The Dow Jones Industrial Average briefly fell 300 points on Thursday morning after the first releases of the first jobless claims, housing data and the Philadelphia Fed’s manufacturing index. Nvidia’s earnings missed estimates as NVDA shares fell about 2%.
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The Labor Department’s initial jobless claims fell to 222,000 from 225,000 the previous week, matching estimates. Housing starts and preliminary building permits figures for October are above estimates, but still slowed from September. Meanwhile, the Philadelphia Fed’s manufacturing index sharply missed estimates, with a reading of -19.4, below expectations for a reading of -7.0 for November.
Profit movers to watch for Thursday morning included Ali Baba (BABA), Wholesale BJ’s (BJ), Cisco Systems (CSCO), Helmerich and Payne (HP), Kohls (KSS), Macy’s (M) and Nvidia.
Alibaba shares fell 2.8% in morning trading, while BJ shares plunged 8%. Shares of Cisco rose more than 4%. HP shares were down 3%. Kohl’s stock fell 3%, while Macy’s jumped 7%.
Nvidia missed Wall Street’s profit target on higher-than-expected sales in its fiscal third quarter. And the title lost more than 2% Thursday morning.
Electric vehicle giant You’re here (TSLA) was trading down 1.1% on Thursday morning. Dow Jones Technology Leaders Apple (AAPL) and Microsoft (MSFT) were also significantly lower after today’s stock market open.
IBD Ranking Stock Arista Networks (A NET), General Motors (GM), GlobalFoundries (GFS), mobileye (MBLY) and Phillips 66 (PSX) — as well as the Dow Jones name caterpillar (CAT) – are among the best stocks to buy and watch.
Arista Networks is an IBD Leaderboard stock and was Monday’s IBD stock of the day. GlobalFoundries was featured in this week’s Stocks Near A Buy Zone column. General Motors was IBD’s stock of the day on Nov. 10 and Mobileye was the leader in last week’s IPO.
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Dow Jones Today: Oil Price, Treasury Yields
After Thursday’s opening bell, the Dow Jones Industrial Average fell 0.7%, while the S&P 500 lost 1%. The tech-heavy Nasdaq composite sold 1.1% in morning action.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) traded down 1.5% early Thursday, and the SPDR S&P 500 ETF (SPY) fell 1.3%.
The 10-year Treasury yield jumped to 3.78%, reversing some of the early losses this week. Meanwhile, US oil prices fell nearly 2% as West Texas Intermediate futures moved down from their recent trading range. WTI futures were trading below $84 a barrel.
Stock market rally
On Wednesday, the major stock indexes ended with heavily mixed action. The Nasdaq composite sold 1.5%, while the S&P 500 lost 0.8%. Dow Jones Industrialists fell slightly.
Wednesday’s The Big Picture commented: “A 1.5% drop in the composite index on Wednesday could sting those who went long before the market opened. Data storage heavyweight Micron Technology (MU) set the bearish tone early in the session. The Boise, Idaho-based leader in DRAM and NAND memory products has warned that its key markets will contract in 2023.
Now is an important time to read IBD’s The Big Picture column amid current stock market volatility.
Five Dow Jones Stocks to Buy and Watch Now
Dow Jones Stocks to Buy and Watch: Caterpillar
Dow Jones Member Caterpillar Tries to Break Above 238 Cup Base Buy Point, according to IBD MarketSmith pattern recognition. CAT shares fell 2% on Thursday.
The CAT stock boasts an impressive 97 out of a perfect IBD composite score of 99, according to the IBD stock balance sheet.
4 growth stocks to watch in the currentrStock market rally
Top stocks to buy and watch: Arista, GM, GlobalFoundries, Mobileye, PSX
IBD Leaderboard Arista Networks stock remains below the buy point of 132.97 from a choppy base amid Wednesday’s 1.5% loss. ANET stock traded down 1% on Thursday.
Automaker General Motors fell significantly below the 40.20 buy point of its tumbler with handle on Wednesday’s 4.4% slide. The buy zone peaks at 42.21. GM stock fell 1.5% early Thursday.
Chip foundry GlobalFoundries is back below a buy point of 66.06 in a cup basis. GFS shares lost 4% on Thursday morning.
IPO leader Mobileye faltered on Wednesday, falling 3.7% to end squarely below the 29.96 buy point of an IPO base, according to IBD MarketSmith pattern recognition. The 5% pursuit zone peaks at 31.46. MBLY shares fell 1.1% early Thursday.
Monday’s IBD 50 Stocks To Watch pick, Phillips 66, tries to break above the 110.08 buy point from a cup-with-handle base, but the breakout ran into trouble with a 3.1% loss Wednesday. PSX the stock was down 1.1% in morning trade.
Join IBD experts as they analyze the top stocks of the current stock market rally on IBD Live
Tesla Stock
Tesla stock sold 3.9% on Wednesday, giving back much of the recent gains. The stock is still holding above last week’s 52-week low at 177.12. Tesla shares are more than 50% off their 52-week high and significantly below their 50- and 200-day moving averages.
Shares of the electric vehicle giant traded more than 1% on Thursday morning.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares fell 0.8% on Wednesday, clinging to support around their 50-day line. The stock traded down 0.9% on Thursday.
Microsoft fell slightly on Wednesday, still holding above its recently recovered 50-day line. The software giant remains around 30% off its 52-week high. Microsoft shares fell 1.5% on Thursday morning.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen to learn more about growth stocks and the Dow Jones Industrial Average.
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