Dow futures extended early gains Thursday after morning economic data, including weekly jobless claims from the Labor Department. Meanwhile, Wal-Mart jumped on strong earnings results.
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Unemployment claims fell for the first time to 239,000 vs. 248,000 in the previous week. It was expected to drop to 240,000.
Elsewhere, the Philadelphia Fed Manufacturing Index came in with a reading of 12.0. It was expected to remain in contraction, with a reading of -10.0.
Early Thursday, including major earnings drivers stunco (STNE), and Dow Jones stock Cisco systems (CSCO) And Walmart (wmt).
Cisco shares rose more than 2% in early trade, while StoneCo jumped 3.5%. Finally, Walmart advanced 1.3% after the company reported strong earnings and sales results and raised guidance for the fiscal year.
stock market today
Giant EV Tesla (TSLA) rose 0.5% Thursday morning. Dow Jones technology icons apple (AAPL) And Microsoft (MSFT) were higher before the stock market opened today.
Includes other stock market leaders the alphabet (Google), Meta platforms (meta) And nvidia (NVDA). GOOGL stock traded 0.2% higher, while Meta shares lost a fraction in early trading. Finally, Nvidia shares rose 0.7% on a pair of targeted price increases. Oppenheimer raised his target price to 500, while Rosenblatt’s price increased to 800.
Costco wholesale (it costs), the previous (XPRO), slb (slb) And inspiration (ORCL) – as well as Dow Jones shares Boeing (Bachelor’s) And visa (Fifth) – Among the best stocks to watch as the market’s upside is under increasing pressure.
Tesla and Costco are IBD Leaderboard stocks, while Boeing and SLB were recently IBD Stock Picks Of The Day. Costco appeared in the stock column near the buy area. Oracle is a share of IBD SwingTrader.
Dow jones today: oil prices and treasury yields
Before the opening bell on Thursday, Dow futures were up 0.1% against fair value. S&P 500 futures rose 0.4%, while futures for the heavy Nasdaq 100 rose 0.5% in the morning moves.
Among the US ETFs, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ(up 0.4%, while the SPDR S&P 500 ETF rose)spy) rose 0.3% early Thursday.
Early Thursday, the 10-year US Treasury yield rose to 4.29%, after settling at 4.25% on Tuesday.
WTI oil prices are off the early August highs and are testing the support around $80. WTI futures rose early Thursday, looking for a rebound after three days of declines, bouncing back to just over $80 a barrel.
Stock market action
On Wednesday, the Dow Jones Industrial Average fell 0.5%, while the S&P 500 lost 0.8%. The Nasdaq Composite Heavy fell 1.15%, below the 50-day line.
The Big Picture column commented on Wednesday, “As Wednesday approaches, IBD has recommended stock market exposure of 60% to 80%. In light of Wednesday’s weak session, exposure should be cut to 40% to 60%.”
Now is an important time to read IBD’s Big Picture column as the stock market continues to retreat from its highs for the year.
The five best Dow stocks to buy and watch right now
Dow Jones shares: Boeing, Visa
Aerospace giant Boeing has erupted in recent weeks, eclipsing its entry point with a flat base of 223.91. Shares returned to the 5% overbought area, which rose to 235.11, after a two-day decline. The Bibliotheca Alexandrina stock rose Thursday morning by 0.1%.
Visa, the payments leader at Dow Jones, continues to hold a buy range above 235.57 fixed-base buy points, according to IBD MarketSmith pattern recognition. V stock rose slightly early Thursday.
4 growth stocks to buy and watch Stock market rise
Stocks to watch: Expro, SLB, MercadoLibre, Costco, Oracle
Offshore drilling services provider Expro snapped a three-day losing streak on Wednesday, but was still short of 23.72 points short at the base of a cup with handle, according to IBD MarketSmith. XPRO stock rose 0.4% Thursday morning.
Energy giant SLB, formerly Schlumberger, fell below the 58.70 buy point in a cup with handle with a 0.9% drop on Wednesday. SLB stock rebounded 1% early Thursday.
Among IBD Leaderboard stocks, Costco was a new center by half the size last week. The megacap retailer is just shy of entering the handle at 571.16, and trying to hold above a small trendline near 559-560. On Thursday morning, Costco stock was up a bit.
Oracle continues to follow the flat base at 127.54 buy points. Early entry also takes place at 121.36, where the program leader tries to maintain support around the 50-day line. ORCL stock rose 0.4% early Thursday.
Learn how to time the market with IBD’s ETF market strategy
The best stocks in the stock market rally
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 |
|---|---|---|---|
| inspiration | (ORCL) | 127.54 | Flat base |
| visa | (Fifth) | 235.57 | Flat base |
| slb | (slb) | 58.70 | mug with handle |
| Costco | (it costs) | 571.16 | mug with handle |
Source: IBD data as of August 16, 2023
Join IBD experts as they analyze the leading stocks of the current stock market rally on IBD Live
Tesla stock
IBD Leaderboard Tesla stock skidded another 3.2% on Tuesday, closing further below its 50-day line and extending its losing streak into four sessions. Amidst the uncorrelated selling, the stock clearly requires more time to consolidate before a new entry.
The electric car giant is looking to recover from Wednesday’s losses, rising 0.5% early Thursday.
Dow Jones leaders: Apple and Microsoft
Among Dow Jones stocks, Apple fell 0.5% on Wednesday, hitting a recent low. The stock is still below its 50-day line after sharp losses in recent weeks. Shares were trading up 0.1% on Thursday.
Microsoft shares remain squarely below the 50-day line, and at their recent lows, indications are that the stock needs more time to consolidate before a new buy point emerges. And Thursday morning, the stock was up a bit.
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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