Dow Jones futures and other major stock indexes rose Thursday, as Wall Street awaited the Labor Department’s weekly unemployment claims. Meanwhile, Carvana (CVNA) rocketed on earnings, and Apple (AAPL) is expected to report earnings after the close on the stock market today.
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Dow Jones futures rose 0.5% vs. fair value in premarket action, as S&P 500 futures gained 0.7%. Tech-focused Nasdaq 100 futures advanced 0.9% before the opening bell.
Early Thursday, the 10-year Treasury yield edged higher to 4.61%. Further, oil prices climbed as West Texas Intermediate futures traded around $79.70 a barrel.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was up 0.9%, as the SPDR S&P 500 ETF (SPY) rose 0.7%.
Stock Market Today: Jobless Claims, Apple Earnings
The Labor Department’s initial unemployment claims are due out at 8:30 a.m. ET. Claims are expected to rise to 211,000 vs. 207,000 in the previous week.
Carvana stock soared nearly 36% Thursday morning after the company reported a sharp swing to profitability and a sales beat for the first quarter.
Other key earnings movers include DoorDash (DASH), eBay (EBAY), Etsy (ETSY) and Paycom Software (PAYC) along with Qualcomm (QCOM), Sprouts Farmers Market (SFM) and Shake Shack (SHAK).
DoorDash dived more than 8%, while eBay stock tumbled more than 3% in premarket trading. Etsy stock plunged more than 13%, as Paycom shares slipped 7%. Qualcomm jumped more than 5% in early trading, as Sprouts stock rallied more than 3%. Finally, Shake Shack stock moved up 1.3%.
Meanwhile, Apple earnings are due out after the market close. Analysts polled by FactSet expect Apple to earn $1.50 a share on sales of $90.3 billion in the March quarter. In the year-earlier period, it earned $1.52 a share on sales of $94.8 billion.
Investors will be closely watching the company’s iPhone sales amid reports of weak demand, especially in China. Meanwhile, the company’s services business is expected to be a bright spot in the March quarter.
Apple stock fell 0.6% Wednesday, further below its 50-day line. Apple was up 1% Thursday morning.
Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.
Dow Jones Rises
On Wednesday, the Dow Jones Industrial Average rose 0.2%, while the S&P 500 and Nasdaq both declined 0.3% each.
Wednesday’s The Big Picture column commented, “Notice how Invesco QQQ Trust, the Nasdaq 100 tracker, finished a 13th session in a row beneath the 50-day moving average. That’s the longest time spent below the 50-day line since a 17-day period from Sept. 15 to Oct. nine last year, when QQQ was in the midst of a second wave down in a correction that started in mid-July.”
Now is an important time to read Investor’s Business Daily’s The Big Picture column amid the ongoing stock market action. 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
Chipotle Mexican Grill (CMG), NXP Semiconductors (NXPI), Texas Roadhouse (TXRH) and Tradeweb Markets (TW) — plus Dow Jones component American Express (AXP) — are among the best companies to watch on the stock market today.
Texas Roadhouse 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. Also, 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: American Express
American Express is bouncing back in heavy volume from support around its 50-day moving average. The bullish rebound placed the software leader in a new buy area, while shares are back below a 231.69 entry in a short consolidation. Shares were up nearly 1% on the stock market today.
3 Top Growth Stocks To Watch In The Stock Market Today
Outside the Dow Jones index, Chipotle slipped 0.7% Wednesday, falling back into buy range past a 3,023.98 buy point in a short consolidation, according to IBD MarketSurge. Chipotle shares gained 0.8% before the open on Thursday.
NXP Semiconductors is trying to break out past a double-bottom buy point at 251.96, but was turned away during Wednesday’s 2.6% drop. Shares rose 1.1% Thursday.
Texas Roadhouse gave up its flat base’s 157.12 buy point, with a 2.4% fall Wednesday. Shares climbed 1.4% Thursday morning.
Tradeweb regained its 50-day moving average during Wednesday’s action, as it forms a flat base with a 108.04 buy point. Shares were flat Thursday.
Stock Market Today: Companies 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 |
|---|---|---|---|
| American Express | (AXP) | 231.69 | Consolidation |
| Texas Roadhouse | (TXRH) | 157.12 | Flat base |
| Chipotle | (CMG) | 3,023.98 | Consolidation |
| Tradeweb Markets | (TW) | 108.04 | Flat base |
Source: IBD Data As Of April 22, 2024
Join IBD experts as they analyze leading stocks in the stock market today on IBD Live
Magnificent Seven Stocks: Nvidia, Tesla
Magnificent Seven stocks Nvidia (NVDA) and Tesla (TSLA) rose 1.6% and 1.7%, respectively, in Thursday’s premarket action.
Nvidia stock declined another 3.9% Wednesday, giving up its 50-day line. Shares continue to form a consolidation that has a new buy point at 974. Aggressive investors can use 888.19 as an early entry.
Tesla stock skidded 1.8% Wednesday, adding to Tuesday’s losses. Shares remain above their 50-day line following Monday’s 15% surge.
Dow Jones Leaders: Microsoft
Among Dow Jones stocks in the Magnificent Seven, Microsoft (MSFT) traded higher ahead of Thursday’s stock market open.
Microsoft shares gained 1.4% Wednesday, still below their 50-day line. The software giant is building a new flat base that has a 430.82 buy point. Shares moved up 0.7% 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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