The Dow Jones Industrial Average reversed higher Thursday after a surprise jump in the Labor Department’s weekly jobless claims. It came in the form of Jim Stop (GME) fell after the company fired its CEO and elevated Ryan Cohen to the CEO position.
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The latest round of Initial Jobless Claims ahead of next week’s Federal Reserve interest rate policy meeting showed that claims jumped to 261,000 versus 232,000 from the previous week. Their number was expected to rise to 235,000, according to Econoday. Claims are at their highest level since October 2021.
Meanwhile, GME stock fell 22% Thursday morning. late on Wednesday, GameStop CEO Matt Furlong terminated the company He said the loss per share narrowed to 14 cents, while sales fell to $1.34 billion.
Other major earnings reports include: smart paper (fat) And a trip (TTC).
Enterprise software company Smart Sheet beat Wall Street targets for the fiscal first quarter, but was disappointed with its sales forecast. SMAR stock fell 20% in early trading. Finally, Toro shares fell 4% after its earnings results.
stock market today
Electric car giant Tesla, which has already been up for nine days in a row, rose 0.3% Thursday morning. Dow Jones Tech Giants apple (AAPL) And Microsoft (MSFT) were trading slightly higher after the stock market opened today.
dexcom (DXCM), fortinet (FTNT), Kinsale Capital (KNSL) And Taiwan Semiconductor (TSM) – as well as Dow Jones shares Cisco systems (CSCO), McDonald’s (mcd) And sales force (CRM) – among the best stocks to buy or watch in an uptrend of the stock market.
Tesla is the IBD Leaderboard stock, while McDonald’s in this week’s column featured the stock near the buy zone.
Dow jones today: oil prices and treasury yields
After the opening bell on Thursday, the Dow Jones Industrial Average rose 0.1%, while the S&P 500 also gained 0.1%. The heavy Nasdaq Composite Index rose 0.2% in the morning move.
Among the US ETFs, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ(up 0.2%, while the SPDR S&P 500 ETF traded)spy) rose early Thursday.
The 10-year US Treasury yield fell Thursday to 3.77%. On Wednesday, the 10-year yield extended its winning streak into four sessions, closing close to its highs in late May.
US oil prices extended their gains on Wednesday into Thursday morning. West Texas Intermediate crude futures rose nearly 1% on Thursday, moving above $73 a barrel.
Stock market action
On Wednesday, the Dow Jones Industrial Average rose 0.3%, while the S&P 500 fell 0.4%. The Nasdaq Composite Heavy sold 1.3%.
The Big Picture column commented on Wednesday, “Amidst a confirmed stock market uptrend, you’d like to see the indices rise on higher volumes than in the previous session and fall on lower turnover. Case of Wednesday? It turns out to be a serious profit-taking session for mutual funds, hedge funds, banks and plans Pensions, etc. Nasdaq volume jumped 10% while NYSE saw turnover up nearly 14% versus Tuesday.”
Now is an important time to read IBD’s The Big Picture column after the recent upward change in market expectations.
The five best Dow stocks to buy and watch right now
Dow Jones Stocks to Buy and Watch: Cisco, McDonald’s and Salesforce
Networking giant Cisco Systems on Dow Jones builds a teacup base with 52.56 buy points. Keep an eye out for a potential handle, which will be a few trading days away from forming. That would show a previous entry. CSCO stock fell on Thursday.
McDonald’s, the Dow Jones restaurant giant, has fallen below its 10-week moving average, which is a bearish sign. The stock is trying to hold above 281.67 points of purchase from the breach two months ago. The gains are dwindling quickly.
While the stock is approaching a buy point, its actions suggest avoiding buying for the time being. Look for more bullish bounces before considering buying the stock. MCD stock was trading up 0.2% early Thursday.
Previous Salesforce has climbed in alternate entries at 193.91 and 200.00 in recent weeks, according to Leaderboard analysis. Last week, the shares reached a 20% gain zone of 178.94 cups by the handle, but are now falling. The stock is preparing for a major test of the 50-day line. CRM stocks fell Thursday morning.
4 top growth stocks to watch in Stock market rise
Best stocks to buy and watch: Dexcom, Fortinet, Kinsale, and TSMC
Dexcom continues to form a flat bottom with 126.44 buy points, even after Wednesday’s slide of 4.5%, according to IBD MarketSmith pattern recognition. DXCM shares lost 0.4% on Thursday.
Leading insurer Kinsale Capital closed Wednesday in buy territory, down 5%, topping out at 345.75 buy points. Buy zone reaches 363.04. KNSL stock fell on Thursday.
Monday’s IBD stock, Fortinet, shed its 69.07-point-buy base during Wednesday’s 3.6% decline. Shares rose about 1% Thursday.
Taiwanese semiconductor chip foundry rebounded 0.5% on Wednesday, in a buy range of 95.82 double bottom buy points. The area to buy 5% comes to 100.72. TSM stock fell 1.6% Thursday morning.
Learn how to time the market with IBD’s ETF market strategy
Best stocks to buy and watch the stock market rise
These are the top four stocks to buy and watch in the stock market today, including leader Dow Jones.
| Company Name | Code | The right point of purchase | Point of purchase type |
|---|---|---|---|
| ASML | (ASML) | 683.18 | mug with handle |
| sales force | (CRM) | 200.00 | merge |
| Cloud Flair | (network) | 66.20 | Double bottom |
| fortinet | (FTNT) | 69.07 | Flat base |
Source: IBD data as of June 6, 2023
Join IBD experts as they analyze the leading stocks of the current stock market rally on IBD Live
Tesla stock
IBD Leaderboard Tesla rose 1.5% on Wednesday, moving out of a buy range clearing a double bottom buy point of 207.79. On Wednesday, the shares closed 29% off their 52-week high.
TSLA stock seemed to extend its winning streak, rising 0.3% Thursday morning. Stocks are making their fourth straight weekly advance.
Dow Jones leaders: Apple and Microsoft
Among Dow Jones stocks, Apple stock extended its losing streak to three sessions, down 0.8% on Wednesday. Shares hit an all-time high of 184.95 on Monday. The stock continues to settle sharply above 157.38 buying points, and is outside the buying range that reached 165.35. AAPL shares were up 0.4% in early trade Thursday.
Microsoft shares sold 3.1% on Wednesday, closing at their lowest level since May 24. Earlier this week, MSFT stock hit a 20%-25% profit zone from 276.76 flat-base buy points, so investors could have taken at least some profit there. On Thursday morning, MSFT stock was up 0.4%.
Be sure to follow Scott Lehtonen on Twitter at @employee Learn more about developing stocks and the Dow Jones Industrial Average.
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