The Dow Jones Industrial Average turned lower, while the other major stock indexes traded modestly higher Thursday as Wall Street reacted to the Labor Department's weekly unemployment claims. An early winner on the stock market today was Nvidia, which received bullish analyst comments ahead of next week's earnings report.
After the opening bell, the Dow Jones Industrial Average fell 0.1%, while the S&P 500 gained 0.2%. The tech-focused Nasdaq composite moved up 0.3% in early trading.
Early Thursday, the 10-year Treasury yield rose to 3.82%. Oil prices rebounded modestly, as West Texas Intermediate futures stood near $72.15 per barrel.
Among exchange traded funds, the Invesco QQQ Trust rose 0.3%, while the SPDR S&P 500 ETF moved up 0.2% after the open.
Nvidia shares rallied 0.9% Thursday morning after Citi maintained a buy rating on the stock with a 150 price target ahead of the company's earnings report on Aug. 28. Citi sees $1 billion of upside to analysts' sales estimates for Nvidia and expects Blackwell chip comments to reassure investors on a strong 2025 outlook. The brokerage believes the stock will then make a new 52-week high.
Nvidia stock is building a cup base that has an official buy point at 140.76. An early entry looms at 136.15, the stock's July 11 high.
Step Aside, Tesla. This Stock Wants Your Mag 7 Card.
Stock Market Today: Jobless Claims
The Labor Department's weekly initial jobless claims rose to 232,000 vs. 227,000 in the previous week. They were expected to rise to 234,000 vs. 227,000, according to Econoday estimates.
Key earnings movers Thursday morning include Baidu, BJ's Wholesale, Peloton and Snowflake.
Baidu stock declined 3% in early trading, while BJ's shares tumbled more than 5%. Peloton jumped 19%, as Snowflake stock plunged more than 9% in morning action.
Tesla Toppled As Nvidia Nips At Apple And Microsoft
Dow Jones Snaps Win Streak
On Wednesday, the Dow Jones Industrial Average moved up 0.1%, while the S&P 500 gained 0.4% and the tech-heavy Nasdaq composite climbed 0.6%.
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 market action. Also, be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.
Nvidia Ties Microsoft As Both Mag 7 Stocks Take Aim At Apple
Stock Market Today: Best Stocks To Watch
Among the best companies to watch on the stock market today are Birkenstock, Cava, Meta Platforms, Netflix and Shake Shack.
Also on the list are Dow Jones components Amazon, Apple, IBM, Microsoft and UnitedHealth.
Birkenstock and Netflix featured in this Stocks Near A Buy Zone column.
There were four new stocks on IBD MarketSurge's "Breaking Out Today" list Wednesday. Notably, TJX jumped above a 115.34 flat-base entry. Shares dipped 0.7% Thursday.
Further, there are a handful of stock ideas on the site's "Near Pivot" list. These are top stocks nearing new buy points, like Intuit. Intuit stock is just below a 674.34 cup-with-handle entry. Shares were up 0.5% Thursday.
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: IBM, UnitedHealth
Among Dow Jones components, UnitedHealth is in buy range above a 554.70 buy point in a cup base, according to MarketSurge pattern recognition. Shares inched higher Thursday morning.
Meanwhile, IBM is approaching its latest entry, a cup-with-handle buy point at 196.26. IBM stock ticked up Thursday.
Outside the Dow Jones index, Mediterranean restaurant chain Cava bullishly regained its 50-day line last week. That offers a buying opportunity for more aggressive investors. Cava stock rose 0.5% early Thursday, putting shares further above a 98.69 entry. Cava sits on the IBD SwingTrader list.
Birkenstock is at a 61.83 flat-base buy point following last week's breakout move. Shares fell modestly early Thursday.
Streaming giant Netflix is breaking out past a late-stage cup base with a 697.49 buy point. Netflix stock dropped 1% Thursday.
And Shake Shack's recent breakout move past a cup-with-handle entry at 105.68 is back on track following Wednesday's gains. Shares tacked on 0.5% early Thursday.
Find The Best Stocks To Buy And Watch With IBD Stock Screener And IBD Screen Of The Day
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 |
|---|---|---|---|
| Ferrari | 442.80 | Flat base | |
| Shake Shack | 111.29 | Cup base | |
| ServiceNow | 806.52 | Handle entry | |
| Birkenstock | 61.83 | Flat base |
Source: IBD Data as of Aug. 15
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Magnificent Seven Stocks: Meta, Nvidia, Tesla
Among Magnificent Seven stocks, Meta Platforms rose 0.5%, and Tesla traded down 0.4% in morning trading.
Meta stock rallied 1.7% Wednesday, closing just shy of a 542.81 buy point.
Tesla stock climbed 1% Wednesday, as shares of the electric-vehicle giant trace the right side of a new base. It remains early in the base-building process.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft traded mostly higher after Thursday's stock market open.
Amazon shares decisively reclaimed their long-term 200-day line on Aug. 15. The stock rose 0.2% Thursday morning.
Apple stock is building the right side of a new base after recapturing its 50-day line in recent weeks. Apple climbed 0.3% Thursday.
Microsoft shares continue to hold below their 50-day line as a new base takes shape. And on Thursday morning, the stock hovered around the break-even mark.
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.
