The Dow Jones Industrial Average dropped Thursday as Wall Street reacted to cool inflation data and higher-than-expected weekly jobless claims from the Labor Department. And Tesla stock surged on the stock market today after CEO Elon Musk's tweet on the ongoing shareholder votes.
After the opening bell, the Dow Jones Industrial Average dropped 0.6%, while the S&P 500 gained 0.1%. The tech-focused Nasdaq composite rose 0.6% in morning trades.
Early Thursday, the 10-year Treasury yield ticked lower to 4.25%. Oil prices dipped following strong gains in recent sessions, with West Texas Intermediate futures around $77.80 a barrel.
Among U.S. exchange traded funds, the Invesco QQQ Trust rose 0.6% as the SPDR S&P 500 ETF moved up 0.1%.
Early Thursday, Tesla stock surged 6.5% after CEO Musk tweeted that "Both Tesla shareholder resolutions are currently passing by wide margins!" Tesla shareholders are voting whether or not to approve his $56 billion pay package and a resolution to move the electric automaker's incorporation to Texas.
Shares are on pace to add to Wednesday's near-4% gain.
Stock Market Today: Inflation Data, Jobless Claims
Early Thursday, the Labor Department's producer price index declined 0.2% in May, with an annual increase of 2.2%. The PPI was expected to climb 0.1% in May, with an annual increase of 2.5%. Core wholesale inflation was unchanged on the month, with a year-over-year rise of 2.3%. The core PPI was expected to rise 0.3% on the month, with a year-over-year gain of 2.4%, per Econoday.
Meanwhile, initial unemployment claims from the Labor Department unexpectedly jumped to 247,000. They were expected to fall to 222,000 vs. 229,000 in the previous week, per Econoday.
A key earnings movers Thursday morning is Broadcom. Broadcom beat Wall Street's targets for its fiscal second quarter. The company also announced a 10-for-1 stock split. Broadcom stock soared more than 13% in morning trading.
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Dow Jones Reverses Lower
On Wednesday, the Dow Jones Industrial Average reversed slightly lower, while the S&P 500 rose nearly 0.9%. The tech-heavy Nasdaq composite climbed 1.5% to hit another all-time high.
Investor's Business Daily's Big Picture column commented, "It was impressive that the market didn't give back much gains when the Fed's 'dot-plot' rate expectations went down from three rate cuts in March. Indexes did come down in late trading, after Powell concluded remarks, but still finished broadly higher."
During Wednesday's IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market today.
Now is an important time to read The Big Picture column amid the ongoing stock market action. Also, be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.
Learn How To Time The Stock Market With IBD's ETF Market Strategy
Stock Market Today: Best Stocks To Watch
ASML, Netflix, Novo Nordisk and Spotify — plus Dow Jones components Apple, Amgen, Microsoft and Visa — are among the best companies to watch on the stock market today.
Visa is featured in this Stocks Near A Buy Zone column.
In IBD MarketSurge's "Breaking Out Today" list, Universal Display broke out past a 194.84 buy point in a cup base on the stock market yesterday. Shares ended the day near the top of the 5% buy zone.
Check out the MarketSurge "Near Pivot" list for stocks nearing buy points in bases. To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones Component Amgen
Biotech giant Amgen is building a cup-with-handle base that has a 133.10 entry. Visa is building a flat base with a 290.96 buy point, according to MarketSurge pattern recognition. Amgen moved down 1.2%, while Visa shares inched higher in morning trading Thursday.
Outside the Dow Jones index, streaming giant Netflix continues to trade in buy range above a 639 cup entry. Netflix stock was down 0.8% Thursday.
Weight-loss drug leader Novo Nordisk is at the top of its buy range from a cup-with-handle entry at 137.22, according to IBD MarketSurge. Novo shares fell 0.3% Thursday morning.
Spotify shares remains below their 319.30 buy point in a flat base. And the stock lost 0.6% early Thursday.
Finally, ASML stock is breaking out past a 1,056.35 buy point in a cup base. Shares fell 0.9% Thursday morning.
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Stock Market Today: Companies To Watch
These are four stocks in or near buy zones in today's stock market.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Microsoft | 430.82 | Flat base | |
| Netflix | 639 | Cup base | |
| Spotify | 319.30 | Flat base | |
| ASML | 992.88 | Handle entry |
Source: IBD Data As Of June 10, 2024
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Magnificent Seven Stocks: Nvidia
Among Magnificent Seven stocks, Nvidia rose more than 3% on the stock market today in morning action, hitting more all-time highs.
Nvidia stock rallied 3.55%, advancing to more record highs Wednesday. Shares of the artificial intelligence giant are sharply above a split-adjusted alternative buy point at 97.40. The AI leader is an IBD Leaderboard stock.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Apple and Microsoft traded mixed after Thursday's stock market open.
Apple stock rallied another 2.9% Wednesday, hitting more new highs and moving further past a cup base's 199.62 buy point. Apple was up 0.8% Thursday.
Microsoft shares advanced 1.9% Wednesday, setting all-time highs and closing squarely in buy range past a flat base's 430.82 buy point. And early Thursday the stock fell 0.2%.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
