The Dow Jones Industrial Average and other major indexes traded sharply mixed Thursday, as Wall Street reacted to higher-than-expected weekly unemployment claims from the Labor Department. Meanwhile, Nvidia and Tesla were two early movers on the stock market today.
After the opening bell, the Dow Jones Industrial Average rose 0.3%, while the S&P 500 fell 0.1%. The tech-heavy Nasdaq composite moved down 0.4% in morning trades.
The 10-year Treasury yield ticked higher to 4.64% early Thursday. And oil prices edged up, with West Texas Intermediate futures trading around $75.60 per barrel.
Among exchange traded funds, the Invesco QQQ Trust fell 0.4%, as the SPDR S&P 500 ETF lost 0.1% after the open.
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Stock Market Today: Nvidia Falls, Jobless Claims
The Labor Department's initial jobless claims rose more than expected Thursday morning. Claims climbed to 223,000 vs. 217,000 in the previous week. They were expected to rise to 218,000, according to Econoday.
In stocks, Nvidia sold off 1.4% Thursday morning, threatening to snap a three-day win streak. Shares are within striking distance of their record highs following Wednesday's 4.4% rally.
Meanwhile, electric-vehicle giant Tesla skidded 2.1% Wednesday but reversed losses on Thursday to move up 0.3% in morning action. Shares appear to be finding support around their 10-week line, and they may be forming a new base.
Other key earnings movers Thursday morning include Alcoa, American Airlines, Freeport-McMoRan, GE Aerospace and McCormick.
Shares of Alcoa dropped 5.8% in morning trading, while American Airlines plunged more than 8%. Freeport shares declined 2.8% as GE stock jumped 6.6%. Finally, McCormick rallied almost 2% in early morning trade.
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Dow Jones Rallies
On Wednesday, the Dow Jones Industrial Average gained 0.3%, while the S&P 500 advanced 0.6% to hit a new high. The Nasdaq climbed 1.3%. Following recent bullish action, now is a good time to check IBD's The Big Picture for an update on the current exposure level.
Among the best companies to watch in the current stock market are Broadcom, Howmet Aerospace, Meta Platforms and Spotify.
Along with Apple and Nvidia, Dow Jones components making notable moves were Amazon.com, Microsoft and Walmart.
Meta and Walmart are featured in this Stocks Near A Buy Zone column.
Check out IBD MarketSurge's "Breaking Out Today" list for top growth stocks that are moving above correct buy points. Check for potential breakouts on the "Near Pivot" list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones: Walmart Eyes Buy Point
Dow Jones retail giant Walmart is building a flat base that offers a 96.18 buy point, according to MarketSurge pattern recognition. Shares fell 0.4% Thursday.
Outside the Dow Jones index, chip giant Broadcom moved up 0.3% Wednesday, about 5% below a 251.88 buy point in a flat base. Broadcom stock lost 1.6% Thursday.
Howmet Aerospace is at the top of the buy range past a 120.71 buy point in a flat base. Shares were up 0.7% Thursday
Social media platform Meta is approaching a 638.40 buy point, closing just below it. And Meta stock inched lower in Thursday's trading.
Meanwhile, Spotify is attempting to break out past a flat base's 506.47 buy point following Wednesday's positive action. Shares were down 0.5% 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, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Broadcom | 251.88 | Flat base | |
| Walmart | 96.18 | Flat base | |
| Spotify | 506.47 | Flat base | |
| Meta Platforms | 602.95 | Flat base |
Source: IBD Data as of Jan. 20
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Dow Jones Leaders: Amazon, Apple, Microsoft
Besides Nvidia, another Dow Jones component in the Magnificent Seven is Amazon stock, which rallied 1.9% Wednesday to break out above a 233 buy point in a flat base. That's a new buying opportunity for the e-commerce giant. It dropped 0.4% Thursday.
Shares of Apple bounced 0.5% Wednesday, still near their mid-September lows. And they added another 0.5% early Thursday.
Microsoft shares sank 0.8% Thursday morning, in the wake of Wednesday's bullish gains.
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.
