Futures on the Dow Jones and other major stock indexes rose Thursday morning after the Labor Department announced the first unemployment claims. You’re here (TSLA) stock is poised to hit a new low after an analyst downgrade in the stock market today, while the streaming giant Netflix (NFLX) plans to disclose its results after closing.
X
Dow Jones futures rose 0.3% from fair value in morning action, while S&P 500 futures rose 0.2%. Tech-heavy Nasdaq 100 futures gained 0.2% before the opening bell.
Early Thursday, the 10-year Treasury yield rose to 4.6%. Additionally, oil prices climbed, with West Texas Intermediate futures trading around $83.15 per barrel.
Among us exchange traded fundsthe Invesco QQQ Trust tracker Nasdaq 100 ETF (QQQ) was up 0.2%, and the SPDR S&P 500 ETF (TO SPY) increased by 0.3%.
Tesla stock slipped 2.8% Thursday morning after Deutsche Bank downgraded the stock to hold, lowering the price target to 123 from 189. April 27, 2023 Tesla stock traded as low as 152.37. Stocks were below that level early in the morning.
Stock market today: unemployment claims and profits
Before the market opened Thursday, the Labor Department released its weekly unemployment claims. Claims increased slightly to 212,000 from 211,000 the previous week. They were expected to climb to 215,000.
Additionally, the Philadelphia Fed’s manufacturing index jumped to 15.5 in April from 3.2 in March. It was forecast to fall to 0.0 in April.
Main profit drivers Thursday included Alcoa (AA), Discover finance (DFS), Sands of Las Vegas (LVS), Dr. Horton (DHI) And Semiconductor manufacturing in Taiwan (TSM).
Alcoa shares rose 1.7% in premarket trading, while Discover stock climbed 1.3%. Las Vegas Sands fell 3.7% as shares of DR Horton jumped 6% in early morning trading. And Taiwan Semi fell 3.4% in early action.
Meanwhile, Netflix will report its first quarter results after the close. The stock was slightly lower in premarket trading. Stocks are holding above their 50-day line, just above their 52-week high.
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Dow Jones falls
On Wednesday, the Dow Jones Industrial Average fell 0.2% and the S&P 500 fell 0.6%. The tech-heavy Nasdaq Composite Index lost 1.2%.
Wednesday Big Picture Column commented: “The stock market today delivered another warning shot to growth investors. Wednesday’s earnings-fueled decline put the market outlook on the tipping point for further potential downside.
Now is an important time to read Chronicle The Big Picture by MII in the middle of the current stock market action. Be sure to read how to adapt to changing market conditions, with New levels of IBD exposure.
Learn to Time the Stock Market with IBD’s ETF Market Strategy
Best Stocks to Watch in the Stock Market Today
Broadcom (AVGO), DraftKings (DKNG), On hold (ONO) And ServiceNow (NOW) — plus Dow Jones components American Express (AXP) And VerizonCommunications (VZ) – are among the best companies to watch on the stock market today.
On Holding is featured in this Column Stocks close to a buy zone.
An essential resource for daily escapes is IBD MarketSurge’s “Breaking Out Today” list. This shows MarketSurge Growth 250 stocks that exceed new buy points. Additionally, MarketSurge’s Near Pivot list shows stocks near buy points in the bases.
To find more action ideas, check out IBD Stock Lists as MII 50, Large cap 20 And Stocks close to a buy zone. These features identify uptrends and buy points and can be checked daily.
Receive real-time buy and sell alerts on stock market leaders with IBD Leaderboard
Dow Jones: American Express, Verizon
American Express is trying to find support around its 50-day moving average, according to MarketSurge Charts. A rebound would give the payments leader a new buying opportunity. But investors must wait for a decisive recovery. American Express stock gained 0.3% Thursday morning.
Telecom giant Verizon’s recent breakout attempt failed in recent sessions as it fell more than 7% below a 43.21 buy point. Verizon shares were flat Thursday morning.
4 Top Growth Stocks to Watch in the Stock market rally
Stock market today: Broadcom eyes a buy point
Artificial intelligence player Broadcom continues to build a short consolidation with a price of 1,438.17 point of purchaseaccording to Market increase graphics. But the stock fell 3.3% on Wednesday, falling below the 50-day line. Broadcom stock rose 0.5% on Thursday.
DraftKings triggered a key sell rule, falling more than 7% below its 46.52 buy point during a short consolidation during Wednesday’s 6% decline. Stocks also dropped off their 50-day line. The sports betting giant was up 0.1% Thursday morning.
Retail leader On Holding continues to rebound from its 50-day line, which would put the stock in a new buy zone. But the risk is higher due to market weakness. On Holding stock slipped 0.4% early Thursday.
ServiceNow decisively abandoned its 50-day line during Monday’s losses. Stocks continue to build a flat base with an entry at 815.32, but they have a lot of work ahead of them before a possible breakout. The stock gained 0.4% early Thursday.
Stocks to watch
These are four stocks that are in or near buy zones in the current stock market.
| Company Name | Symbol | Correct purchase point | Point of purchase type |
|---|---|---|---|
| Disney | (SAY) | 112.92 | Cup with handle |
| Broadcom | (AVGO) | 1,438.17 | Consolidation |
| DraftKings | (DKNG) | 45.62 | Consolidation |
| ServiceNow | (NOW) | 815.32 | Flat base |
Source: MII data as of April 15, 2024
Join IBD experts as they analyze the top stocks in the current stock market rally on IBD Live
Seven Magnificent Stocks: Nvidia
Among the actions of the Magnificent Seven, Nvidia (NVDA) rose 1% at the start of trading on Thursday.
Nvidia stock is trying to find support around its 50-day line as it builds a flat base with a 974 buy point. The AI giant is a IBD Ranking Stocks.
Dow Jones leaders: Apple, Microsoft
Among Dow Jones Stocks in the Magnificent Seven, Apple (AAPL) And Microsoft (MSFT) is trading higher before the stock market opens on Thursday.
Apple stock fell 0.8% on Wednesday, down sharply for a third consecutive session. This week, stocks encountered strong resistance at the 50-day line. The stock fell 0.2% Thursday morning.
Microsoft Shares fell 0.7% on Wednesday, right at its 50-day line. And the stock rose 0.2% early Thursday.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen to learn more about growth stocks, the Dow Jones Industrial Average and the stock market today.
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