Dow Jones futures, along with the other major indexes, dropped Thursday morning ahead of weekly unemployment claims and quarterly GDP data. Dow Jones giant Salesforce (CRM) plunged on the stock market today after the company’s earnings report, while artificial intelligence giant Nvidia (NVDA) looked to set more record highs.

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Prior to the opening bell, Dow Jones futures lost 0.9% vs. fair value, as S&P 500 futures dropped 0.4%. Tech-focused Nasdaq 100 futures fell 0.3% in premarket action.

Early Thursday, the 10-year Treasury yield ticked lower to 4.59%. Oil prices dipped as West Texas Intermediate futures traded around $79.05 a barrel.

Among U.S. exchange traded funds, the Invesco QQQ Trust (QQQ) lost 0.3% and the SPDR S&P 500 ETF (SPY) dropped 0.4%.

Stock Market Today: Jobless Claims, GDP

Up next, the Labor Department’s first-time jobless claims are due out at 8:30 a.m. ET. They are expected to rise to 217,000 vs. 215,000 in the previous week, per Econoday estimates.

Further, the Commerce Department’s second estimate of first-quarter GDP is also expected out at 8:30 a.m. ET. GDP is estimated to dip to 1.5% vs. 1.6% in the first estimate. Personal consumption expenditures, at 2.5% growth in the first estimate, are expected to slow to 2.2% in the second estimate, according to Econoday.

Among individual stocks, Software giant Salesforce plunged nearly 16% after the company reported first-quarter earnings that topped estimates while revenue missed. A July-quarter revenue outlook for Salesforce came in well below expectations.

Meanwhile, Nvidia lost 0.7%, but shares hit more record highs Wednesday. The company is an IBD Leaderboard stock. Last week, Nvidia stock topped a secondary buy point at 974, gapping up to new highs.

Other key earnings movers Thursday include Best Buy (BBY), C3.ai (AI) and Foot Locker (FL), along with HP (HPQ), Kohl’s (KSS), Okta (OKTA), Pure Storage (PSTG) and UiPath (PATH).

Best Buy shares climbed nearly 3%, while C3.ai shares jumped more than 11%. Foot Locker stock surged nearly 14%, and HP shares advanced more than 4%. Kohl’s stock tumbled more than 23%, as Okta moved up 4%. Finally, Pure Storage shares leapt nearly 8%. And UiPath stock crashed nearly 30% on the stock market today.

Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.

Dow Jones Slides

On Wednesday, the Dow Jones industrials skidded nearly 1.1%, while the S&P 500 declined 0.7%. The Nasdaq composite lost 0.6%.

Investor’s Business Daily’s Big Picture column on Wednesday commented, “IBD has kept the current outlook at a target exposure range of 60%-80%, despite the market’s notable achievements lately — whether it’s Dow 40,000, Nasdaq 17,000, or simply the key indexes rising to new highs.”

During Wednesday’s IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market today.

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: Best Stocks To Watch

Monday.com (MNDY), Netflix (NFLX) and Crocs (CROX) — plus Dow Jones components Apple (AAPL), Merck (MRK) and Microsoft (MSFT) — are among the best companies to watch on the stock market today.

Microsoft was featured in IBD’s Stocks Near A Buy Zone column as it trades just below a 430.82 buy point.

In IBD MarketSurge’s “Breaking Out Today” list, Apollo Global Management (APO) is trying to break out a 117.15 buy point. Check out the MarketSurge “Near Pivot” list for 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.

Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard

Dow Jones Component Merck

Drug giant Merck is building a flat base that has a 133.10 entry, but shares took a tumble below their 50-day line this week. The stock was up slightly on the stock market today.

Recent IBD Stock Of The Day Crocs remains squarely above a 146.79 buy point in a cup base, despite a 0.8% drop Wednesday. Crocs stock edged lower Thursday premarket.

Outside the Dow Jones index, Monday.com is holding above a cup base’s 239 buy point, despite recent losses, according to IBD MarketSurge. Shares were down nearly 1% Thursday morning.

Streaming giant Netflix climbed nearly 1% Wednesday, further above the 639 cup entry but still in buy range. Netflix stock inched up premarket 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.

Source: IBD Data As Of May 28, 2024

Join IBD experts as they analyze leading stocks in the stock market today on IBD Live

Magnificent Seven Stocks: Tesla

Among Magnificent Seven stocks, Tesla (TSLA) moved up 1% on the stock market today.

Tesla stock dropped 0.3% Wednesday, still clinging to its 50-day line. Shares remain about 40% off their 52-week high.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks in the Magnificent Seven, Apple and Microsoft traded mixed ahead of Thursday’s stock market open.

Apple stock edged up Wednesday, still forming a cup base that has a 199.62 buy point. Shares inched lower Thursday.

Microsoft shares moved down 0.3% Wednesday, to just below a flat base’s 430.82 buy point, after a brief breakout attempt last week. Early Thursday, Microsoft stock fell 0.9%.

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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