The Dow Jones Industrial Average rose Thursday, boosted by the morning's economic data that included lower-than-expected unemployment claims. Meanwhile, Walmart reversed lower despite strong earnings results.
The Labor Department reported first-time jobless claims dropped to 239,000 vs. 248,000 in the previous week. They were expected to fall to 240,000.
Further, the Philadelphia Fed manufacturing index came in with a 12.0 reading, showing growth. It was anticipated to remain in contraction, with a -10.0 reading.
Early Thursday, key earnings movers included Walmart. The retail giant gave up early losses to drop 0.6% after the company reported strong earnings and sales results and raised its fiscal-year outlook.
Also on the move were StoneCo, and Dow Jones stock Cisco Systems. Cisco shares rallied nearly 5% in early action, while StoneCo dived 6%.
Stock Market Today
Electric-vehicle giant Tesla traded down 1% Thursday morning. Dow Jones tech icons Apple and Microsoft were lower after today's stock market open.
Other stock market leaders include Alphabet, Meta Platforms and Nvidia. GOOGL stock traded up 1%, while Meta shares lost a fraction in early trade. Finally, Nvidia shares climbed 0.6% on a pair of price-target hikes. Oppenheimer raised its price target to 500, while Rosenblatt upped its target to 800.
Costco Wholesale, Expro, SLB and Oracle — as well as Dow Jones stocks Boeing and Visa — are among the best stocks to watch as the market's uptrend comes under increasing pressure.
Tesla and Costco are IBD Leaderboard stocks, while Boeing and SLB were recent IBD Stock Of The Day picks. Costco was featured in this Stocks Near A Buy Zone column. Oracle is an IBD SwingTrader stock.
Dow Jones Today: Oil Prices, Treasury Yields
After Thursday's opening bell, the Dow Jones Industrial Average rose 0.3%, while the S&P 500 gained 0.1%. The tech-heavy Nasdaq composite turned down 0.3% in morning action.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust was down 0.25%, while the SPDR S&P 500 ETF moved up 0.1% early Thursday.
Early Thursday, the 10-year U.S. Treasury yield ticked higher to 4.31%, after settling at 4.25% Tuesday.
West Texas Intermediate oil prices are well off early August highs and testing support around $80. WTI futures rose 1.5% early Thursday, looking for a rebound after three days of declines, recovering to just to above $80.50 a barrel.
Stock Market Action
On Wednesday, the Dow Jones Industrial Average dropped 0.5%, while the S&P 500 lost 0.8%. The tech-heavy Nasdaq composite tumbled 1.15%, further below its 50-day line.
Wednesday's Big Picture column commented, "Headed into Wednesday, IBD's recommended stock market exposure was 60% to 80%. In light of Wednesday's weak session, exposure should be lowered to 40% to 60%."
Now is an important time to read IBD's The Big Picture column as the stock market continues to pull back from this year's highs.
Five Best Dow Jones Stocks To Buy And Watch Now
Dow Jones Stocks: Boeing, Visa
Aerospace giant Boeing broke out in recent weeks, topping a 223.91 flat-base entry. Shares are back in the 5% buy area that goes up to 235.11, following a two-day slide. BA stock moved up 0.2% Thursday morning.
And Dow Jones payments leader Visa continues to hold in buy range past a 235.57 flat-base buy point, according to IBD MarketSmith pattern recognition. V stock was up 0.3% early Thursday.
4 Top Growth Stocks To Buy And Watch In The Stock Market Rally
Stocks To Watch: Expro, SLB, MercadoLibre, Costco, Oracle
Offshore drilling services provider Expro snapped a three-day losing streak Wednesday, but is still below a 23.72 buy point in a cup-with-handle base, according to IBD MarketSmith. XPRO stock was up 1.3% Thursday morning.
Energy giant SLB, formerly known as Schlumberger, fell further below its 58.70 buy point in a cup with handle with a 0.9% drop Wednesday. SLB stock bounced 2.1% early Thursday.
Among IBD Leaderboard stocks, Costco was a new half-size position last week. The megacap retailer is just shy of a handle entry at 571.16, and it's trying to hold above a mini trendline near 559-560. On Thursday morning, Costco stock inched higher.
Oracle continues to trace a flat base with a 127.54 buy point. An early entry at 121.36 is also in play, as the software leader tries to maintain support around the 50-day line. ORCL stock moved up 0.6% early Thursday.
Learn How To Time The Market With IBD's ETF Market Strategy
Best Stocks In Stock Market Rally
These are four best stocks to buy and watch in today's stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Oracle | 127.54 | Flat base | |
| Visa | 235.57 | Flat base | |
| SLB | 58.70 | Cup with handle | |
| Costco | 571.16 | Cup with handle |
Source: IBD Data As Of Aug. 16, 2023
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla Stock
IBD Leaderboard stock Tesla skidded another 3.2% Tuesday, closing further below its 50-day line and extending a losing streak to four sessions. Amid the unabated selling, it's clear that the stock requires more time to consolidate before a new entry.
The electric-vehicle giant looked to bounce back from Wednesday's losses, but reversed lower to fall 1% early Thursday.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple stock dropped 0.5% Wednesday, hitting a recent low. The stock remains squarely below the 50-day line following sharp losses in recent weeks. Shares traded down 0.8% Thursday.
Microsoft shares remain squarely below their 50-day line and at their recent lows, signs the stock needs more time to consolidate before a new buy point emerges. And on Thursday morning, the stock fell 0.3%.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
