The Dow Jones Industrial Average and other major stock indexes traded sharply mixed Thursday as President Donald Trump called for Federal Reserve Chairman Jerome Powell's termination. Among the stocks to watch were Nvidia and Tesla, while UnitedHealth crashed and Nvidia partner Taiwan Semiconductor Manufacturing surged higher.
After the opening bell, the Dow Jones Industrial Average tumbled 1.3%, or around 500 points. The S&P 500 moved up 0.4%, while the tech-heavy Nasdaq composite gained 0.5%.
The 10-year Treasury yield ticked up to 4.29% early Thursday. And oil prices rose, as West Texas Intermediate futures traded near $63.50 per barrel.
Among exchange traded funds, the Invesco QQQ Trust rose 0.4%, while the SPDR S&P 500 ETF gained 0.3% after the open.
Tesla stock gained 0.5% Thursday following Wednesday's near-5% tumble. Shares of the Elon Musk-led company remain more than 50% off their record high of 488.54, reached on Dec. 18.
Nvidia stock lost 1.5% Thursday. Shares of the artificial intelligence giant plunged nearly 7% Wednesday.
Nvidia Investors Now Face The 8 'Secrets' Of Selling — 2 And 4 In Focus
Trump Wants Powell Out After Tariff Remarks
Early Thursday, President Trump said Fed Chairman Powell is always too late and wrong, and said his exit "cannot come fast enough." The remarks appeared to be a reaction to Powell's Wednesday comments about big Trump tariffs spurring higher inflation and weaker growth, and his view that the Fed can still await more "clarity."
Late Wednesday, Trump cited "big progress" in Japan trade talks, which are being closely watched around the world to see what deals the U.S. would accept. A second round of talks should take place later this month.
In other economic news, the Labor Department's weekly unemployment claims unexpectedly fell to 215,000. They were expected to rise to 225,000 vs. 223,000 in the previous week, according to Econoday estimates.
Meanwhile, the Philadelphia Fed manufacturing index tumbled to -26.4 in April. It was anticipated to fall to 6.7 vs. March's 12.5 reading.
Stock Market Today: UnitedHealth Crashes
UnitedHealth crashed by nearly 20% Thursday morning after the company missed first-quarter earnings views and slashed its full-year outlook, citing Medicare costs that were "far above" expectations and expected to stay high.
Meanwhile, Taiwan Semiconductor, better known as TSMC, jumped 2% after it beat estimates for the first quarter thanks to strong demand for AI chips. TSMC produces chips for AMD, Apple, Nvidia and more.
Elsewhere in stocks, American Express, Charles Schwab and D.R. Horton were key earnings movers.
American Express dropped 1.3%, while shares of Charles Schwab rallied by 3.7%. Finally, D.R. Horton climbed 2.5% in early action.
Trump Tariffs Trigger Bear Market. Investor Focus Shifts Here.
Dow Jones, Major Indexes Sell Off
On Wednesday, blue chips on the Dow Jones Industrial Average sold off 1.7%, or nearly 700 points, while the S&P 500 declined 2.2% and the Nasdaq tumbled by 3.1%.
Due to current market volatility, now is an important time to read IBD's The Big Picture column for how to handle the current market and to track the updated exposure level.
Among the best companies to watch in the current stock market are MercadoLibre, Netflix, Spotify and TJX.
Along with Apple and Nvidia, Dow Jones components making notable moves this week were Amazon.com, Microsoft and McDonald's.
Check out IBD MarketSurge's "Breaking Out Today" list for top growth stocks that are moving above correct buy points. Check for potential breakouts on the "Near Pivot" list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
Who Just Dethroned Apple? It's Certainly Not Nvidia.
Dow Jones Stocks: McDonald's Nears Buy Point
Shares of Dow Jones component McDonald's fell 0.2% Thursday. The stock is forming a flat base with a 326.32 buy point, according to MarketSurge chart analysis.
Outside the Dow, e-commerce giant MercadoLibre offers a 2,202 buy point in a double bottom, according to IBD MarketSurge. And shares bullishly regained their 50-day line this week. MercadoLibre stock rose 0.5% Thursday.
Streaming giant Netflix is building a double-bottom base that offers a 998.70 buy point. Shares declined 0.4% after the opening bell Thursday, just shy of their latest entry. First-quarter earnings results are due late Thursday.
Music streaming leader Spotify has formed a double-bottom base with a 621.20 buy point. Spotify stock rose 0.3% Thursday.
Finally, off-price retailer TJX gave up its 127.58 buy point in a double bottom amid a 1.7% fall Wednesday. TJX stock added 0.2% early morning trades.
Keep in mind that now is not a good time to buy stocks amid heavy selling in recent weeks. IBD currently recommends 0% to 20% stock exposure under current conditions.
As Wall Street Whipsaws, What's An Investor To Do? Start Here
Stock Market: Companies To Watch
These are four stocks in or near buy zones in Thursday's stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| McDonald's | 326.32 | Flat base | |
| Spotify | 621.20 | Cup with handle | |
| TJX | 127.58 | Double bottom | |
| Netflix | 998.70 | Double bottom |
Source: IBD Data as of April 16
Here's How To Analyze Stocks Like Nvidia In Good Times And Bad
Dow Jones Leaders: Amazon, Apple, Microsoft
Magnificent Seven stocks are rebounding from their lows after Trump's 90-day pause on tariffs. Dow Jones component Amazon rose 0.1% early Thursday, leaving the stock sharply below its 200-day line.
IPhone maker Apple climbed 0.5% Thursday morning. Its shares recently closed at their highest level since April 3, but have fallen two days in a row.
Finally, software giant Microsoft edged higher Thursday. Shares found resistance at their 50-day line this week.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
