Dow Jones futures were little changed early Thursday, while those of the S&P 500 and Nasdaq rose slightly, amid jobless claims and other key economic reports. Meanwhile, Nvidia (NVDA) and a number of fellow artificial intelligence plays continued to rise. And after a price target hike, Meta Platforms (META) is nearing a buy point on the stock market today.

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Dow Jones futures were little changed vs. fair value after U.S. markets were closed Wednesday for the Juneteenth holiday. S&P 500 futures climbed 0.3%. Nasdaq 100 futures gained 0.4%.

The 10-year Treasury yield rose to 4.26% after sliding 6 basis points to 4.22% on Tuesday. Also, U.S. crude oil prices edged higher after jumping 4% to $81.57 a barrel in the first two days of the week.

Remember that premarket action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the upcoming stock market session.

Among those reporting earnings, KB Home (KBH), Olive Garden parent Darden Restaurants (DRI) and Kroger (KR) rose modestly after beating views.

Stock Market Today: Jobless Claims

At 8:30 a.m. ET, investors got weekly jobless claims, May housing starts and the June Philly Fed manufacturing index.

New jobless claims dipped 4,000 to 238,000, but above estimates for 235,000. The Philly Fed index fell 3.2 points to 1.3 vs. forecasts for a slight uptick.

Housing starts fell to 1.277 million annualized, down from 1.352 million in April. Economists expected a slight rise.

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The Dow Jones Industrial Average rose 0.2% in Tuesday’s stock market trading. The S&P 500 index climbed 0.3%. The Nasdaq composite edged higher. The small-cap Russell 2000 gained 0.2% but is still below its 50-day moving average.

The Nasdaq is 8.2% above its 50-day line. It can become more extended, but that raises the risk of a pullback, and that retreat would be more significant.

The S&P 500, at 5.1% above its 50-day, is slightly stretched.

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Nvidia Stock Nears Historic Extremes

Nvidia stock rose 3.6% before the open on the stock market today. On Tuesday, shares climbed 3.5% to 135.58 to yet another record high and a $3.34 trillion valuation. That pushed the AI chip leader above the market caps of Apple (AAPL) and Microsoft (MSFT).

Nvidia stock closed Tuesday 36.6% above its 50-day moving average. It’s has briefly gotten 40% above its 50-day a couple of times in the past year, but that’s its most extreme level in the past 20 years. Both times it reached those levels, Nvidia consolidated for some time.

Meta Stock Forging Handle

Meta stock edged higher% before the open. KeyBanc raised its Meta Platforms price target to $540 from 475, keeping an overweight rating. It cited a “meaningful uptick” in ad prices.  Shares of the Facebook and Instagram parent have a 531.49 cup-base buy point. But Meta stock could have a handle after Thursday, giving it a 514.01 buy point.

Stock Market Today: Other AI Plays

Taiwan Semiconductor (TSM), which makes chips for Nvidia, Apple and a number of other companies, climbed nearly 2% early Thursday. Taiwan Semi stock could be the next member of the $1 trillion market cap club. It had a $932 billion market cap as of Tuesday’s close.

Super Micro Computer (SMCI) stock popped 5% in premarket trade. The AI server maker and Nvidia partner has soared 8.9% so far this week, running from the 50-day line and clearing a trendline entry. Super Micro stock is just starting to build the right side of a deep base with a 1,229 buy point.

Palantir Technologies (PLTR) stock rose 2.5% before the open on the stock market today. Shares vaulted 9.55% on Monday and Tuesday, racing past a downward-sloping trendline and another early entry at 25.36. The data-analytics software maker is nearing the official buy point of 27.50, according to MarketSurge.

Nvidia stock and Taiwan Semiconductor are on IBD Leaderboard. Microsoft stock is on IBD Long-Term Leaders. Nvidia and Palantir stock are on the IBD 50. And Nvidia and Super Micro stock are on the IBD Big Cap 20.

Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.

Please follow Ed Carson on  Threads at @edcarson1971 and X/Twitter at @IBD_ECarson  for stock market updates and more.

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