Futures fall after jobless claims

The Dow Jones Industrial Average fell 350 points on Thursday amid the Labor Department’s jobless claims count and other key economic data. On deck, the Labor Department’s main jobs report is due out Friday morning.




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Initial jobless claims held steady at 217,000, below forecasts calling for an increase to 222,000. Meanwhile, the US services purchasing managers’ index, or PMI, was measured at 47.8, above forecasts for a reading of 46.6 . Finally, the ISM services index, which measures activity in non-manufacturing services, fell to 54.4, below estimates of 55.4.

The Labor Department’s jobs report on Friday is expected to show the US economy added 210,000 jobs in October, down from 263,000 jobs added in September.

Key drivers of Thursday’s earnings were Albemarle (ALB), APA (APA), IBD ranking availability Cheniere Energy (LNG), CF Industries (CF) and ConocoPhillips (COP). Others in motion are included Etsy (ETSY), Fortinet (FTNT), Qualcomm (QCOM), Regeneron Pharmaceuticals (REGN), Roku (ROKU) and World Wrestling Entertainment (WWE).

Albemarle shares were down 5% in early morning trading, while APA shares fell about 2%. Cheniere fell 4%, while CF Industries fell 3%. Conoco rose 3%, while Etsy shares jumped 6% and Fortinet collapsed 19%. Qualcomm dived 7%, and REGN shares fell 3% in early trading. Shares of ROKU fell nearly 16% as WWE shares edged lower.

Electric vehicle giant Tesla (TSLA) were trading down 1% Thursday morning, while the Dow Jones was the tech leader An apple (AAPL) and Microsoft (MSFT) were also significantly lower thereafter today’s stock market open.

Among the best stocks to buy and watch are Dycom (DY), IBD SwingTrader availability Dollar General (DG) and Clean storage (PSTG) — as well as Dow Jones stocks Chevron (CVX) and UnitedHealth (UNH). Note that the current struggling stock market rally is causing investors to play more defensive.

Dollar General is IBD SwingTrader availability. Clean storage was listed in the column for stocks near a buy zone this week, along with three other top stock ideas. Pure Storage was too IBD Stock of the Day in Friday.

Dow Jones today: Treasury yields, oil prices

After Thursday’s open, the Dow Jones Industrial Average lost 1.1 percent, while S&P 500 futures fell 1.3 percent. The tech Nasdaq composite sold off 1.4% in morning trade.

Between exchange traded fundsthe Nasdaq 100 tracker Invesco QQQ Trust (QQQ) traded down 1.2%, and the SPDR S&P 500 ETF (A SPY) lost 1%.

The yield on the 10-year Treasury note jumped to 4.19% on Thursday morning. Meanwhile, U.S. oil prices traded down more than 1 percent to snap a two-day winning streak. West Texas Intermediate futures held their 50-day moving average, trading above $88 a barrel.

Stock market rally struggles

The stock market was lower on Thursday after Fed Chairman Jerome Powell’s hawkish comments. The Dow Jones Industrial Average sold off 1.55%, while the S&P 500 fell 2.5%. The Nasdaq technology index fell 3.4%.

Wednesday’s The Big Picture warned, “As seen in the accompanying Market Pulse, the actual number of distribution days, or bouts of pronounced selling, remains low. But at 10,524, the Nasdaq effectively gutted all of its slight gains from following day took place on October 21.”

Now is an important time to read IBD’s The Big Picture column. After a recent selloff, investors should be more focused on playing defensively than buying breakouts.


Five Dow Jones Stocks to Buy and Watch Now


Dow Jones stocks to buy and watch: Merck, UnitedHealth

Member of Dow Jones and IBD 50 Stocks Merck is out of scope for purchase after a double bottom base 93.12 point of purchase, According to IBD MarketSmith pattern recognition. Merck shares fell on Thursday.

Healthcare giant UnitedHealth is trying to top a cup with a handle at 553.23 point of purchase, According to IBD MarketSmith. The stock was down 0.7% on Wednesday, falling further below its last entry. UNH shares were trading a fraction of the decline Thursday morning.


4 Highest Growth Stocks to Watch in the Courserstock market rally


Top stocks to watch: Dollar General, Dycom, Pure Storage

Dollar General fell further below a 259.75 buy point on the cup base as DG shares lost 1.75% on Wednesday to fall for a third straight day. If the stock takes this critical level, the 5% chase zone will rise to 272.74. Shares of DG were down 0.8% early Thursday.

Dycom is trying to exit over base of cup 120.55 point of purchase. Shares fell 3.3% on Wednesday, again falling below a buy point. If the stock manages to retrace its entry, the 5% buy zone that rises to 126.58. Dycom shares fell 1.2% on Thursday,

IBD Stocks of the Day Friday, Pure Storage, broke out on Tuesday after a 31.62 buy point, but gave up that entry during Wednesday’s 2.4% decline. Shares fell 1.5% on Thursday.


Join IBD’s experts as they analyze leading stocks in the current stock market rally on IBD Live


Tesla stock

Tesla shares fell 5.6% on Wednesday, giving up most of its recent gains and heading back to its recent lows. Shares are about 48% off their 52-week high and sharply below their 50- and 200-day moving averages.

Shares of the EV giant were down 1% on Thursday morning.

Dow Jones Leaders: Apple, Microsoft

Between Dow Jones Stocks, Apple shares sold off 3.7% on Wednesday, falling sharply for a third day in a row. The stock is now back below its 50-day line. Apple shares traded down 1.7% on Thursday.

Microsoft fell 3.5% on Wednesday, closing just above its 52-week low. The software giant is about 37% off its 52-week high. Microsoft shares lost 0.3% Thursday morning.

Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more information on growth stocks and the Dow Jones Industrial Average.

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