The Dow Jones Industrial Average fell on Thursday morning after the first jobless claims data. Investors now await the highly anticipated July jobs report on Friday.
Key earnings drivers on Thursday included Albemarle (ALB), Ali Baba (GRANDMA) and APA (APA). They were also on the move IBD ranking stocks Cheniere Energy (LNG), Quanta Services (PWR), ELF Beauty (ELF), eBay (EBAY) and Fortinet (FTNT).
Albemarle shares jumped nearly 4%. strong profits. Alibaba rose 6%. APA shares were down 3.5%. Cheniere lost 1%. Quanta shares were trading down more than 1%. ELF shares rose more than 4%. eBay fell 4%. Fortinet fell more than 10%.
Tesla (TSLA) was trading up about 1% early Thursday. elsewhere Dow Jones Technology Leaders An apple (AAPL) and Microsoft (MSFT) were slightly lower before today’s stock market open. And Walmart (WMT) lost part after The Wall Street Journal reports the company is laying off hundreds of workers in a restructuring effort due to declining profits.
In a strengthening stock market environment, Dow Jones stocks Chevron (CVX) and UnitedHealth (UNH) – as well as Equinor (EQNR), Exxon Mobil (XOM) and Vertex Pharmaceuticals (VRTX) — are among the stocks to watch. Note that continued volatility in the stock market is reason to remain more conservative despite recent signs of strength.
Dow Jones today: Treasury yields, oil prices, jobless claims
The Dow Jones Industrial Average lost 0.1 percent, while the S&P 500 edged lower. The tech Nasdaq composite gained 0.3% in morning trade.
The yield on the 10-year Treasury fell to 2.71% on Thursday morning, about to snap a two-day winning streak. The yield on the 10-year Treasury note is trying to recover after hitting its lowest level since early April. Meanwhile, US oil prices fell as West Texas Intermediate futures traded below $90 a barrel.
Jobless claims first came out at 8:30 a.m. ET. Initial jobless claims rose to 260,000 from 256,000 in the previous week, in line with Econoday estimates. On Friday morning, the Labor Department’s July jobs report will be released. The US economy is expected to have added 250,000 jobs in July with the unemployment rate at 3.6%.
Stock market rallies
Wednesday’s bullish session saw the Nasdaq rise 2.6%, the Dow Jones Industrial Average 1.3%, the Russell 2000 1.4% and the large-cap S&P 500 1.6%.
The big picture on Wednesday column commented: “Volume rose 19% on the Nasdaq from the previous day. It’s ascending. You want to see institutions piling up stocks with abandon, especially during strong days like Wednesday.”
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Dow Jones stocks to watch: Chevron, UnitedHealth
Energy giant Dow Jones Chevron is building the right side of the base of the cup, which has a 182.50 buy point. Be on the lookout for a potential manipulator to offer a lower entry. Shares of Chevron were trading down 0.2% on Thursday.
Health insurance giant and IBD ranking UnitedHealth shares remain in buy range above the 518.80 buy point on its double-bottom handle base amid Wednesday’s 1% gain, according to IBD MarketSmith graph analysis. Shares were lower on Thursday.
UNH Warehouse showing a solid 94 out of a perfect 99 IBD Composite Rating, according to IBD Stock Check. Investors can use the IBD Composite Rating to easily gauge the quality of a stock’s fundamental and technical indicators.
Top stocks to watch: Equinor, Exxon, Vertex
IBD ranking watch-list Equinor shares are trading just below the double bottom of a 38.80 buy point after falling 1.9% on Wednesday. Shares were down 2% Thursday morning.
IBD Stocks of the Day Friday Exxon Mobil reclaimed the 50-day line last week and surpassed an aggressive early entry around 93.24. But the energy giant gave up those two key levels on Wednesday, sliding 3.2%. Meanwhile, an entry into the cup base at 105.67 is also in play. Shares of XOM were trading down 1% early Thursday.
Vertex Pharmaceuticals continues to trade below the buy point of the 279.23 cup handle and the 50-day line within a recent decline. The company will report earnings late Thursday. Vertex shares added 1% early.
Tesla shares rose another 2.3% on Wednesday, extending its winning streak to six sessions. The stock is at its highest level since early May, but is still trying hard to break through resistance around its 200-day line, which is a key level to watch.
Shares were up about 1% Thursday morning.
Dow Jones Leaders: Apple, Microsoft
Between Dow Jones Stocks, Apple shares rose 3.8% on Wednesday, moving higher to the right of a new base. Shares were down 0.2% Thursday morning.
Microsoft gained 2.8% on Wednesday as the stock rebounded from two straight days of losses. The software giant is still hovering below its long-term 200-day line. The stock closed about 20% off its 52-week high. Microsoft was down 0.4% early Thursday.
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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