Dow Jones futures remained higher on Thursday morning after a fresh round of inflation data, with the June producer price index released, while jobless claims fell sharply. unexpected. Cathie Wood’s Ark Invest ETFs sold about $5.7 million worth of Tesla shares on Wednesday.
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The PPI, a measure of prices received for goods and services, showed that overall prices, as well as basic producer prices, both rose 0.1%, below the estimate of 0 .2%. Producer prices rose 0.1% year-over-year, below the expected 0.5% year-over-year gain, with core inflation up 2.4% over the year, lower than the estimate of 2.8%.
Meanwhile, initial jobless claims unexpectedly fell to 237,000 from 248,000 the previous week. They were expected to rise slightly to 249,000.
On the earnings side, Delta Airlines (DAL), Attached (Quick and PepsiCo (PEP) reported early Thursday.
Delta stock jumped more than 4% after better-than-expected second-quarter results. FAST stock slipped nearly 3% in morning trading. And PepsiCo shares rebounded 2.3% after beating estimates and raising expectations.
Earnings reports from major banks mark the official start of the season on Friday, with JPMorgan Chase (JMP), Citigroup (This Wells Fargo (WFC) must report.
stock market today
Electric vehicle giant You’re here (TSLA) climbed 0.8% even after Cathie Wood’s Ark Invest ETFs sold more than 20,000 shares, worth around $5.7 million, on Wednesday. Dow Jones tech giants Apple (AAPL) and Microsoft (MSFT) were also downright higher ahead of today’s stock market open.
Other stock market leaders include Alphabet (Google T Metaplatforms (META). GOOGL stock gained 1.1%, while Meta stock rose 1.5% in premarket trading. Meta stock has been upgraded at TD Cowen from market performance to outperformance.
Dynatrace (DT), Meta Platforms, Monolithic power systems (MPWR) and Nvidia (NVDA) – as well as Dow Jones stocks American Express (AXP), caterpillar (CAT) and Selling power (CRM) – are among the best stocks to watch in the current stock market downturn.
Tesla is an IBD rank stock, while American Express was in this Stocks Near a Buy Zone column. Dynatrace was a recent choice for IBD Stock Of The Day.
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Dow Jones Today: Oil Price, Treasury Yields
Before Thursday’s opening bell, Dow Jones futures were up 0.2% relative to fair value, while S&P 500 futures gained 0.4%. Nasdaq 100 futures climbed 0.7% from fair value. Remember that overnight action on futures contracts on Dow Jones and elsewhere does not necessarily translate into actual trading in the next regular trading session.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) rose 0.7%, while the SPDR S&P 500 ETF (SPY) rose 0.3% early Thursday.
The 10-year US Treasury yield continued to decline slightly, to 3.83%, after the PPI inflation data. The yield stood at 3.86% on Wednesday.
Oil prices looked to extend Wednesday’s gains, with West Texas Intermediate slightly higher on Thursday morning. WTI futures were trading just below $76 a barrel. OPEC expects strong growth in oil demand next year due to Asian economies.
Market share
On Wednesday, the Dow Jones Industrial Average rose 0.25%, while the S&P 500 gained 0.7%. The tech-heavy Nasdaq composite climbed 1.15%.
Wednesday’s Big Picture column commented: “Investors not only witnessed more evidence on Wednesday that a March 29 tracking day – as IBD’s Big Picture column points out on the same day – proved that the institutions have deployed more cash in equities. They have also seen rallies in government bonds and commodities as well.”
Now is an important time to read IBD’s The Big Picture column as the stock market soared to this year’s highs.
Five Best Dow Jones Stocks to Buy and Watch Now
Dow Jones stocks to watch: American Express, Caterpillar, Salesforce
American Express tries to top the 177.04 buy point of a cup base with handle. Shares briefly breached the buy trigger on Wednesday before closing below. AXP stock rose 0.3% on Thursday morning.
Industrial giant Caterpillar is in the buy range past a buy point of 250.89 in a cup with handle, according to IBD MarketSmith pattern recognition. CAT stock rose slightly early Thursday.
Salesforce rebounded decisively from its 50-day line on Wednesday, entering a new buy zone. Shares then moved above the 225 buy point from a flat base, according to IBD Leaderboard analysis, during Wednesday’s 2.8% advance. CRM stock added 0.6% on Thursday morning.
4 best growth stocks to buy and watch in the market Stock market rally
Best stocks to buy and watch: Dynatrace, Meta, Monolithic Power, Nvidia
Software maker Dynatrace remains above the 52.99 entry of a tight three-week chart despite Wednesday’s 1.6% decline. A tight stock represents a brief consolidation in which institutional investors pause buying. The shares are in the 5% buy zone which rises to 55.64, according to chart analysis from IBD MarketSmith. DT shares edged up 2.1% on Thursday morning.
Facebook’s parent Meta Platforms has consolidated tightly over the past three weeks, putting in a fresh entry at 298.12. With the stock extended so far from its previous base, this buy point should be used as a complementary entry. Meta shares added 1.5% before trade on Thursday.
Chip leader Monolithic Power surged 3.4% higher on Wednesday to close above a buy point of 553.64 in a flat basis. Stocks are in the buy zone rising to 581.32. MPWR stock gained 1.1% early Thursday.
After its May 25 earnings-fueled gap, Nvidia shares have been trending steadily higher. Amid a pullback since June 20, the stock offers a fresh opportunity to buy stocks. It formed a trendline entry at 418 after the stock found support at its 21-day exponential moving average. Nvidia is an IBD rating stock. Nvidia shares rose 1.1% on Thursday morning.
Learn to Time the Market with IBD’s ETF Market Strategy
Best stocks to buy and watch during the stock market rally
These are the four best stocks to buy and watch in today’s stock market, including a leader in the Dow Jones.
| Company Name | Symbol | Correct point of purchase | Point of purchase type |
|---|---|---|---|
| ASML | (ASML) | 683.18 | Mug with handle |
| Selling power | (RCMP) | 200.00 | Consolidation |
| Cloudy | (NET) | 66.20 | Double bottom |
| Roku | (ROKU) | 75.45 | Mug with handle |
Source: IBD data as of July 10, 2023
Join IBD experts as they analyze the top stocks of the current stock market rally on IBD Live
Tesla Stock
IBD Leaderboard Tesla stock added 0.8% on Wednesday, a three-day losing streak on Thursday, up just 0.1%. Despite recent declines, Tesla shares remain well out of the buy range past the 207.79 double bottom buy point and close to their 2023 highs.
TSLA stock appeared to add to Wednesday’s gains, climbing 0.7% on Thursday. Tesla plans to release its second quarter results on July 19.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple stock rebounded 0.9% on Wednesday, ending a three-day losing streak. AAPL stock continues to hold well above a buy point of 157.38. Early Thursday, shares gained 0.7% in morning action.
Microsoft shares found support at their 50-day line on Wednesday, rebounding 1.4% to put the stock in a new buy zone. And on Thursday morning, Microsoft shares were up 0.7%.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen to learn more about growth stocks and the Dow Jones Industrial Average.
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