The Dow Jones Industrial Average and other major stock indexes traded higher early Thursday after the producer price index and weekly unemployment claims reports came out. Meanwhile, Reddit plunged on earnings on the stock market today.
After the opening bell, the Dow Jones Industrial Average traded up 0.2%, as the S&P 500 climbed 0.4%. The tech-heavy Nasdaq composite gained 0.6% in early morning trades.
The 10-year Treasury yield ticked lower to 4.59% early Thursday. And oil prices declined, with West Texas Intermediate futures trading around $70.50 per barrel.
Among exchange traded funds, the Invesco QQQ Trust rose 0.6%, and the SPDR S&P 500 ETF moved up 0.4% after the open.
A big earnings mover early Thursday was Reddit stock, which plunged more than 5% in morning trading. Reported late Wednesday, weaker-than-expected user growth overshadowed a fourth-quarter earnings and sales beat. A change to Google's search algorithm created "volatility," the company said.
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PPI Inflation Report, Jobless Claims, Earnings Movers
Early Thursday, the producer price index for January rose 0.4%, with an annual increase of 3.5%. It was above expectations for a rise of 0.3%, with an annual increase of 3.2%. Core wholesale inflation, excluding energy and food, rose 0.3% in January, in line with estimates, with a 3.6% year-over-year increase, topping the 3.3% Econoday estimate.
Meanwhile, initial unemployment claims fell to 213,000 vs. 219,000 in the previous week. They were expected to ease to 217,000, according to Econoday.
In stocks, big earnings movers include AppLovin, Cisco Systems, Datadog, Dutch Bros, SharkNinja and Robinhood Markets.
Shares of AppLovin soared 33%, breaking out past a 417.63 buy point, while Cisco stock jumped 4.8%. Datadog tumbled 8%, while shares of Dutch Bros surged 29%. Finally, SharkNinja climbed 9%, as shares of Robinhood jumped 14% in early action.
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Stock Market Today: Dow Jones Falls
On Wednesday, the Dow Jones Industrial Average fell 0.5%, while the S&P 500 moved down 0.3% and the Nasdaq edged higher.
Among the best companies to watch in the current stock market are Royal Caribbean, Samsara and TJX.
Along with Apple and Nvidia, Dow Jones components that made notable moves were Amazon.com, Home Depot and Microsoft .
Home Depot and TJX are featured in the current 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: Home Depot Shows New Buy Point
Dow Jones component Home Depot has added a handle to a cup base, lowering its buy point to 426.19, according to MarketSurge pattern recognition. Shares of the home improvement giant edged higher Thursday.
Outside the Dow, cruise operator Royal Caribbean undercut a 258.79 flat-base entry amid four days of losses. The stock ended Wednesday in a test of short-term support at its exponential 21-day moving average. It rallied 2.2% Thursday morning.
Samsara shares rallied for a seventh straight session Wednesday, up 1%. The stock is approaching a cup base's 57.51 buy point and tacked on 0.6% early Thursday. It was Tuesday's IBD Stock Of The Day.
Retailer TJX is below a 128 buy point in a flat base, as the stock continues to find support at its 50-day moving average. TJX stock was off 0.3% in morning trades Thursday.
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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 |
|---|---|---|---|
| AppLovin | 417.63 | Cup base | |
| Home Depot | 426.19 | Cup with handle | |
| Royal Caribbean | 258.79 | Flat base | |
| TJX | 128.00 | Flat base |
Source: IBD Data as of Feb. 11
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Nvidia, Tesla Climb
Artificial intelligence chip supplier Nvidia declined 1.3% Wednesday, falling from resistance at the 50-day line. That's a key level to watch. Nvidia stock moved up 2.4% Thursday.
Tesla rebounded 2.4% Wednesday, bouncing back from its lowest close since Nov. 15. Shares are more than 30% off their 52-week high. And Tesla rebounded another 3.8% in early morning trading Thursday.
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Dow Jones Leaders: Amazon, Apple, Microsoft
Besides Nvidia, another Dow Jones component in the Magnificent Seven is Amazon, which fell further below a 233 buy point Wednesday. Shares fell 0.6% early Thursday as they again test their 50-day line.
Apple stock, which rallied 1.8% Wednesday, continues to consolidate below the 50-day line. Shares inched lower Thursday.
Finally, software giant Microsoft moved down 0.6% Thursday. Shares have plunged below their 50-day line in recent weeks.
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.
