The Dow Jones Industrial Average dropped Thursday, as Wall Street reacted to more key inflation data, with the early release of the produce price index, or PPI. An early mover on the stock market today was Nvidia, which is looking to retake a pivotal resistance level.
After the opening bell, the Dow Jones Industrial Average fell 0.4%, while the S&P 500 dropped 0.2%. The tech-focused Nasdaq composite edged lower in early trading.
Early Thursday, the 10-year Treasury yield ticked higher to 3.67%. Oil prices extended their rebound off Sept. 10 lows, rising 1.8% to lift West Texas Intermediate futures to around $68.50 per barrel.
Among exchange traded funds, the Invesco QQQ Trust was down a fraction, as the SPDR S&P 500 ETF moved down 0.2% after the open.
Early Thursday, Nvidia stock dropped 0.3%, right at its 50-day line, a key resistance level to watch. A decisive retake of that area would be bullish for the stock's immediate prospects, while stout resistance would likely mean the artificial intelligence giant needs more time to consolidate.
Apple Seeks Support As Netflix Tries To Stop Buffering And Break Out
Stock Market Today: PPI Report, Jobless Claims
Early Thursday, the Labor Department's PPI rose 0.2% for the month of August, with an annual increase 1.7%. It was anticipated to rise 0.2% for the month, with an annual increase of 1.8%. Core wholesale inflation climbed 0.3% on the month, slightly hotter than the 0.2% Econoday estimate. The core PPI increased 2.4% year over year.
Further, weekly unemployment claims, also from the Labor Department, rose to 230,000 vs. 227,000 in the previous week, in line with estimates.
A key earnings mover Thursday morning is supermarket chain Kroger. Shares rose 1.6% in morning trading.
Nvidia Stumbles, Tesla Skids While This Mag 7 Stock Is Ripe For A Breakout
Dow Jones Rises
On Wednesday, the Dow Jones Industrial Average moved up 0.3%, while the S&P 500 moved up 1.1%. The tech-heavy Nasdaq composite rallied 2.2%.
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 Loses Ground To Apple And Microsoft. Tesla Takes Out Broadcom.
Stock Market Today: Best Stocks To Watch
Among the best companies to watch on the stock market today are Costco Wholesale, DoorDash, Netflix, Taiwan Semiconductor Manufacturing and Uber Technologies.
Notable Dow Jones components are Amazon.com, Apple, Home Depot and Microsoft
Dow Jones: Home Depot Eyes Buy Point
Among Dow Jones components, Home Depot is approaching a new handle buy point at 378.58, according to MarketSurge pattern recognition. Shares were up 0.7% early Thursday.
Outside the Dow Jones index, retail giant Costco continues to flirt with a 896.67 cup-base entry. The stock edged down Thursday morning.
DoorDash ended Wednesday just 1% away from a cup-with-handle's 131.21 buy point. Shares inched lower early Thursday.
Streaming giant Netflix remains under its late-stage cup base's 697.49 buy point following recent declines. Netflix stock was up 0.4% Thursday.
And Taiwan Semiconductor Manufacturing is building a cup with handle that has a 175.45 entry, and it inched higher Thursday morning.
Finally, Uber stock is about 5% away from a 75.40 double-bottom entry. Uber shares rose 0.4% 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 | |
| Taiwan Semiconductor | 175.45 | Cup with handle | |
| ServiceNow | 850.33 | Flat base | |
| Uber Technologies | 75.40 | Double bottom |
Source: IBD Data as of Sept. 10
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Magnificent Seven Stocks: Tesla, Alphabet
Among Magnificent Seven stocks, Alphabet and Tesla traded higher in early trading.
Google parent Alphabet gave up support around the 200-day line in recent sessions. After reversing higher Wednesday, shares tacked on 1.5% in early trades Thursday.
And Tesla rose 0.2% Thursday morning, set to snap a three-day win streak. Shares of the electric-vehicle leader are regaining their 50-day line.
Dow Jones Leaders: Amazon, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft traded mostly lower after Thursday's stock market open.
Amazon shares bullishly reclaimed their 50-day line during Wednesday's rally. The stock was up a fraction Thursday morning.
Apple stock is forming a V-shaped cup with handle that has a 232.92 buy point. Shares fell 1.2% early Thursday.
Microsoft shares are approaching resistance at their 50-day line. And on Thursday morning, the stock dropped 0.6%.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
