The Dow Jones Industrial Average fell on Thursday after a surprise increase in weekly jobless claims from the Labor Department. Among the winners were Nvidia (NVDA) — posting a record high for the artificial intelligence giant — and Lululemon Athletica (LULU), which went public today after a strong earnings report.
X
After the opening bell, the Dow Jones industrial average fell 0.1%, while the S&P 500 rose 0.1%. The technology-focused Nasdaq Composite rose 0.2% in morning markets.
Early Thursday, the 10-year Treasury yield rose 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 ) rose a fraction.
Shares of Nvidia rose 2% in morning trading on Thursday morning, hitting multiple record highs. The company is an IBD Leaderboard stock. In recent weeks, Nvidia shares spearheaded a secondary buy point at 974, reaching new highs.
Scholarship today: Claims for unemployed
The Labor Department’s weekly jobless claims rose unexpectedly to 229,000 vs. 219,000 in the previous week. They were expected to fall to 216,000, according to Econoday estimates.
Meanwhile, Lululemon trimmed earnings by about 4.3% early Thursday after the company reported strong fiscal first-quarter results.
Other big profit movers on Thursday included Ciena (CIEN), Five below (PESE), Nothing (NO) and Thor (TTC).
Ciena jumped 10% in morning trading, while Five Below shares fell nearly 18%. Nio shares fell 7%. And Toro jumped more than 10% in early markets.
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The Dow Jones rises
On Wednesday, the Dow Jones industrial average rose nearly 0.3%, while the S&P 500 gained 1.2%. The Nasdaq composite rose 2%. The S&P 500 and Nasdaq both hit highs.
Investor’s Business Daily’s Big Picture column commented, “Notice on a daily chart how the technology-enriched index ended virtually at its session highs. This, combined with the increase in overall turnover, offers a hint of strong for IBD readers that institutional investors backed the truck to load into growth stocks.”
During Wednesday’s IBD Live show, the IBD Live team discussed current trading conditions and how investors should approach the stock market today.
Now is an important time to read The Big Picture column amid continued stock market action. Also, be sure to read about how to adapt to changing market conditions, with new levels of IBD exposure.
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Stock Market Today: The 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 crossing a 137.22 buy point in a cup handle. The base, however, is a higher-risk, late-stage model.
Check out MarketSurge’s “Near Pivot” list for stocks nearing buy points in the fundamentals. To find more stock ideas, check IBD’s Stock Lists like the IBD 50, Big Cap 20 and Stocks Near a Buy Zone.
Get real-time buy and sell alerts for stock market leaders with the IBD Leaderboard
Dow Jones Amgen Component
Biotech giant Amgen is building a cup with a handle that has a 133.10 entry. The Dow fell 0.3% in the stock market today.
Outside the Dow Jones index, streaming giant Netflix rallied nearly 3% on Wednesday, retracing an entry of 639 cups. Shares of Netflix fell 0.7% on Thursday.
Trading platform Robinhood also returned an entry during Wednesday’s action, again above 21.21 due to buying. Shares were up nearly 3% early Thursday.
Spotify shares are bursting past the 319.30 buy point on a flat basis, despite a 0.6% drop on Wednesday. Shares of Spotify gained 0.7% in recent trading.
ASML shares hit an early buy point of 992.88 on Wednesday, based on an IBD analysis. With the movement above, it came out of a handle. The 5% buy zone extends to 1,042.52. Shares were up 0.4% Thursday morning.
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The stock market today: Companies to watch
These are four stocks in or near buy zones in today’s stock market.
| Company name | symbol | The exact point of purchase | Point of purchase type |
|---|---|---|---|
| Microsoft | (MSFT) | 430.82 | Flat base |
| Netflix | (NFLX) | 639 | The base of the cup |
| Crocs | (CROX) | 146.79 | The base of the cup |
| Semiconductor Taiwan | (TSM) | 148.43 | Double bottom |
Source: IBD data as of May 28, 2024
Join IBD’s experts as they analyze the top stocks in the stock market today on IBD Live
The Seven Wonder Stocks: Tesla
Among the shares of the Magnificent Seven, Tesla (TSLA) rose 0.2% in the stock market today.
Shares of Tesla rose 0.1% on 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 the Dow Jones Magnificent Seven components, Apple and Microsoft traded mixed after the stock market opened Thursday.
Apple shares rose 0.8% on Wednesday, just short of the 199.62 buy point of the cup base. Shares closed at their highest level since December 2023. Apple fell 0.2% on Thursday.
Shares of Microsoft rose 1.9% on Wednesday, retracing the 50-day line and approaching the flat-based entry of 430.82. In early Thursday, Microsoft shares were up 0.1%.
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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