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A surprise jump in unemployment claims sparked Dow Jones futures rose along with other major stock indexes Thursday, as the blue chip index tried to reverse three straight days of losses. Meanwhile, Nvidia (NVDA) and Tesla (TSLA) rallied on the stock market today.
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Ahead of Thursday’s stock market open, the Labor Department said first-time jobless claims jumped to 221,000 vs. 210,000 in the previous week. They were expected to edge higher to 213,000. Claims had been steady the past couple of months.
The unexpected jump in jobless claims could help pave the way for the Federal Reserve to lower interest rates as a way to keep the economy in balance. Futures were gaining steam in premarket trades Thursday after the Labor Department’s announcement.
Dow Jones futures rose 0.6% vs. fair value in morning action while S&P 500 futures gained 0.7%. Tech-focused Nasdaq 100 futures climbed 0.9% ahead of the opening bell. Both the S&P and Nasdaq posted gains Wednesday.
The 10-year Treasury yield ticked lower to 4.33%. Further, oil prices dipped after five days of gains, as West Texas Intermediate futures traded around $85.25 a barrel.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was up 1%, while the SPDR S&P 500 ETF (SPY) rose 0.8%.
Stock Market Today: Nvidia, Tesla Gain
Magnificent Seven stocks Nvidia and Tesla climbed 1.7% and 1.3%, respectively, in premarket action Thursday.
On Wednesday, Nvidia dropped 0.6%, closing at its lowest level since March 18. The artificial intelligence giant is an IBD Leaderboard stock.
And Tesla bounced 0.9% Wednesday, cutting into Tuesday’s sharp losses. Shares remain more than 40% off their 52-week highs.
Conagra (CAG) was a big earnings mover Thursday, as the food brands company topped earnings estimates. Conagra stock jumped more than 5% in premarket trading.
Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.
Dow Jones Falls
On Wednesday, the Dow Jones Industrial Average moved down 0.1% and the S&P 500 rose 0.1%. The tech-heavy Nasdaq composite gained 0.2%.
Wednesday’s Big Picture column commented, “Partly for these reasons, IBD’s outlook for active stock investors has held at 60%-80% exposure for weeks. On Wednesday, the invested percentage in the Leaderboard model stock portfolio got shaved to around 60%.”
Now is an important time to read IBD’s The Big Picture column amid the continuing stock market rally. Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.
Learn How To Time The Stock Market With IBD’s ETF Market Strategy
Best Stocks To Watch On Stock Market Today
Google-parent Alphabet (GOOGL), Arista Networks (ANET), DraftKings (DKNG) and ServiceNow (NOW) — plus Dow Jones components Disney (DIS), IBM (IBM) and Verizon Communications (VZ) — are among the best companies to watch on the stock market today.
ServiceNow is featured in this Stocks Near A Buy Zone column.
An essential resource for daily breakouts is IBD MarketSurge’s “Breaking Out Today” list. It shows MarketSurge Growth 250 stocks that are breaking out past new buy points, like Google. Meanwhile, the MarketSurge “Near Pivot” list shows stocks nearing buy points in bases.
To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone. These features identify bullish patterns and buy points and are available to check every day.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones: Disney, IBM, Verizon
Disney — the strongest performer on the Dow in the first quarter — is extended past a big cup-with-handle base’s 112.92 buy point, according to IBD MarketSurge chart analysis. Shares tumbled more than 3% Wednesday, but remained out of buy range. Disney stock gained 0.4% Thursday morning.
IBM stock bounced from its 50-day line, with a 1.1% gain Wednesday. Shares remain below a flat base’s 196.90 buy point. IBM stock rose 0.4% Thursday.
Telecom giant Verizon is building a cup base with a 43.21 entry, as the stock bullishly rebounds from its 50-day line. Verizon shares added 0.2% Thursday morning.
4 Top Growth Stocks To Watch In The Stock Market Rally
Stock Market Today: Google Breaks Out
Alphabet is breaking out past a 153.78 buy point in a consolidation, as the stock added 0.2% Wednesday. Google stock lost 0.9% Thursday.
Arista shares regained a 292.66 flat-base buy point, according to MarketSurge charts, with a 2.7% advance Wednesday. And on Thursday, the stock climbed 1.2% in morning action.
DraftKings remains below its 46.52 buy point in a short consolidation following recent losses. And the sports-betting giant bounced 1.1% Thursday morning.
Finally, ServiceNow continues to see resistance at the 50-day line this week. Shares are building a flat base with an 815.32 entry. The stock rose 1.3% Thursday.
Stocks To Watch
These are four stocks in or near buy zones in today’s stock market.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Disney | (DIS) | 112.92 | Cup with handle |
| Arista Networks | (ANET) | 292.66 | Flat base |
| DraftKings | (DKNG) | 45.62 | Consolidation |
| ServiceNow | (NOW) | 815.32 | Flat base |
Source: IBD Data As Of April 1, 2024
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple (AAPL) and Microsoft (MSFT) traded higher ahead of Thursdays stock market open.
Apple stock moved up 0.5% Wednesday, still near its recent lows. Shares remain sharply below their long-term 200-day line. The stock added 0.7% Thursday morning.
Microsoft shares slipped 0.2% Wednesday, still holding above their 50-day line. The software giant is just off new highs. And the stock moved up 0.9% early Thursday.
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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