Dow Jones futures and the other major stock indexes rose Thursday morning after the Labor Department’s initial unemployment claims. Tesla (TSLA) stock is set to hit a new low after an analyst downgrade on the stock market today, while streaming giant Netflix (NFLX) plans to report earnings after the close.
X
Dow Jones futures rose 0.2% vs. fair value in morning action, while S&P 500 futures were up 0.1% vs. fair value. Tech-focused Nasdaq 100 futures joined the party and gained 0.2% before the opening bell.
Early Thursday, the 10-year Treasury yield ticked higher to 4.59%. Further, oil prices extended this week’s losses, as West Texas Intermediate futures traded around $82.10 a barrel.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was up 0.2%, and the SPDR S&P 500 ETF (SPY) rose 0.1%.
Tesla stock slid 2.5% Thursday morning after Deutsche Bank downgraded the stock to hold from buy, cutting the price target to 123 from 189. On April 27, 2023, Tesla stock traded as low as 152.37. Shares were below that level in early morning action.
Stock Market Today: Jobless Claims, Earnings
Ahead of Thursday’s market open, the Labor Department released its weekly unemployment claims. Claims edged higher to 212,000 vs 211,000 in the previous week. They were expected to climb to 215,000.
Further, the Philadelphia Fed manufacturing index jumped to 15.5 in April, up from March’s 3.2 reading. It was expected to fall to 0.0 in April.
Key earnings movers Thursday included Alcoa (AA), Discover Financial (DFS), Las Vegas Sands (LVS), D.R. Horton (DHI) and Taiwan Semiconductor Manufacturing (TSM).
Alcoa shares rallied 2.1% in premarket trading, while Discover stock moved up 0.1%. Las Vegas Sands declined 3.5%, while D.R. Horton shares were up 2.9% in early morning trading. And Taiwan Semi slipped 1.2% in early action.
Meanwhile, Netflix will report first-quarter earnings results after the close. Shares are holding above their 50-day line, just off their 52-week high.
Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.
Dow Jones Falls
On Wednesday, the Dow Jones Industrial Average moved down 0.2%, and the S&P 500 dropped 0.6%. The tech-heavy Nasdaq composite lost 1.2%.
Wednesday’s Big Picture column commented, “The stock market today fired another loud warning shot across the bow for growth investors. Wednesday’s earnings-fueled decline placed the market outlook on the tipping point for a potential new downgrade.”
Now is an important time to read IBD’s The Big Picture column amid the ongoing stock market action. Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.
Learn How To Time The Stock Market With IBD’s ETF Market Strategy
Best Stocks To Watch On Stock Market Today
Broadcom (AVGO), DraftKings (DKNG), On Holding (ONON) and ServiceNow (NOW) — plus Dow Jones components American Express (AXP) and Verizon Communications (VZ) — are among the best companies to watch on the stock market today.
On Holding is featured in this Stocks Near A Buy Zone column.
An essential resource for daily breakouts is IBD MarketSurge’s “Breaking Out Today” list. It shows MarketSurge Growth 250 stocks that are breaking out past new buy points. Also, the MarketSurge “Near Pivot” list shows stocks nearing buy points in bases.
To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone. These features identify bullish patterns and buy points and are available to check every day.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones: American Express, Verizon
American Express is trying to find support around its 50-day moving average, according to MarketSurge charts. A rebound would give the payments leader a new buying opportunity. But investors need to wait for a decisive recovery. American Express stock gained 0.6% in morning trades Thursday.
Telecom giant Verizon’s recent breakout attempt failed in recent sessions, as it fell more than 7% below a 43.21 buy point. Verizon shares edged higher Thursday morning.
4 Top Growth Stocks To Watch In The Stock Market Rally
Stock Market Today: Broadcom Eyes Buy Point
Artificial intelligence player Broadcom continues to build a short consolidation with a 1,438.17 buy point, according to MarketSurge charts. But the stock faltered 3.3% Wednesday, falling below the 50-day line. Broadcom stock rose 0.9% Thursday.
DraftKings triggered a key sell rule, falling more than 7% below its 46.52 buy point in a short consolidation during Wednesday’s 6% slide. Shares also gave up their 50-day line. The sports-betting giant was up 0.6% Thursday morning.
Retail leader On Holding continues to rebound from its 50-day line, which would place the stock in a new buy area. But risk is higher due to the market weakness. On stock slipped 0.5% early Thursday.
ServiceNow decisively gave up its 50-day line during Monday’s losses. Shares continue to build a flat base with a 815.32 entry, but they have a lot of work ahead of them before a potential breakout. The stock gained 1.1% early Thursday.
Stocks 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 |
|---|---|---|---|
| Disney | (DIS) | 112.92 | Cup with handle |
| Broadcom | (AVGO) | 1,438.17 | Consolidation |
| DraftKings | (DKNG) | 45.62 | Consolidation |
| ServiceNow | (NOW) | 815.32 | Flat base |
Source: IBD Data As Of April 15, 2024
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Magnificent Seven Stocks: Nvidia
Among Magnificent Seven stocks, Nvidia (NVDA) rose 1.4% in Thursday’s early trading.
Nvidia stock is trying to find support around its 50-day line, as it builds a flat base with a 974 buy point. The AI giant is an IBD Leaderboard stock.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple (AAPL) and Microsoft (MSFT) traded higher ahead of Thursday’s stock market open.
Apple stock moved down 0.8% Wednesday, falling sharply for a third-straight session. This week, shares found stout resistance at the 50-day line. The stock inched down Thursday morning.
Microsoft shares lost 0.7% Wednesday, right at their 50-day line. And the stock moved up 0.4% early Thursday.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
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