Dow Jones futures pared gains in mixed trade Thursday morning after a surprise drop in the Labor Department’s first-time jobless claims, as the 10-year Treasury yield looked to close above 4% for the first time since November. Dow Jones leader Salesforce (CRM) surged 15% on strong earnings results. Tesla (TSLA) stock dived more than 8% after the company’s disappointing investor day put off the unveiling of a next-generation vehicle until a “later date.”
X
Initial weekly unemployment claims dropped to 190,000 vs. 192,000 in the previous week. They were expected to rise to 200,000, according to Econoday estimates.
On the earnings front, Best Buy (BBY), Celsius (CELH), DoubleVerify (DV), Macy’s (M), Okta (OKTA), Snowflake (SNOW), Splunk (SPLK) and Veeva Systems (VEEV) were on the move.
Best Buy shares declined more than 2%, while Celsius sold off nearly 5% in morning trade. DoubleVerify shares jumped 7.5%. Macy’s stock soared 9.5% and Okta surged 15%.
Snowflake tumbled 7% after its earnings report included a revenue outlook well below expectations. Finally, Splunk retreated 4%, while Veeva Systems jumped 5.4%.
Stock Market Today
Cryptocurrency-focused Silvergate Capital (SI) crashed 38% Thursday morning after disclosing more losses and further delaying its annual report. Dow Jones tech giants Apple (AAPL) and Microsoft (MSFT) traded up and down ahead of the stock market open.
IBD Leaderboard watchlist stock Palo Alto Networks (PANW), Deere (DE), Toll Brothers (TOL) and Wingstop (WING) — as well as Dow Jones stocks American Express (AXP), Cisco Systems (CSCO) and JPMorgan Chase (JPM) — are among the top stocks to watch, amid the recent stock market weakness.
Palo Alto is an IBD Leaderboard watchlist stock. Deere was a recent IBD Stock Of The Day pick. And American Express was featured in this week’s Stocks Near A Buy Zone column.
Dow Jones Today: Oil Prices, Treasury Yields
Ahead of Thursday’s market open, S&P 500 futures moved down 0.6% and tech-heavy Nasdaq 100 futures lost 0.9% as the 10-year Treasury bond yield held at more than 4% in morning action after briefly topping that level on Wednesday.
Dow Jones futures rose 0.1% vs. fair value, hoisted almost solely by Salesforce.com’s 15% advance. At the bottom of the Dow, Apple traded down 0.7%.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) fell 0.9% and the SPDR S&P 500 ETF (SPY) gave up 0.7% early Thursday.
On Wednesday, the 10-year U.S. Treasury yield settled at 3.99%, closing at its highest level since Nov. 9. Early Thursday, the 10-year yield jumped to 4.07%.
U.S. oil prices edged up after gaining in four of five recent session. West Texas Intermediate futures added 0.5%, up almost 2% on the week and trading back above $78 a barrel.
Stock Market Rally Struggles
On Wednesday, the Dow Jones Industrial Average inched higher, while the S&P 500 lost 0.5%. The tech-heavy Nasdaq composite declined 0.7%, falling for a second-straight day.
Wednesday’s Big Picture column commented, “As you can see in the accompanying Market Pulse table, more CAN SLIM-quality stocks rose in heavy turnover than those that fell significantly in above-average trading. Credit it to strength in the smaller companies in terms of market capitalization.”
Now is an important time to read IBD’s The Big Picture column amid the now-struggling stock market rally.
Five Dow Jones Stocks To Buy And Watch Now
Dow Jones Stocks To Buy And Watch: American Express, Cisco, JPMorgan
Featured in this week’s Stocks Near A Buy Zone column, American Express is building a giant cup-with-handle base that displays a 182.25 buy point. Shares are just 3% below their buy point, as they rose 1.1% Wednesday. Bullishly, the stock’s relative strength line is at new highs, a particularly positive sign ahead of a potential breakout. AXP stock moved down 0.5% Thursday morning.
Banking giant JPMorgan is in buy range above its 138.76 flat-base buy point despite a 0.6% loss Wednesday, according to IBD MarketSmith chart analysis. Shares are rebounding from their key 50-day moving average last week. JPM shares fell 0.8% early Thursday.
JPM stock shows a solid 95 out of a perfect 99 IBD Composite Rating, per the IBD Stock Checkup. The Composite Rating is designed to help investors easily find top growth stocks.
Cisco Systems declined 0.2% Wednesday, falling further below a flat base’s 50.81 buy point. Shares are trying to halt their slide around their 50-day line and are about 4% below the entry. CSCO shares inched higher Thursday.
4 Top Growth Stocks To Buy And Watch In The Stock Market Rally
Top Stocks To Buy And Watch: Palo Alto, Wingstop
IBD Leaderboard watchlist stock Palo Alto Networks is building the right side of a base that has a 193.01 buy point in the wake of last week’s more than-10% jump. PANW stock traded down 0.3% Thursday morning.
Backstory: Last week, the cybersecurity giant announced good results for the January-ended quarter that saw earnings hit $1.05 a share, up 81% vs. a year earlier, on a 26% jump in revenue to $1.7 billion.
Wingstop is still barely holding above a 169.04 cup-with-handle entry after recent losses. Investors should wait for signs of renewed strength before considering a purchase of shares, especially amid the deteriorating general market conditions. WING stock was up 0.6% early Thursday.
Backstory: The Dallas-based restaurant chain has more than 1,900 locations in the U.S. and international markets, according to Dow Jones Newswires. Its international locations include Mexico, Colombia, Panama, Singapore and the U.K. Wingstop added 61 new locations in the fourth quarter, bringing Wingstop’s total footprint to 1,959 restaurants worldwide.
Deere, Toll Eye Latest Buy Points
Deere shares rose 0.1% Wednesday, still closing below their 50-day line. Shares are 6% under a 448.50 buy point in a flat base. DE stock moved down 0.3% Thursday morning.
Backstory: An industrial bellwether, Deere has shrugged off recession and inflation fears to deliver solid profits. In the last year, higher commodity prices let farmers buy both new and upgraded machines. In the fiscal first quarter ended Jan. 29, the tractor maker posted a 124% jump in per-share earnings on a 32.2% total revenue surge, both topping estimates. Earnings growth accelerated for a second straight quarter.
Homebuilder Toll Brothers is building a cup-with-handle base that displays a 63.29 buy point. Bullishly, the stock boasts a relative strength line at new highs during this week’s market action. TOL stock shows a solid 95 IBD Composite Rating. Toll Brothers shares were down slightly early Thursday.
Backstory: Last week, luxury homebuilder Toll Brothers topped earnings and revenue projections while maintaining its full-year guidance. The homebuilder’s financial report comes as a 12-month slide in U.S. existing home prices showed signs of slowing in January.
How Did Your Online Broker Do In IBD’s 2023 Best Online Broker Survey?
Stocks To Buy And Watch In Stock Market Rally
These are six top stocks to buy and watch in today’s stock market, including two Dow Jones leaders.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Deere | (DE) | 448.50 | Flat base |
| Toll Brothers | (TOL) | 63.29 | Cup with handle |
| Cisco Systems | (CSCO) | 50.81 | Flat base |
| Palo Alto Networks | (PANW) | 193.01 | Consolidation |
| JPMorgan | (JPM) | 138.76 | Flat base |
| Wingstop | (WING) | 169.04 | Cup with handle |
Source: IBD Data As Of March, 1, 2023
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla Stock
Tesla stock dropped 1.4% Wednesday ahead of the company’s investor day after the market closed. Chief Executive Elon Musk announced his “Master Plan 3.” Musk’s ambitious plan calls for a total switch to EVs and $10 trillion in spending to create a “sustainable energy future.”
Despite their strong rebound since Jan. 6, shares are still below the 200-day line. That key level looms as a potential resistance area. Shares closed Wednesday around 46% off their 52-week high.
Tesla stock threatened to add to Wednesday’ s losses, diving more than 8% early morning trade Thursday after the investor day failed to unveil a next generation electric vehicle.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares fell 1.4% Wednesday, closing squarely below their 200-day line. Shares are around 19% off their 52-week high. Apple shares lost 0.7% Thursday.
Microsoft shares remain below their 200-day line after Wednesday’s 1.3% loss. The stock is more than 20% off its 52-week high after recent declines. MSFT stock moved down 0.4% early Thursday.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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