The Dow Jones Industrial Average fell on Thursday after initial jobless claims came in higher than expected. while, Cisco Systems (cisco) And Walmart (And die) collapsed due to disappointing earnings reports.
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The Labor Department said first-time unemployment claims rose to 231,000 versus 217,000 the previous week. The number was expected to rise to 222,000. Furthermore, the Philadelphia Fed manufacturing index unexpectedly improved to -5.9 in November versus a reading of -9.0 in October. It was expected to fall to -11.0.
Early Thursday, Cisco Systems was down nearly 12% after reporting fiscal first-quarter earnings late Wednesday that beat estimates, although product orders fell again. The company’s outlook for CSCO shares in the current quarter ending in January came in well below expectations.
Meanwhile, Walmart stock fell more than 6% after the company warned that consumer spending may decline. However, Walmart beat third-quarter estimates, with earnings of $1.53 per share on sales of $160.8 billion. Analysts expected earnings of $1.52 per share on revenue of $159.65 billion.
Walmart’s decline contrasts sharply with other big retailers Goal (TGT) which rose nearly 18% on Wednesday on its earnings news. The target fell 2.1% on Thursday.
Other profit drivers of the course include Ali Baba (Baba), Messi (M), netease (NTES) And Palo Alto Networks (Bano).
BABA stock was down 8.7% in morning trading, while Macy’s stock was up nearly 13%. NTES stock fell about 5%, as Palo Alto Networks fell about 7% on its earnings report.
Dow Jones Index Today: Oil Prices and Treasury Yields
After the opening bell on Thursday, the Dow Jones Industrial Average fell 0.2%, while the S&P 500 rose. The tech-heavy Nasdaq Composite fell in morning trading.
Among the US exchange-traded funds is the Nasdaq 100 Index Invesco QQQ Trust (QQQ) fell 0.3%, while the SPDR S&P 500 ETF fell (spy) fell early Thursday.
The yield on 10-year US Treasury bonds fell to 4.48%. On Wednesday, the index settled at 4.53%.
Oil prices threatened to fall for a third straight session, with West Texas Intermediate crude futures falling more than 1%. WTI prices are trading below $76 per barrel, near recent lows.
Stock market pool
On Wednesday, the Dow Jones Industrial Average rose another 0.5%, while the S&P 500 rose 0.2%. The Nasdaq Composite Index, which was dominated by technology stocks, reduced its gains to only 0.1%.
“So the selling pressure was not unusual. The confirmed uptrend, sparked by a follow-up day on November 1 by the technology- and retail-heavy Nasdaq Composite, remains quite intact,” the Big Picture column commented on Wednesday.
Now is an important time to read IBD’s “Big Picture” column after recent gains. Be sure to read How to Invest During a Continuing Stock Market Uptrend.
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Stock Market Today: Top Stocks to Watch
IBD Stock Leaderboard Amazon (Amzn), along with Mercadolibre (Millie), Service now (now) And Take care of the brothers (Tulle) – as well as Dow Jones stocks Intel Corporation (you are K), Walmart and UnitedHealth (United nations) — among the best stocks to watch in the current market rally.
MercadoLibre and Nvidia are featured in the column of stocks near this buy zone. Amazon and NOW Stock are members of the IBD Leaderboard.
Dow jones stocks to watch
Chip giant Intel extended beyond its 37.22 buy point in a double-bottom base, according to IBD MarketSmith chart analysis. Intel stock rose 3.05% on Wednesday, surpassing an additional buy point of 40.07. INTC stock was up nearly 1% early Thursday.
Retail giant Walmart closed Wednesday in a buying range beyond the 165.85 buy point. But WMT shares sold off 6.5% Thursday morning after the company’s earnings report.
Healthcare giant UnitedHealth adds a handle to the massive consolidation, showing a new buy point at 546.78. UN stocks were slightly higher on Thursday.
4 Higher Growth Stocks to Watch in Stock market pool
Stocks to Buy and Watch: Toll Brothers Breakout
Amazon gave up its 145.86 cup base buy point during Wednesday’s 1.8% decline. Shares remain above the early entry level of 134.48. AMZN stock fell 1.9% on Thursday.
MercadoLibre moved beyond a buy point of 1,398.59, according to IBD MarketSmith Pattern Recognition, during Wednesday’s 0.8% gain. MELI stock was down 0.7% Thursday morning.
ServiceNow is out of buy range after entering a double bottom base at 607.90. The buy zone rose 5% to 638.30. The pattern can also be interpreted as a flat base with a buy point of 614.36. NOW stock fell 0.4% on Thursday.
Homebuilder Toll Brothers remains in a buy range above its 82.39 cup-with-handle buy point following Tuesday’s breakout move. Buy zone rising to 86.51. TOL stock rose 0.6% Thursday morning.
Top stocks in today’s stock market action
These are the four best stocks to watch in the stock market today, including Dow Jones stocks.
| Company Name | Code | Correct point of purchase | Point of purchase type |
|---|---|---|---|
| Amazon | (Amzn) | 145.86 | Cup base |
| UnitedHealth | (United nations) | 546.78 | Handling entry |
| Take care of the brothers | (Tulle) | 82.39 | Cup with handle |
| Mercadolibre | (Millie) | 1,398.59 | Cup with handle |
Source: IBD data as of November 14, 2023
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The 7 Great Stocks: Nvidia and Tesla
Among the so-called “Great Seven” stocks, Tesla (TSLA) fell 1.5% early Thursday, while Nvidia (NVDA) lost 0.6%.
Graphics chip giant Nvidia is in a buy range beyond the 476.09 double-base entry despite Wednesday’s 1.55% decline.
Tesla stock rose more than 2% on Wednesday, extending its winning streak to four sessions. Stocks are trying to clear the 50-day line decisively after reclaiming the 200-day line earlier this week. Shares are down about 20% from their 52-week high.
Dow Jones leaders: Apple, Microsoft
Two Dow Jones stocks are in the Magnificent Seven zone, apple (Camel) And Microsoft (MSFT), was trading higher after the stock market opened today. Apple shares rose 0.3% on Wednesday, closing at their highest level since September 5. Shares are rising above the early entry level at 182.34, as they continue to track consolidation that has a buy point at 198.23. Apple shares fell 1.1% on Thursday.
Microsoft stock fell 0.2% on Wednesday, retreating from its all-time high of 373.13. The stock is above the 366.78 buy point of the cup base. In recent weeks, shares have risen above the early buy level of 346.20. MSFT stock rose 0.6% Thursday morning.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen To learn more about growth stocks and the Dow Jones Industrial Average.
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