Petroleum Exporting Countries (OPEC) announced surprise production cuts in early April.
Stock market rise
On Wednesday, the Dow Jones Industrial Average fell 0.1%, while the S&P 500 lost 0.4%. The tech-heavy Nasdaq Composite fell 0.85%.
The Big Picture column commented on Wednesday, “The stock market in general seems to prefer a dithering-and-cautious approach, rather than rocking the boat too hard in one direction or the other. That, of course, could change when a few big banks kick off earnings season by sharing Friday’s first-quarter results and business outlook.
Now is an important time to read IBD’s Big Picture column with the stock market in an uptrend.
Five Dow Jones stocks to buy and watch now
Dow Jones stocks to buy and watch: Boeing, Cisco Systems, Visa
Dow Jones leader Boeing is approaching the 221.43 buy point of the stable base, according to IBD MarketSmith pattern recognition. Shares rose 0.3% on Thursday, just 5% from the most recent entry.
Cisco Systems also fell below the 51.84 buy point of the stable base amid a 1% drop on Wednesday, but no sell signal yet. CSCO shares topped the entry on March 31. Shares rose 0.2% Thursday morning.
Visa shares attempted to break past the $230.15 buy point in a cup with a handle, but closed down 0.3% on Wednesday. V shares were up 0.6% early Thursday.
4 top growth stocks to watch in Stock market rise
Best stocks to buy and watch: Five Below, Floor & Decor, ServiceNow, Vertex
Five Down fell 1.9% on Wednesday, giving up much of Monday’s breakout gains above the 212.66 buy point on a flat base. The shares are in the 5% buy zone which rose to 223.29. The stock rose 1% Thursday morning.
background storyON MARCH 15: Philadelphia-based FivePillow, which operates 1,292 teen- and mid-range-focused discount stores in 42 states, closed 2022 on profits and revenue. For the fourth quarter, Five Below earnings rose 23% to $3.07 a share, ending a three-quarter year-over-year streak of declines.
Floor & Decor on the IBD Leaderboard watch tried to clear a 99.47 buy point in a cup with handle, but closed lower to enter on Wednesday after a session reversal. Shares rose 0.7% early Thursday.
background storyFloor & Decor operates 191 warehouse format stores and six design studios in 36 states. It sells tile, wood, laminate, vinyl and natural stone flooring products. They also sell decorative accessories. Earnings are expected to decline by 2% this year before rising to 27% in 2024 and 24% in 2025.
IBD SwingTrader Pick ServiceNow added a handle to the base of the cup, resulting in 482.43 buy points. NOW stock gained 1.1% Thursday morning.
Backstory: ServiceNow tracks and manages the services provided by IT departments. The self-service technology portal also gives workers access to administrative tools and workflow tools.
Vertex Pharmaceuticals crossed a 325.29-point buy base of cup, up 0.5% on Wednesday. VRTX stock was slightly lower Thursday morning.
Backstory: Vertex Pharmaceuticals researches and develops medical treatments for cystic fibrosis, sickle cell disease, muscular dystrophy, kidney disease and type 1 diabetes.
Learn how to time the market with IBD’s ETF market strategy
Stocks to buy and watch the stock market rise
These are the top four stocks to watch in the stock market today, including two Dow leaders.
| Company Name | Code | The right point of purchase | Point of purchase type |
|---|---|---|---|
| service now | (now) | 482.43 | mug with handle |
| Nike | (to) | 131.41 | Flat base |
| visa | (Fifth) | 230.15 | mug with handle |
| Cisco systems | (CSCO) | 51.84 | Flat base |
Source: IBD data as of April 11, 2023
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Tesla stock
Tesla stock fell 3.35% on Wednesday, closing at its lowest level since March 17. Last week, stocks triggered a 7%-8% loss rule from a buy point of 200.76 in a cup with a handle. It also fell sharply below the 50-day line, which is the support level. On Wednesday, the stock closed 50% off its 52-week high.
TSLA stock rose 1.3% Thursday morning, looking to recover from Wednesday’s losses.
Dow Jones leaders: Apple and Microsoft
Among Dow Jones shares, Apple shares fell 0.4% on Wednesday, extending the series of losses to three sessions, but it remained above 157.48 buying points. AAPL stock was trading up 1.2% early Thursday.
Shares of Microsoft remained above the 276.86 buy point of the flat base, amid gains of 0.2% on Wednesday. The 5% buy area moves from the buy point to 290.70. MSFT shares were up 0.1% in morning trade Thursday.
Be sure to follow Scott Lehtonen on Twitter at @tweet Learn more about developing stocks and the Dow Jones Industrial Average.
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