Stock futures kept climbing Thursday, following jobless claims data and a day after the Dow Jones Industrial Average and other major indexes set new records. Among the early winners was retail giant Walmart (WMT), which rallied on the stock market today after strong earnings results, while GameStop (GME) extended Wednesday’s losses.
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In premarket action, Dow Jones futures edged higher vs. fair value, as did S&P 500 futures. Tech-focused Nasdaq 100 futures climbed less than 0.1% ahead of the opening bell.
Early Thursday, the 10-year Treasury yield ticked lower to 4.33%. Further, oil prices climbed as West Texas Intermediate futures traded around $78.75 a barrel.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was up 0.1%, while the SPDR S&P 500 ETF (SPY) was flat.
The meme stock mania faded further Thursday, as GameStop and AMC Entertainment (AMC) extended Wednesday’s declines. GameStop stock tumbled another 13% in morning action, while AMC shares lost 7%.
Stock Market Today: Jobless Claims, Walmart Earnings
Walmart shares rallied nearly 6% Thursday morning after the discount retailer reported strong earnings and sales results. Walmart also lifted its earnings and sales outlook for the full year.
Meanwhile, the Labor Department said first-time jobless claims fell to 222,000 vs. 231,000 in the previous week. They were expected to fall to 220,000, per Econoday estimates.
Further, April housing starts and permits came in below Econoday estimates. Starts rose to 1.36 million in April vs. March’s 1.321 million rate, while April permits fell to 1.44 million vs. 1.458 million in March.
Finally, the Philadelphia Fed manufacturing index in May fell to 4.5 vs. April’s 15.5 reading. It was expected to fall to 7.8, according to Econoday.
Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.
In the markets, key earnings movers in premarket action Thursday included Baidu (BIDU) and JD.com (JD).
Baidu shares added 0.5% in premarket trading, while JD stock climbed 4%.
Dow Jones Rises
On Wednesday, the Dow Jones Industrial Average rallied 0.9% and the S&P 500 gained 1.2%. The tech-heavy Nasdaq composite advanced 1.4%. All three major stock indexes notched all-time highs.
Investor’s Business Daily’s Big Picture column on Wednesday said: “The stock market showed winners topping losers on the NYSE by a roughly 5-2 margin. Again, this is bullish for the longs. On the Nasdaq, gainers beat decliners by a nearly 5-3 ratio.”
During Wednesday’s IBD Live show, the IBD Live team discussed the current trading conditions, with the Nasdaq and S&P 500 hitting record highs on tame inflation and other economic data.
Now is an important time to read The Big Picture column amid the ongoing stock market action. Also, 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
Stock Market Today:Â Best Stocks To Watch
NetApp (NTAP), PDD (PDD), Taiwan Semiconductor Manufacturing (TSM) and Tradeweb Markets (TW) — plus Dow Jones components JPMorgan Chase (JPM) and Merck (MRK) — are among the best companies to watch on the stock market today.
JPMorgan and Taiwan Semi are 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. Notably, Toll Brothers (TOL) broke out past a 130.63 buy point in a cup base. Check out the MarketSurge “Near Pivot” list that 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: JPMorgan, Merck
JPMorgan is breaking out past a flat base’s 200.94 entry following strong gains in recent weeks. Shares slipped a fraction on the stock market today.
Meanwhile, drug giant Merck is rapidly approaching a flat base’s 133.10 entry. Merck stock was up 0.3% Thursday.
4 Top Growth Stocks To Watch In The Stock Market Today
Outside the Dow Jones index, NetApp is trading in buy range above a 108.82 buy point in a double bottom, according to IBD MarketSurge. NetApp shares dipped 0.3% ahead of the open on Thursday.
Temu-parent PDD is just below a cup-with-handle’s 142.32 buy point following Wednesday’s 1.9% rally. Shares rose 0.4% Thursday.
Chipmaker Taiwan Semiconductor is in buy range above a 148.43 buy point in a double-bottom base in the wake of strong recent gains. The stock moved down 0.8% Thursday.
Tradeweb is at the top of its buy range past a flat base’s 108.04 buy point, with a 1.3% rise Wednesday. The stock was unchanged Thursday.
Find The Best Stocks To Buy And Watch With IBD Stock Screener And IBD Screen Of The Day
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 |
|---|---|---|---|
| American Express | (AXP) | 231.69 | Consolidation |
| Texas Roadhouse | (TXRH) | 157.12 | Flat base |
| Chipotle | (CMG) | 3,023.98 | Consolidation |
| Tradeweb Markets | (TW) | 108.04 | Flat base |
Source: IBD Data As Of May 6, 2024
Join IBD experts as they analyze leading stocks in the stock market today on IBD Live
Magnificent Seven Stocks: Nvidia, Tesla
Among Magnificent Seven stocks, Nvidia (NVDA) and Tesla (TSLA) climbed 0.3% and 0.1%, respectively, Thursday morning.
Nvidia stock rallied 3.6% Wednesday, breaking out past a handle entry at 922.20. The artificial intelligence leader is an IBD Leaderboard stock.
Tesla stock skidded 2% Wednesday, snapping a two-day win streak, but is still holding above its 50-day line.
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 climbed 1.2% Wednesday, closing at its highest level since late January. Shares are forming a cup base that has a 199.62 buy point, but keep an eye out for a potential handle to offer a lower entry. The stock gained 0.2% Thursday morning.
Microsoft shares gained 1.6% Wednesday, decisively retaking their 50-day line. The software giant is building a flat base that has a 430.82 buy point and is within striking distance of the buy trigger. And Microsoft stock inched higher 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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