The major indexes reversed higher in early afternoon trading Thursday even as Treasury yields jumped again. The Dow Jones Industrial Average rose 0.1% after being down 0.5%.
The S&P 500 also shed early losses and gained 0.1% at 1:30 p.m. ET, while the Nasdaq led with a 0.3% gain. The stock market digested dozens of earnings reports and more economic data.
Initial jobless claims rose above the consensus 225,000 forecast to 227,000 and were higher than the prior week's 221,000, according to Econoday. Factory orders in June were higher than views of 1.7%, at 2.3%.
The U.S. Services Purchasing Managers Index for July, a survey of various service industries, was 52.3, a shade below the consensus of 52.4. The July ISM Services Index also came below views of 53 at 52.7.
Volume on the NYSE was lower and on the Nasdaq higher vs. the same time Wednesday.
The small-cap Russell 2000 also gained, rising 0.1%, while the Innovator IBD 50 ETF was unchanged at the hour.
Crude oil rebounded from Wednesday's fall. West Texas Intermediate crude oil was selling for $80.74 a barrel, up 1.5%.
The yield on the benchmark 10-year Treasury note surged 10 basis points to 4.18%. Warren Buffett has been loading up on U.S. Treasuries amid Fitch's historic U.S. credit rating downgrade, according to reports.
Dow Jones Stocks
Apple fell modestly ahead of an earnings report due at the market close. The stock dipped below its 21-day exponential moving average.
Analysts polled by FactSet expect a 1.3% decline in sales to $81.8 billion for the third quarter, with earnings per share unchanged at $1.20. The tech titan announced $10 billion in deposits in the savings account it offers in partnership with fellow Dow Jones stock Goldman Sachs, according to reports.
Stocks Moving Today
Interactive Brokers is breaking out at 90.19. The stock had already cleared a handle entry at 87.09. Volume was only modestly above average.
Warren Buffett's top energy holding, Occidental Petroleum, reversed higher in the afternoon after it missed profit expectations late Wednesday. Shares rebounded from a drop to near the 50-day line. Also among energy names, ConocoPhillips also reversed higher after earnings in the stock market today. The stock rose 1% in afternoon trading.
Buffett's Berkshire Hathaway rose slightly ahead of its second-quarter earnings release on Saturday. The stock is in a buy zone from a four-weeks-tight entry of 347.62.
PayPal and MercadoLibre were other earnings movers. PYPL stock fell below its 50-day line in heavy volume, while MELI rose above its 50-day line. The latter is forming a cup base with a 1,365.64 entry. MELI is the IBD Stock Of The Day.
Stocks Trigger Sell Signals
HubSpot, which is on the IBD Leaderboard, fell sharply even though earnings and sales beat estimates. The stock gapped below its 50-day moving average, causing a sell signal.
Ansys has broken support at the 50-day line on the company's lowered outlook. That's also a sell signal.
Qualcomm fell on its outlook and is breaking the 50-day line. The wireless-chip maker is still forming a base.
Sunrun surged after earnings but met resistance at its 200-day line. The line has been an area of resistance for the solar play for much of this year.
Travel Stocks Lose Some Of Their Luster
E-commerce stock Wayfair gapped up on a better-than-expected Q2.
IBD 50 member Axcelis Technologies guided higher than views for the current quarter and full year. Shares rose slightly at the hour.
Travel stocks, which have been market leaders, took heavy hits Thursday.
Hyatt and Expedia plunged after results came out. Hyatt gapped below its 50-day moving average in heavy volume and is 8% below a breakout at 122. Expedia is 13% below its 114.37 buy point, also in heavy trading. That marks sell signals for both stocks.
Booking Holdings and Airbnb report late Thursday.
In health care, Regeneron Pharmaceuticals gained 6%, regaining its 200-day line, after the drugmaker announced earnings. The stock is forming a double-bottom base with a 794 buy point.
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