The Dow Jones Industrial Average dropped Thursday after an unexpected rise in weekly unemployment claims from the Labor Department. Among the gainers were Nvidia (NVDA) — posting more record highs for the artificial intelligence giant — and Lululemon Athletica (LULU), which soared on the stock market today following a strong earnings report.
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After the opening bell, the Dow Jones industrials fell 0.1%, as the S&P 500 climbed 0.1%. The tech-focused Nasdaq composite moved up 0.2% in morning trades.
Early Thursday, the 10-year Treasury yield ticked higher to 4.31%. Oil prices rose as West Texas Intermediate futures climbed to around $74.25 a barrel.
Among U.S. exchange traded funds, the Invesco QQQ Trust (QQQ) rose 0.2% while the SPDR S&P 500 ETF (SPY) moved up a fraction.
Nvidia stock rallied 1.6% in morning action Thursday morning, hitting more record highs. The company is an IBD Leaderboard stock. In recent weeks, Nvidia stock topped a secondary buy point at 974, gapping up to new highs.
Stock Market Today: Jobless Claims
The Labor Department’s weekly unemployment claims unexpectedly rose to 229,000 vs. 219,000 in the previous week. They were expected to fall to 216,000, per Econoday estimates.
Meanwhile, Lululemon surged more than 8% early Thursday after the company reported strong fiscal first-quarter results.
Other big earnings movers Thursday include Ciena (CIEN), Five Below (FIVE), Nio (NIO) and Toro (TTC).
Ciena jumped 10% in morning trading, while Five Below shares plunged nearly 18%. Nio shares skidded 7%. And Toro jumped more than 10% early trades.
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Dow Jones Rises
On Wednesday, the Dow Jones industrials rose nearly 0.3%, while the S&P 500 moved up 1.2%. The Nasdaq composite climbed 2%. The S&P 500 and Nasdaq both hit new highs.
Investor’s Business Daily’s Big Picture column commented, “Notice on a daily chart how the tech-enriched index finished virtually at its session high. That, combined with the increase in overall turnover, offers a strong hint to IBD readers that institutional investors backed up the truck to load up on growth stocks.”
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
ASML (ASML), Netflix (NFLX), Robinhood Markets (HOOD) and Spotify (SPOT) — plus Dow Jones components Apple (AAPL), Amgen (AMGN) and Microsoft (MSFT) — are among the best companies to watch on the stock market today.
Amgen and Spotify were featured in IBD’s Stocks Near A Buy Zone column.
In IBD MarketSurge’s “Breaking Out Today” list, Novo Nordisk (NVO) is a recent breakout after moving past a 137.22 buy point in a cup with handle. The base, however, is a higher-risk, late-stage pattern.
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 Amgen
Biotech giant Amgen is building a cup with handle that has a 133.10 entry. The Dow component dipped 0.3% on the stock market today.
Outside the Dow Jones index, streaming giant Netflix rebounded nearly 3% Wednesday, bullishly retaking a 639 cup entry. Netflix stock was down 0.7% Thursday.
Trading platform Robinhood also reclaimed an entry during Wednesday’s action, back above 21.21 handle buy trigger. Shares tacked on nearly 3% early Thursday.
Spotify shares are breaking out past a 319.30 buy point in a flat base, despite a 0.6% drop Wednesday. Spotify stock gained 0.7% in recent action.
ASML stock hit an early-entry buy point of 992.88 Wednesday, based on an IBD analysis. With the move higher, it broke out of a handle. The 5% buy zone extends to 1,042.52. Shares rose 0.4% Thursday morning.
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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 |
|---|---|---|---|
| Microsoft | (MSFT) | 430.82 | Flat base |
| Netflix | (NFLX) | 639 | Cup base |
| Crocs | (CROX) | 146.79 | Cup base |
| Taiwan Semiconductor | (TSM) | 148.43 | Double bottom |
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) climbed 1% on the stock market today.
Tesla stock reversed up 0.1% Wednesday, finding much-needed support at the 50-day line. Shares remain more than 40% off their 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Apple and Microsoft traded mixed after Thursday’s stock market open.
Apple stock rose 0.8% Wednesday, just shy of a cup base’s 199.62 buy point. Shares closed at their highest level since December 2023. Apple was up 0.2% Thursday.
Microsoft shares rallied 1.9% Wednesday, retaking the 50-day line and moving closer to a 430.82 flat-base entry. Early Thursday, Microsoft stock moved down 0.2%.
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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Barbara Terrio is a seasoned business journalist, delving into the world of finance, startups, and entrepreneurship. With a knack for demystifying complex economic trends, she helps readers navigate the business landscape. Outside of her reporting, Barbara is an advocate for financial literacy and enjoys mentoring aspiring entrepreneurs.
