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Dow Jones futures signaled a fourth-straight day of gains Thursday as markets digested higher-than-expected initial unemployment claims. Meanwhile, Palantir Technologies (PLTR) popped 17% as strong demand for artificial intelligence pushed quarterly results past views. And Apple earnings are due after the close.
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The U.S. Labor Department said first-time unemployment claims rose to 217,000 vs. 210,000 in the previous week. They were expected to rise to 213,000.
Palantir stock jumped after the company reported Thursday that adjusted third-quarter earnings came in at 7 cents a share. That was a penny ahead of estimates and up from 1 cent in the year-ago quarter. Revenue of $558 million also was ahead of views for $556 million.
Also on the earnings front, movers included Airbnb (ABNB), CF Industries (CF), DoorDash (DASH), ELF Beauty (ELF), Etsy (ETSY) and Super Micro Computer (SMCI). They were joined by Marathon Oil (MRO), MercadoLibre (MELI), PayPal (PYPL), Qualcomm (QCOM) and Roku (ROKU).
ABNB stock sold off nearly 2% in morning trade, while CF stock declined 2.2%. DASH stock jumped 11%, as ELF shares soared 14%. Etsy stock dived 5%, while SMCI stock rallied 6%.
Meanwhile, Marathon shares gained almost 1%, while MELI stock moved up 2.6%. PYPL stock surged nearly 7%, as Qualcomm shares climbed 5.7%. Finally, ROKU soared 18% in premarket trading.
Dow Jones Today: Oil Prices, Treasury Yields
Ahead of Thursday’s opening bell, Dow Jones futures rose 0.7% vs. fair value, while S&P 500 futures moved up 1%. Tech-heavy Nasdaq 100 futures gained 1.4% vs. fair value.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) rose 1%, while the SPDR S&P 500 ETF (SPY) moved up 0.7% early Thursday.
The yield on the 10-year U.S. Treasury bond ticked lower to 4.68% Thursday. On Wednesday, the benchmark settled at 4.78%.
Oil prices rebounded Wednesday morning, as West Texas Intermediate futures rose more than 1%, still trading below $82 a barrel. WTI is holding near its lowest level since late August.
Stock Market Rally
On Wednesday, the Dow Jones Industrial Average moved up 0.7%, while the S&P 500 climbed 1.05%. The tech-heavy Nasdaq composite advanced 1.6%, extending a win streak to four sessions.
Wednesday’s Big Picture column commented, “Ultimately, as highlighted often by panelists on IBD’s daily show on investing, “IBD Live,” a follow-through day is only as good as the quality and quantity of leading growth stocks that help lead the way to excellent upward moves.”
Now is an important time to read IBD’s The Big Picture column after Wednesday’s powerful gains. Be sure to read how to handle a changing market environment.
Learn How To Time The Stock Market With IBD’s ETF Market Strategy
Stock Market Today: Best Stocks To Watch
IBD Leaderboard watch list stock Amazon (AMZN), Lululemon Athletica (LULU), Arista Networks (ANET) and Tradeweb Markets (TW) — as well as Dow Jones stocks Walmart (WMT) and UnitedHealth (UNH) — are among the best stocks to watch in the current market rally.
Lululemon and Walmart both were featured in this Stocks Near A Buy Zone column.
Dow Jones Stocks To Watch
Dow Jones retail titan Walmart is tracing a cup-with-handle base with a 164.33 buy point, according to IBD MarketSmith chart analysis. Shares found support at the critical 50-day moving average this week. WMT stock rose 0.3% Thursday.
Healthcare giant UnitedHealth is adding a handle to a massive consolidation, and showing a new buy point at 546.78. UNH stock inched higher Thursday morning.
4 Top Growth Stocks To Watch In The Stock Market Rally
Stocks To Buy And Watch: Amazon Hits Buy Point
Amazon made a bullish move back above its 50-day line this week. Shares then topped an early entry at 134.48 during Wednesday’s 2.9% advance. AMZN stock tacked on 0.7% in premarket action Thursday.
Lululemon climbed 0.5% Wednesday, still below a flat base’s 406.94 buy point, according to IBD MarketSmith pattern recognition. Wait for another sustained move past that entry as a buy signal. LULU stock was slightly higher Thursday morning.
Arista Networks surged 14% Tuesday, breaking out past a consolidation’s 198.70 buy point. Shares added 5.2% Wednesday, finishing extended past the 5% buy range. ANET stock traded up 1.5% Thursday morning.
Tradeweb broke out of a flat base’s 87.53 buy point Thursday after the company’s third-quarter earnings. TW stock added 1.5% Wednesday, still in the buy zone that goes up to 91.91. TW stock was unchanged in premarket trades Thursday.
Best Stocks In Today’s Stock Market Action
These are four best stocks to watch in today’s stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| International Seaways | (INSW) | 48.40 | Cup with handle |
| UnitedHealth | (UNH) | 546.78 | Handle entry |
| Arista Networks | (ANET) | 198.70 | Consolidation |
| Tradeweb Markets | (TW) | 87.53 | Flat base |
Source: IBD Data As Of Oct. 31, 2023
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Magnificent Seven Stocks: Meta, Nvidia, Tesla
Among the so-called “Magnificent Seven” stocks, Tesla traded up 2.9% early Thursday, while Meta Platforms (META) and Nvidia (NVDA) rose 0.8% and 1.9%, respectively. Meanwhile, Dow Jones tech icons Apple (AAPL) and Microsoft (MSFT) traded higher ahead of today’s stock market open.
Meta stock regained its 50-day line Wednesday, with a 3.5% advance.
Graphics-chip giant Nvidia rebounded 3.8% Wednesday, snapping back from Tuesday’s losses. Early this week, shares hit their lowest level since mid-June before rebounding. NVDA stock is likely to form a double bottom that has a 476.09 entry.
Tesla stock bounced 2.4% Wednesday. Shares remain below their 200-day line after giving up that key level in recent sessions. Shares are more than 30% off their 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple added 1.9% Wednesday, extending a win streak to four sessions. Shares are finding support around the 200-day line. Apple delivers its fiscal fourth-quarter report late Thursday. AAPL stock rose 1% Thursday morning.
Microsoft stock jumped 2.35% Wednesday, rallying for a fourth-straight session. Shares are trying to top an early buy trigger at 346.20. MSFT stock gained 0.85% early Thursday.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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