Stocks kept the party going in premarket trades Thursday as futures trading in the Dow Jones Industrial Average touched the 40,000 mark for the first time ever, and other major indexes hit new all-time highs. Meanwhile, the Labor Department’s initial unemployment claims are due later and social media platform Reddit (RDDT) is expected to debut on the stock market today.
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Dow Jones futures climbed 0.3% vs. fair value in morning action, putting them around 40,060 while S&P 500 futures gained 0.5% to clear the 5,300 mark for the first time. Tech-heavy Nasdaq 100 futures rallied 1% before the opening bell. It remains to be seen whether the indexes continue to clear those hurdles once the regular session begins.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was up 1%, while the SPDR S&P 500 ETF (SPY) rose 0.5%.
The 10-year Treasury yield ticked lower to 4.24%. Further, oil prices fell after Wednesday’s losses, as West Texas Intermediate futures turned down slightly to trade around $81.20 a barrel.
The Reddit initial public offering is expected to debut Thursday after the company priced its IPO at the top end of its $31 to $34 range. The Reddit IPO is valued at $6.4 billion, raising $748 million for the company. Reddit is to trade under the ticker ‘RDDT.’
Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.
Stock Market Today: Jobless Claims
The Labor Department reported first-time jobless claims, saying that claims rose to 210,000. Claims were expected to hold steady at 209,000.
Further, the Philadelphia Fed manufacturing index eased to 3.2 in March vs. 5.2 in February. It was expected to fall to -5.0.
Meanwhile, existing home sales are expected fall to 3.92 million in February vs. 4.0 million in January, per Econoday estimates. Home sales are out at 10 a.m.
Key earnings reports Thursday morning include Academy Sports & Outdoors (ASO), Chewy (CHWY) and Darden Restaurants (DRI). Also reporting were Five Below (FIVE), KB Home (KBH) and Micron Technology (MU).
Academy shares plunged more than 11%, while Chewy stock dropped nearly 6% in early morning trading. Darden shares tumbled more than 5%, as Five Below dived 12%. KB Home climbed 1.6%. And Micron shares soared more than 16% in premarket action.
Dow Jones Rises
On Wednesday, the Dow Jones Industrial Average rallied 1%, and the S&P 500 climbed 0.9%. The tech-heavy Nasdaq composite advanced 1.3%.
Wednesday’s Big Picture column commented, “In fact, Wednesday’s move struck a bullish tone in this additional way: Volume actually grew on both main exchanges, indicating accumulation by the big players in the investment world.”
Now is an important time to read IBD’s The Big Picture column amid the continuing stock market rally. 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
Best Stocks To Buy And Watch On Stock Market Today
Arista Networks (ANET), Duolingo (DUOL), Dexcom (DXCM) and DraftKings (DKNG) — plus Dow Jones components Disney (DIS), IBM (IBM) and Procter & Gamble (PG) — are among the best stocks to buy and watch on the stock market today.
Arista and Disney were 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. There were three new breakouts Wednesday, including Arista Networks.
Meanwhile, the MarketSurge “Near Pivot” list shows stocks nearing buy points in bases, like Duolingo.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones Stocks: Disney in Buy Range
Disney is breaking out past a big cup-with-handle base’s 112.92 buy point, according to IBD MarketSurge chart analysis. And shares closed further above their entry Wednesday, with a 1.7% gain. Disney stock rose 0.4% Thursday morning.
IBM stock remains below a flat base’s 196.90 buy point, despite a 0.2% gain Wednesday. Shares fell 0.6% Thursday.
Consumer products giant Procter & Gamble inched higher Wednesday, still above a 158.38 buy point in a cup base. P&G stock edged down Thursday.
4 Top Growth Stocks To Watch In The Stock Market Rally
Arista Stock Breaks Out
Arista shares rallied 3.2% Wednesday, breaking out above a 292.66 flat-base buy point, according to MarketSurge charts. And on Thursday morning, Arista shares added 1.1%.
IPO Leader Duolingo is just shy of a cup-with-handle’s 241.86 entry following Wednesday’s 3% rally. Duolingo shares were up 1.5% Thursday.
Dexcom shares dropped 1.2% Wednesday, holding just above a 132.03 entry in a flat base. Dexcom shares gained 0.7% early Thursday.
Finally, DraftKings broke out past a 46.52 buy point in a short consolidation, climbing 5.7% Wednesday. Shares tacked on 1.2% Thursday morning.
Best Picks On Stock Market Today
These are four best stocks to watch in today’s stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Disney | (DIS) | 112.92 | Cup with handle |
| Arista Networks | (ANET) | 292.66 | Flat base |
| DraftKings | (DKNG) | 45.62 | Consolidation |
| Duolingo | (DUOL) | 241.86 | Cup with handle |
Source: IBD Data As Of March 19, 2024
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Magnificent Seven Stocks: Nvidia, Tesla
Magnificent Seven stocks Nvidia (NVDA) and Tesla (TSLA) climbed 2.1% and 0.7%, respectively, in Thursday’s premarket action.
Nvidia shares rallied 1.1% Wednesday, extending a win streak to three sessions. Nvidia is an IBD Leaderboard stock.
Tesla stock raced 2.5% higher Wednesday, its highest level since March 12. Still, shares are sharply below their 50-day and 200-day moving averages and more than 40% off their 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple (AAPL) and Microsoft (MSFT) traded mixed ahead of Thursday’s stock market open.
Apple stock moved up 1.5% Wednesday, closing at its highest level since March 1. Shares remain sharply below their long-term 200-day line. Apple dropped 0.7% Thursday after reports said the Justice Department will sue the iPhone maker as soon as Thursday for violating antitrust laws related to the iPhone.
The lawsuit is expected to accuse Apple of blocking rivals from accessing iPhone hardware and software features, Bloomberg News reported Wednesday night.
Microsoft shares found support at the 50-day line, sending them into new highs last week. That placed the software giant in a new buy area. Microsoft shares were up nearly 1% on the stock market today.
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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