The Dow Jones Industrial Average and the other major indexes temporarily crumbled in the final minutes of trading after President Donald Trump reiterated threats to impose tariffs on Canada and Mexico, but stocks recovered somewhat by the close Thursday. Magnificent Seven names Tesla, Meta Platforms and Microsoft had mixed results after their earnings reports, while some issues triggered sell signals on the stock market today.
The Dow Jones index swung wildly leading up to the close, as it turned gains of 0.6% into a temporary loss, then recovered to finish the session up 0.3%, or 149 points. Blue chips were up as much as 295 points before the wild action.
Meanwhile, the S&P 500 recovered some of its last-minute fall and finished 0.5% higher, putting the benchmark index well above the 6,000 level. And while the Nasdaq composite weakened near the end of the day it ultimately gained 0.3% at the close, after wavering between positive and negative territory earlier in the session.
Small caps were the day's winners, but the Russell 2000 cut its gain by more than half to 0.7% as stocks, finishing below its 50-day moving average.
On the Nasdaq exchange, rising stocks topped falling issues by more than 5-to-3, while on the New York Stock Exchange gainers beat losers by roughly 3-to-1. Volume appears to have risen on both exchanges vs. the same time Wednesday.
Also, bitcoin climbed 1.5% to around the $105,800 level. And crude oil ticked up 0.4% to around $72.90 a barrel Thursday.
Stock Market Today: Apple Little Changed Ahead Of Earnings
Apple was little changed ahead of the iPhone makers fiscal first-quarter earnings report due out late Thursday.
But Dow component IBM made a big move. The tech giant jumped 13% in heavy volume, breaking out of a cup base with a 239.35 buy point and touching a record high.
The company beat fourth-quarter adjusted profit and sales projections and predicted 2025 revenue growth of at least 5%, topping views.
3:28 p.m. ET
Medical Firm Breaks Out, These Three Tank
Veracyte reached an entry at 46 from an irregular base. It now sits in a buy zone up to 48.30. Shares hit a level not seen since November 2021, while its relative strength line reached a 52-week high. Veracyte makes medical tests including those used to detect cancer and lung diseases.
MaxLinear crashed in huge volume despite the company reporting a smaller-than expected fourth-quarter adjusted loss and sales that beat views. But the wireless infrastructure and connectivity firm saw its fourth straight quarter of losses and its eighth consecutive quarterly revenue drop. Shares fell below their 50-day line, triggering a sell signal.
Whirlpool plummeted more than 16% in giant volume. The appliance maker reported higher-than-expected adjusted profit for the fourth quarter but sales came in below projections. It also gave a full-year 2025 earnings and sales outlook short of estimates. Shares knifed through the 50-day moving average, flashing a sell signal. But they bounced off the 200-day line, finding support.
UPS cratered more than 14% in enormous volume and sank below its 50-day line triggering a sell signal. The shipping giant topped fourth-quarter profit estimates on in-line revenue, but investors punished the stock after UPS announced it will reduce its volume with its largest customer Amazon.com by 50%. Amazon, a Dow Jones component, shed 0.5%.
Elsewhere, a volatile Tesla decided to shoot up in recent trades, even though the electric vehicle giant missed fourth-quarter adjusted earnings and sales estimates late Wednesday. But investors liked what they heard about the Magnificent Seven member's plan for unsupervised full self-driving, beginning June in Texas, and the expected arrival of robotaxis in 2026.
Tesla stock is in an undefined base with a 488.54 buy point, which is also its all-time high reached on Dec. 18. Shares were wrestling with the 400 price level Thursday morning. Tesla is on the IBD Leaderboard watchlist.
1:53 p.m. ET
Auto Retailer Soars To New High
Asbury Automotive popped nearly 12% and broke out of a cuplike base with a 276.57 entry. Shares are now extended from the buy zone up to 290.40. The stock hit a record high while its relative strength line reached a 52-week high.
The vehicle retailer handily topped fiscal fourth-quarter adjusted earnings and sales estimates. Asbury's 2% profit growth showed a turnaround after seven quarters of declining profits.
Viant Technology climbed and is back in the buy zone of a late-stage, V-shaped cuplike base with a 21.74 buy point. Shares hit the entry for a second straight day Thursday, after tapping it Wednesday before closing below it. The stock holds a 98 Relative Strength Rating. Viant provides software and tools used in digital advertising.
Huron Consulting Group spiked nearly 4% and broke out of a flat base with a 131.06 buy point. The consulting services stock is in the buy range up to 137.61.
Lastly, showing weakness on the stock market today was Dow Jones name Nvidia, as it sank more than 3% in above-average volume. It also undercut its 200-day moving average.
12:16 p.m. ET
Stock Market Today: Big Breakout Movers
Check Point Software gapped up more than 7% in heavy volume and broke out of a lopsided base with a 210.70 buy point. Shares are in the buy zone up to 221.24. The cybersecurity provider topped fourth-quarter adjusted profit and revenue projections. Further, its relative strength line hit a 52-week high as shown by the blue dot on its chart.
Corcept Therapeutics soared in heavy trading and topped the buy zone of a cup base with a 62.22 buy point. Shares reached a new high on Thursday and have climbed around 36% so far this year. The stock holds a 97 Relative Strength Rating. Corcept develops treatments for serious diseases, including cancer.
Dolby Laboratories sprinted higher in heavy volume, also breaking out of a flat base with an 82.43 buy point. Shares are extended from the buy zone, which goes to 86.55. The sound technology company topped fiscal first-quarter adjusted earnings and sales forecasts.
10:40 a.m. ET
Economic News: GDP, Jobless Claims Come In Light
The Commerce Department's first reading on fourth-quarter GDP showed an annual increase of 2.3%, below the 2.6% consensus estimate. The reading for personal consumption expenditures surprisingly rose 4.2% on an annual rate vs. the 3.1% increase expected. It was also above the prior reading of a 3.7% lift.
Initial weekly jobless claims for the week ended Jan. 25 came in considerably lower at 207,000 vs. the 224,000 expected and under the 223,000 from the prior week.
Magnificent Seven Mixed
Along with Tesla's move, others in the Magnificent Seven were mixed. Meta Platforms advanced in heavy volume and touched a record high on the stock market today.
The Leaderboard and IBD 50 name is extended from a flat base with a 638.40 buy point. The Facebook and Instagram parent reported better-than-expected fourth-quarter profit and sales. Meta stock holds a best-possible 99 IBD Composite Rating and a 96 Earnings Per Share Rating.
Microsoft tumbled 6% after it topped fiscal second-quarter earnings and revenue forecasts, but its Azure cloud revenue growth of 31% trailed the prior two quarters.
The stock undercut its 10-week moving average although it remains in a 30-week-long irregular base with an official 468.35 buy point, according to IBD MarketSurge pattern recognition. Microsoft was the biggest loser on the Dow Jones index Thursday. The stock has underperformed as reflected in its 65 Relative Strength Rating.
Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks
Stock Market Today: ServiceNow Slides
Leaderboard stock ServiceNow tumbled 11% in heavy volume after the workflow software firm reported higher fourth-quarter earnings than expected and in-line sales.
The stock sliced through its 50-day line on Thursday. Shares fell more than 11% below the 1,157.90 buy point of a late-stage flat base after breaking out Monday, triggering the 7% sell rule.
Dow Jones component Caterpillar sank more than 4% in heavy volume and fell below its 50-day line as the stock continued to work on an irregular base. The heavy equipment maker beat fourth-quarter adjusted profit estimates but missed sales forecasts.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
