The Dow Jones Industrial Average fell more than 300 points Thursday after headline inflation data, led by the Labor Department’s producer price index, and initial weekly jobless claims. while, Walt Disney (dis) fell back on weak subscriber growth, while the regional bank was cornered backquest (PACW) after the company said deposits fell about 10% in the week ending May 5.
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April’s producer price index rose 0.2% month over month, with an annual increase of 2.3%, both cooler than estimates. Core prices were up 0.2% month-over-month and up 3.2% year-on-year. Those were also lower than expected.
Moreover, jobless claims jumped for the first time to 264,000, the highest level since October 2021. It was expected to rise to 245,000 versus 242,000 in the previous week.
Early Thursday, Disney and Trade office (TTD) were on the move after earnings.
Shares of Disney fell more than 6% after the company’s streaming services units failed to estimate subscriber growth in its earnings report late Wednesday.
The trade desk on Wednesday reported earnings and revenue for the March quarter that beat estimates as Internet TV led the growth. TTD stock rose about 5% early Thursday as the company’s outlook crossed views.
advanced micro devices (AMD), IBD Stock Leaderboard nvidia (NVDA), the idea of IBD SwingTrader Netflix (NFLX) And Uber Technologies (Uber) – as well as Dow Jones shares Nike (to) And visa (Fifth) – Among the best stocks to buy and watch in an uptrend of the stock market.
Visa appeared in the stocks column near the buy zone this week. Netflix and Nvidia were recent subjects for IBD stock today.
Dow jones today: oil prices and treasury yields
After Thursday’s opening bell, the Dow Jones Industrial Average fell 0.9%, with Disney shares providing the bulk of the early draw. The S&P 500 faded 0.4%, while the technology-heavy Nasdaq Composite lost 0.2% in the morning move, with the alphabet (Google) tops the list, and is tipped to extend its gains of 5.9% for the week through Wednesday.
Among the US ETFs, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ(up less than 0.1%, while the SPDR S&P 500 ETF rose)spy) fell 0.3% early Thursday.
The 10-year US Treasury yield fell Thursday to 3.36% after a cold PPI inflation report.
US oil prices continued to decline Thursday morning after recovering from multi-month lows. WTI futures have settled near $72 a barrel, down about 6% so far in May.
Stock market rise
On Wednesday, the Dow Jones Industrial Average fell 0.1%. The S&P 500 rose 0.45%, while the high-tech Nasdaq Composite rose more than 1%.
The Big Picture column commented Wednesday, “Watch out because the light at the end of the tunnel could be a train coming as complacent investors head for a potential collision with the June 1st debt-ceiling deadline.”
Now is an important time to read IBD’s Big Picture column after Wednesday’s stock market gains.
The five best Dow stocks to buy and watch right now
Dow Jones stock to buy and watch: Nike, Visa
Nike shares fell 1.3% on Wednesday, below the 127.59 handle buy point after the attempted breakout last week. A new handle entry at 128.78 also appeared. Stocks are looking for support around the 50-day line. NKE stock fell 0.4% early Thursday.
Visa shares remain in a range above the 230.15 cup handle buy point, even after falling 0.8% on Wednesday. The buying range rises to 241.66. V stock rose 0.1% on Thursday.
4 top growth stocks to watch in Stock market rise
Best stocks to buy and watch: AMD, Nvidia, Netflix, and Uber
Chip leader Advanced Micro Devices continues to rally to the right of the cup base containing 102.53 Buy, according to IBD MarketSmith pattern recognition. Monday’s rally saw AMD stock rise above an early entry in the trend line, using the May 4 high of the 91.64 mark as a buy point. AMD shares rose 1.9% Thursday.
IBD Leaderboard Nvidia ended Wednesday up 1.1%, still within a buy range above 280.10 buy points in a short consolidation. The buy zone rises by 5% to 294.11. NVDA stock rose 0.1% early Thursday.
Last-day IBD stock, Netflix, appeared above its 50-day moving average line on Monday. This positive action created a buying opportunity for aggressive investors. Moreover, Netflix shares are now approaching the 349.90 buy point of a cup with handle. NFLX stock lost 0.1% Thursday morning.
Uber Technologies moved decisively above the 37.68 buy point base of the cup, rising 1.6% on Wednesday. UBER shares remain in the 5% overbought territory which rose to 39.56. The stock fell 0.6% on Thursday.
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 two of the Dow Jones leaders.
| Company Name | Code | The right point of purchase | Point of purchase type |
|---|---|---|---|
| nvidia | (NVDA) | 280.10 | merge |
| Nike | (to) | 127.59 | mug with handle |
| visa | (Fifth) | 230.15 | mug with handle |
| advanced micro devices | (AMD) | 102.53 | cup base |
Source: IBD data as of May 11, 2023
Join IBD experts as they analyze the leading stocks of the current stock market rally on IBD Live
Tesla stock
Tesla stock fell 0.4% on Wednesday, down for a second day. Despite the gains since late April, stocks are still below the 50-day line, as they look to build a new base. On Wednesday, the stock closed 46% off its 52-week high.
TSLA stock appeared to rebound from Wednesday’s losses, but traded slightly lower early Thursday.
Dow Jones leaders: Apple and Microsoft
Among Dow Jones stocks, Apple shares rose 1% on Wednesday, recovering from two days of losses. They closed off their 52-week highs, which were eased in mid-August. The stock continues to increase gains above 157.48 buying points, and is outside the buying range that reached 165.35. AAPL stock fell slightly on Thursday.
Shares of Microsoft rose 1.7% on Wednesday, hitting a 52-week high. Stocks remain sharply above the 276.86 flat base buy points. On Thursday morning, MSFT stock was down 1.4%.
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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