The Dow Jones Industrial Average and other major stock indexes rose Thursday as investors were pleased with better-than-expected U.S. retail sales and unemployment data. An early earnings winner on the stock market today was Nvidia chipmaker Taiwan Semiconductor Manufacturing.
After the opening bell, the Dow Jones Industrial Average rose 0.3%, while the S&P 500 gained 0.4%. The tech-heavy Nasdaq composite moved up 0.6% in early trading.
Early Thursday, the 10-year Treasury yield rose to 4.08%. Oil prices inched up, with West Texas Intermediate futures trading around $70.45 per barrel.
Among exchange traded funds, the Invesco QQQ Trust was up 0.6%, while the SPDR S&P 500 ETF added 0.4% after the open.
Nvidia, Apple And Tesla Highlight How To Handle This Market
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Taiwan Semiconductor, better known as TSMC, surged nearly 11% Thursday after the company reported better-than-expected results for the third quarter, along with a strong fourth-quarter outlook.
TSMC is the world's largest chip foundry. In addition to Nvidia, its big-name customers include Apple, Advanced Micro Devices, Qualcomm and Broadcom.
In tandem with TSMC, Nvidia shares jumped 3% Thursday morning, above a 131.26 buy point from an irregular handle. Shares are just off their all-time intraday high of 140.76, which was set on June 20.
Other key earnings movers Thursday morning include insurance giant Travelers. Shares jumped more than 5% in early action, setting a new high.
The Commerce Department said that retail sales rose 0.4% in September, with sales excluding autos up 0.5%. Sales excluding autos and gas climbed 0.7% on the month. Sales were expected to rise 0.3% in September, with sales excluding autos up 0.1%. Excluding autos and gas, sales were forecast to be up 0.3%, per Econoday.
Finally, the Labor Department's weekly jobless claims surprisingly fell to 241,000 vs. 258,000 in the previous week. Claims were anticipated to rise to 260,000.
Nvidia Takes Out Microsoft While Tesla Tanks
Best Stocks To Watch
On Wednesday, the Dow Jones Industrial Average climbed 0.8%, and the S&P 500 moved up 0.5%. And the tech-heavy Nasdaq composite moved up 0.3%.
During Wednesday's IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market action.
Among the best companies to watch on the stock market today are Ryan Specialty, Texas Roadhouse, Toast and Uber Technologies.
Notable Dow Jones components are Amazon.com, Apple, JPMorgan Chase and Microsoft.
Uber and JPMorgan featured in this Stocks Near A Buy Zone column.
There were three new stocks on IBD MarketSurge's "Breaking Out Today" list Wednesday. Notably, Paymentus topped a 23.77 entry. Check for more names on the site's "Near Pivot" list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
Close, But No 'Perfect' Cigar For Nvidia, Broadcom. But Kudos To These 22 Gems.
Dow Jones: JPMorgan Nears Buy Point
Dow Jones financial leader JPMorgan closed within striking distance of a flat base's 225.48 buy point, according to MarketSurge pattern recognition. Shares were up 0.2% early Thursday.
Outside the Dow Jones index, insurance leader Ryan Specialty is in the buy range above a 69.03 flat-base entry following a recent breakout move. Shares added 0.6% Thursday.
Texas Roadhouse decisively reclaimed a 177.72 flat-base entry during this week's gains. Shares rose 0.6% Thursday.
Restaurant software provider Toast is at the top of a buy zone above its 27.88 buy point following recent gains. The stock moved down 0.4% early Thursday.
Finally, Uber Technologies gave up 82.14 buy point in a consolidation even after three straight losses. Uber stock dropped 2.4% Thursday morning.
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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 | 498.23 | Flat base | |
| Taiwan Semiconductor | 175.45 | Cup with handle | |
| ServiceNow | 850.33 | Flat base | |
| Uber Technologies | 82.14 | Consolidation |
Source: IBD Data as of Oct. 14
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Magnificent Seven Stocks: Alphabet, Meta, Nvidia, Tesla
Among Magnificent Seven stocks, Alphabet moved 0.3% lower, while Meta Platforms rose 0.2% Thursday.
Google-parent Alphabet is finding support around the 50-day moving average following a rebound in recent sessions. The stock has yet to offer a new buy point.
Meta stock hit a new high last week, further above a 544.23 alternate entry.
Tesla shares threatened to snap a three-day win streak Thursday morning, as they fell 0.5%. Last week, Tesla stock dived below its 50-day line, but is still trading in the handle portion of a cup base that has a 264.86 buy point.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon shares are bouncing from their 50-day line, near a 195.37 buy point in a cup with handle. The stock gained 0.1% Thursday.
Apple stock broke out this week above a 233.09 cup-with-handle entry, but is below the buy trigger after Wednesday's drop. Shares bounced 0.1% Thursday.
Microsoft shares are trying to regain their 50-day line and are near a handle buy point at 441.85. And on Thursday morning, the stock rose 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.
