Dow Jones futures fell Thursday morning after the Labor Department’s first-time unemployment claims. The tone in Washington improved toward a possible debt-ceiling deal, helping to buoy investor optimism. Walmart (WMT) rallied after the discount-retail giant reported strong earnings results ahead of the market open.
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Initial jobless claims dropped to 242,000, more than the expected fall to 255,000 vs. 264,000 in the previous week, per Econoday estimates. Meanwhile, the Philadelphia Fed manufacturing index for May improved more than expected, with a -10.4 reading compared to the Street’s forecasted -20.0 vs. April’s -31.3 reading.
Dow Jones-listed Walmart rose 1.5% Thursday morning after the company reported strong quarterly earnings results and lifted its full-year profit outlook.
Other key earnings reporters include Alibaba (BABA), Cisco Systems (CSCO) and Canadian Solar (CSIQ).
BABA stock dipped 1% after the Chinese e-commerce giant reported fiscal-Q4 results early Thursday. Canadian Solar shares rose 5% on better-than-expected Q1 results.
Cisco Systems, also one of the 30 Dow industrials, reported fiscal third-quarter earnings and revenue that topped estimates. Meanwhile, the company’s outlook for its fiscal fourth quarter edged by views. CSCO stock sold off nearly 4% in premarket trade.
Stock Market Today
Chip leader Nvidia (NVDA) climbed 1.2% after Oppenheimer and Susquehanna raised their price targets on the stock. Electric-vehicle giant Tesla (TSLA) rose 1.1% Thursday morning. Dow Jones tech giants Apple (AAPL) and Microsoft (MSFT) were slightly higher ahead of today’s stock market open.
Advanced Micro Devices (AMD), IBD SwingTrader stock Lam Research (LRCX), Rambus (RMBS) and IBD Leaderboard stock Uber Technologies (UBER) — as well as Dow Jones stocks Boeing (BA), Salesforce (CRM) and Visa (V) — are among the best stocks to buy and watch in the ongoing stock market uptrend.
Lam Research and Netflix were recent IBD Stock Of The Day topics.
Dow Jones Today: Oil Prices, Treasury Yields
Ahead of Thursday’s opening bell, Dow Jones futures dropped 0.3% vs. fair value, with Walmart lifting and Cisco dragging on early action. S&P 500 futures dropped 0.2%, as video game maker TakeTwo Interactive (TTWO) topped the index with a 12% gain. And tech-heavy Nasdaq 100 futures inched lower.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) edged down, while the SPDR S&P 500 ETF (SPY) traded down 0.2% early Thursday.
The 10-year U.S. Treasury yield on Thursday traded up to 3.59%, on pace to extend a three-day win streak that saw it rebound near its mid-April highs.
U.S. oil prices continued to bob between $70 and $73 a barrel. West Texas Intermediate futures were down a fraction Thursday morning, holding just below $73 a barrel.
Stock Market Action
On Wednesday, the Dow Jones Industrial Average and the S&P 500 each gained 1.2%. The tech-heavy Nasdaq composite rallied 1.3%, hitting a new 2023 high.
Wednesday’s Big Picture column commented, “What’s needed to drive stocks higher? Stock market internals remains iffy for both the Nasdaq and the NYSE. While preliminary data showed a 5-2 ratio in favor of winning stocks over losing ones on the Nasdaq, more than three stocks advanced for every stock that declined on the NYSE.”
Now is an important time to read IBD’s The Big Picture column after last week’s bullish change in the market’s outlook.
Five Best Dow Jones Stocks To Buy And Watch Now
Dow Jones Stocks To Buy And Watch: Boeing, Salesforce, Visa
Dow Jones aerospace giant Boeing ascended 3% Wednesday, decisively regaining its 50-day line and moving closer to a flat base’s 221.43 buy point, according to IBD MarketSmith pattern recognition. BA stock moved up 0.3% early Thursday.
IBD Leaderboard stock Salesforce rallied past alternative entries at 194.01 and 200.10 in recent sessions, according to Leaderboard analysis. Meanwhile, the RS line hit a new high last week, a bullish signal. CRM stock rose 0.1% Thursday morning.
Visa shares remain in buy range above a 230.15 cup-with-handle buy point, after rising nearly 1% Wednesday. The buy range goes up to 241.66. V stock gained 0.3% Thursday.
4 Top Growth Stocks To Watch In The Stock Market Rally
Best Stocks To Buy And Watch: AMD, Lam, Rambus, Uber
Chip leader Advanced Micro Devices is breaking out past a cup base’s 102.53 buy point, according to IBD MarketSmith pattern recognition, with a 2.2% rally Wednesday. Last week’s advance saw AMD stock climb above an early trendline entry, using May 4’s high of 91.64 as the buy point. AMD shares rose 1% premarket Thursday.
Lam Research stock broke out of a flat base with a buy point of 548.95 Monday and added to those gains Wednesday. Aggressive investors could have used Monday’s move above the stock’s April 20 high of 536.50 as another entry point, based on IBD analysis. LRCX stock was up 0.7% Thursday.
Recent IBD 50 Stocks To Watch pick, Rambus, rallied 1.8% Wednesday, moving further above a 51.98 buy point in a flat base following Tuesday’s breakout move. The 5% buy zone extends from the buy point up to 54.58. RMBS stock moved up 3.1% Thursday.
IBD Leaderboard stock Uber Technologies moved tentatively back above its 37.68 buy point from a cup base, amid a 1.1% climb Wednesday. The stock was up 0.4% Thursday premarket. Uber is still extended from the 50-day line, though.
Learn How To Time The Market With IBD’s ETF Market Strategy
Best Stocks To Buy And Watch In Stock Market Rally
These are four best stocks to buy and watch in today’s stock market, including two Dow Jones leaders.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Lam Research | (LRCX) | 548.95 | Flat base |
| Salesforce | (CRM) | 200.10 | Consolidation |
| Visa | (V) | 230.15 | Cup with handle |
| Advanced Micro Devices | (AMD) | 102.53 | Cup base |
Source: IBD Data As Of May 17, 2023
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla Stock
Tesla stock rallied 4.4% Wednesday, on pace to make another run at its 50-day line. Shares are poised to push back above their 10-week moving average as the stock looks to build a new base. Shares closed Wednesday 47% off their 52-week high.
TSLA stock looked to add to Wednesday’s gains, moving up 1.1% Thursday morning.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares ended up 0.4% Wednesday, still holding near their 52-week high, which was set back in mid-August. The stock continues to add to gains above a 157.48 buy point and is out of the buy range that ran up to 165.35. AAPL stock was up slightly premarket Thursday.
Microsoft shares rose 0.7% Wednesday, hitting a new 52-week high at 314.43. MSFT stock continues to add to gains above a 276.86 flat-base buy point. On Thursday morning, MSFT stock rose 0.2%.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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