The Dow Jones Industrial rose Thursday morning, with the closely watched index gaining ground while markets digested the Labor Department's initial unemployment claims. Nvidia stock is breaking out past a buy point in today's stock market. Up next, Fed Chair Jerome Powell will speak at 2 p.m. ET.
First-time unemployment claims remained unchanged at 217,000 vs. 217,000 in the previous week. They were expected to rise to 220,000.
Later today, Fed chief Powell will speak at an IMF Annual Research Conference in Washington. Powell is a part of the policy panel that will discuss monetary policy challenges in the global economy.
Disney beat earnings forecasts late Wednesday and raised its ambitious cost restructuring targets. The Dow Jones media giant reported adjusted earnings of 82 cents per share excluding certain items, a 173% increase from 30 cents per share last year. Revenue climbed 5% to $21.24 billion. DIS stock jumped 4% in premarket trade.
Early Thursday, key earnings movers included ARM, Duolingo, HubSpot, Instacart, along with Li Auto, Lyft, TransDigm, Twilio and Yeti.
ARM stock tumbled 6.6% in morning action, while Duolingo shares leapt 15%. HubSpot shares rallied 3.9%, while CART stock declined 1%. Li Auto shares rose modestly, but LYFT stock sank 3.1% in early action.
TransDigm shares gained 6% in morning trade, as TWLO stock jumped 3.5%. Finally, YETI stock rose 2.4% in early action.
Dow Jones Today: Oil Prices, Treasury Yields
After Thursday's opening bell, the Dow Jones Industrial Average rose 0.1%, while the S&P 500 moved up 0.15%. The tech-heavy Nasdaq composite gained 0.1% in morning action.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust inched higher, while the SPDR S&P 500 ETF moved up 0.25% early Thursday.
The yield on the 10-year U.S. Treasury bond ticked higher to 4.52%. On Wednesday, the benchmark settled at 4.52%, closing at its lowest level since late September.
Oil prices rebounded modestly from their recent losses, as West Texas Intermediate futures gained 1%, still trading below $76 a barrel. WTI is at its lowest level since late July.
Stock Market Rally
On Wednesday, the Dow Jones Industrial Average snapped a seven-session winning streak and fell 0.1%, while the S&P 500 stretched its rally to eight days and gained 0.1%. The tech-heavy Nasdaq inched higher for a ninth-straight gain.
Wednesday's Big Picture column commented, "With indexes moderating their big advances, conditions are ripe for a descent. Indexes are testing potential resistance levels. The Nasdaq is near its mid-October highs, which coincide with a trend line touching the highs from the index's July 19 peak."
Now is an important time to read IBD's The Big Picture column after last week's powerful gains. Be sure to read how to invest in the early stages of new stock market uptrend.
Learn How To Time The Stock Market With IBD's ETF Market Strategy
Stock Market Today: Best Stocks To Watch
IBD Leaderboard stock Amazon, along with DraftKings, MercadoLibre and Uber Technologies — as well as Dow Jones stocks Intel, Walmart and UnitedHealth — are among the best stocks to watch in the current market rally.
DraftKings and Intel both were featured in this Stocks Near A Buy Zone column. Amazon and DKNG stock are members on IBD Leaderboard.
Dow Jones Stocks To Watch
Chip giant Intel is in a buy range past a 37.22 buy point in a double-bottom base, according to IBD MarketSmith chart analysis. Intel stock slipped 2.2% Wednesday, still holding above the latest entry. INTC rose 0.3% early Thursday.
Dow Jones retail titan Walmart gave up its 165.85 buy point during Wednesday's 0.8% drop. WMT stock edged higher Thursday morning.
Health care giant UnitedHealth is adding a handle to a massive consolidation, and showing a new buy point at 546.78. UNH stock moved up 0.1% Thursday.
4 Top Growth Stocks To Watch In The Stock Market Rally
Stocks To Buy And Watch: MELI Eyes Buy Point
Amazon made a bullish move back above its 50-day line last week, as shares topped an early entry at 134.48. Now, AMZN stock is within striking distance of a cup base's 145.86 buy point. Shares tacked on 0.1% Thursday.
DraftKings surged above the 50-day line last week, and skated past two entries along the way — a trendline drawn from the Aug. 4 peak with an alternative entry at 31.10 and a 32.65 entry. On Wednesday, DKNG stock added another 0.3%, further above a consolidation's 34.49 buy point. Shares moved down more than 1% early Thursday.
MercadoLibre rallied sharply last week, moving up the right side of a cup base with a 1,451.56 buy point, according to IBD MarketSmith pattern recognition. Shares are close to adding a handle to their cup base. MELI stock rose 0.3% Thursday morning.
Uber remains above a buy trigger at 49.19, a double-bottom entry despite Wednesday's 0.8% drop. Uber stock was down almost 1% Thursday morning.
Best Stocks In Today's Stock Market Action
These are four best stocks to watch in today's stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Amazon | 134.48 | Double bottom | |
| UnitedHealth | 546.78 | Handle entry | |
| DraftKings | 31.10 | Trend line | |
| Uber Technologies | 49.19 | Double bottom |
Source: IBD Data As Of Nov. 8, 2023
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Magnificent Seven Stocks: Meta, Nvidia, Tesla
Among the so-called "Magnificent Seven" stocks, Tesla traded down 1.5% early Thursday, while Meta Platforms and Nvidia rose 0.1% and 2%, respectively. Meanwhile, Dow Jones tech icons Apple and Microsoft traded slightly lower after today's stock market open.
Meta stock regained its 50-day line last week, still looking to forge a new entry after a recent failed breakout.
Graphics-chip giant Nvidia rebounded another 1.35% Wednesday, extending a win streak to six sessions. NVDA stock is forming a double bottom that has a 476.09 entry. Shares are breaking out today.
Tesla stock inched lower Wednesday, still fighting to decisively retake the long-term 200-day moving average. Shares are around 26% off their 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple rallied 0.6% Wednesday, taking out an early entry at 182.34. Shares continue to trace a consolidation that has a 198.23 buy point. Apple shares rose 0.3% Thursday.
Microsoft stock moved up another 0.7% Wednesday, rallying for an ninth-straight session. Shares are above an early buy trigger at 346.20 and moving closer to a cup base's official buy point at 366.78. MSFT stock moved down a fraction Thursday morning.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
