The Dow Jones Industrial Average dropped Thursday morning, as Wall Street reacted to initial unemployment claims data from the Labor Department. Meanwhile, artificial intelligence leader Nvidia surged above the 1,000 price level on the stock market today after the company's blowout earnings, which boosted other stock indexes.
After the opening bell, the Dow Jones Industrial Average lost 0.5%, and the S&P 500 moved up 0.1%. The tech-focused Nasdaq composite pared gains to 0.5% in morning action.
Early Thursday, the 10-year Treasury yield ticked lower to 4.41%. Oil prices rebounded as West Texas Intermediate futures traded around $78.50 a barrel.
Among U.S. exchange traded funds, the SPDR S&P 500 ETF rose 0.1% and Invesco QQQ Trust 0.5%.
Stock Market Today: Nvidia Earnings
Nvidia stock surged nearly 9% Thursday morning after the AI giant beat Wall Street's targets for its fiscal first quarter and guided higher than views for the current period. It also announced a 10-for-1 stock split.
The tech titan is an IBD Leaderboard stock. Nvidia stock topped a handle buy point at 922.20, and shares are set to gap up to all-time highs. Nvidia stock, which has an alternative entry at 974, traded around 1,033 a share in morning trading — the first time it tops the 1,000 level.
Other key earnings movers Thursday include BJ's Wholesale, ELF Beauty, Ralph Lauren and Snowflake.
Shares of BJ's Wholesale inched higher in early action, while ELF climbed 10%. Ralph Lauren shares were down 2.8%. And Snowflake stock edged up.
The Labor Department's weekly jobless claims fell to 215,000 vs. 222,000 in the previous week. They were expected to fall to 220,000, per Econoday estimates. Index ETFs were little changed after the report came out.
Be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.
Dow Jones Falls
On Wednesday, the Dow Jones Industrial Average moved down 0.5% and the S&P 500 dropped 0.3%. The tech-heavy Nasdaq composite dipped 0.2%, ending a two-day rally.
Investor's Business Daily's Big Picture column on Wednesday said, "Afternoon selling hit the stock market following the release of minutes from the Federal Reserve's April 30-May 1 meeting on interest rates. Policymakers were concerned that inflation remains persistent, and some would consider raising interest rates if prices don't come down further."
During Wednesday's IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market rally.
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
Monday.com, Netflix, Robinhood Markets and Nvidia chipmaker Taiwan Semiconductor Manufacturing — plus Dow Jones components Merck and Microsoft — are among the best companies to watch on the stock market today.
Microsoft was featured in IBD's Stocks Near A Buy Zone column.
An essential resource for breakouts is IBD MarketSurge's "Breaking Out Today" list. It shows MarketSurge Growth 250 stocks that are breaking out past new buy points. Notably, Intuitive Surgical tried to break out past a flat base's 403.76 buy point. 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 Merck
Drug giant Merck is building a flat base that has a 133.10 entry. The stock dipped 0.4% on the stock market today.
4 Top Growth Stocks To Watch In The Stock Market Today
Outside the Dow Jones index, Monday.com is breaking out past a cup base's 239 buy point, with solid gains this week, according to IBD MarketSurge. Shares added 0.7% Thursday after the opening bell.
Streaming giant Netflix declined 1.5% Wednesday, closing right at the 639 cup entry. Netflix stock rose 0.1% Thursday.
Robinhood Markets tumbled more than 6% Wednesday, giving up the 20.55 buy point in a cup base. Shares gained 0.4% early Thursday.
Taiwan Semiconductor is moving out of buy range above a 148.43 buy point in a double-bottom base in the wake of strong recent gains. The stock rallied 1% Thursday morning.
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 |
|---|---|---|---|
| Microsoft | 430.82 | Flat base | |
| Netflix | 639 | Cup base | |
| Robinhood Markets | 20.55 | Cup base | |
| Taiwan Semiconductor | 148.43 | Double bottom |
Source: IBD Data As Of May 22, 2024
Join IBD experts as they analyze leading stocks in the stock market today on IBD Live
Magnificent Seven Stocks: Tesla
Among Magnificent Seven stocks, Tesla moved down 1.9% Thursday. Tesla stock skidded 3.5% Wednesday, giving up a large part of Tuesday's gains. Shares are holding above their 50-day line, but remain about 40% off their 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple and Microsoft traded mixed after Thursday's stock market open.
Apple stock fell 0.8% Wednesday, snapping a seven-day win streak. Shares are forming a cup base that has a 199.62 buy point, but keep an eye out for a potential handle to offer a lower entry. The stock was down 1% Thursday morning.
Microsoft shares moved up 0.3% Wednesday, briefly topping a flat base's 430.82 buy point. Early Thursday, Microsoft stock rose 0.3%.
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.
