The Dow Jones Industrial Average fell on Thursday morning after the first data on unemployment claims. Investors are now awaiting Friday’s highly anticipated July jobs report.
Key earnings drivers on Thursday include Albemarle (ALB), Ali Baba (BABA) and WHAT (PAA). IBD Leaderboard shares were also on the move Energy Cheniere (LNG), Quantum Services (REP), elf beauty (ELF), eBay (EBAY) and Fortinet (FTN).
Shares of Albemarle jumped nearly 4% on strong results. Alibaba rebounded 6%. APA shares fell 3.5%. Chenière lost 1%. Quanta shares traded down more than 1%. ELF shares gained more than 4%. eBay fell 4%. Fortinet fell more than 10%.
You’re here (TSLA) traded down around 1% early Thursday. Elsewhere, technology leaders from Dow Jones Apple (AAPL) and Microsoft (MSFT) were slightly lower ahead of today’s stock market open. And walmart (WMT) lost a fraction after the Wall Street Journal reported the company was laying off hundreds of workers in a restructuring effort due to falling profits.
Against the backdrop of strengthening stock markets, Dow Jones stocks Chevron (CLC) and UnitedHealth (UNH) — as well as Equine (EQNR), Exxon Mobil (XOM) and Vertex Pharmaceuticals (VRTX) – are among the stocks to watch. Keep in mind that continued equity market volatility is a reason to remain more cautious despite recent signs of strength.
Quanta, UnitedHealth and Vertex are stocks in the IBD ranking. Chevron and Exxon were featured in this week’s Stocks Near A Buy Zone column. Exxon Mobil was the IBD stock of the day on Friday.
Dow Jones Today: Treasury Yields, Oil Prices, Unemployment Insurance Claims
The Dow Jones Industrial Average lost 0.15%, while the S&P 500 fell 0.1%. The tech-heavy Nasdaq composite was down slightly in morning trading.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) rose 0.3%. And the SPDR S&P 500 ETF (SPY) gained 0.2%.
The 10-year Treasury yield fell to 2.71% on Thursday morning, on pace with a two-day winning streak. The 10-year Treasury yield is trying to rebound after hitting its lowest level since early April. Meanwhile, US oil prices fell, with West Texas Intermediate futures trading below $90 a barrel.
The first unemployment claims came out at 8:30 a.m. ET. Initial jobless claims rose to 260,000 from 256,000 the previous week, according to Econoday estimates. On Friday morning, the Labor Department’s July jobs report is due out. The US economy is expected to have created 250,000 jobs in July with an unemployment rate of 3.6%.
Stock market rally
Wednesday’s bull session saw gains of 2.6% on the Nasdaq, 1.3% on the Dow Jones Industrial Average, 1.4% on the Russell 2000 and 1.6% on the large-cap S&P 500.
Wednesday’s The Big Picture column commented, “Volume is up 19% on the Nasdaq from the previous day. That’s bullish. Want to see institutions hoard stocks with abandon, especially on strong days like Wednesday.”
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Investors can also create watchlists, find companies close to a buy point, or develop custom screens at IBD MarketSmith.
Five Dow Jones stocks to watch now
Dow Jones stocks to watch: Chevron, UnitedHealth
Dow Jones energy giant Chevron is building the right side of a cup base that has a buy point of 182.50. Be on the lookout for a potential handle to provide lower entry. Chevron stock traded down 0.2% on Thursday.
Health insurance giant and IBD Leaderboard UnitedHealth stock remains in the buy range above the 518.80 buy point of its double-bottom base with handle amid Wednesday’s 1% gain , according to IBD MarketSmith’s chart analysis. Shares fell slightly on Thursday.
The UNH stock is posting a solid 94 out of a perfect IBD composite rating of 99, according to the IBD Stocks Balance Sheet. Investors can use the IBD Composite Rating to easily assess the quality of a stock’s fundamental and technical metrics.
4 growth stocks to watch in the currentrStock market rally
Top stocks to watch: Equinor, Exxon, Vertex
The IBD Leaderboard Equinor watchlist stock is trading just short of the 38.80 double bottom buy point after Wednesday’s 1.9% decline. Shares fell 2% on Thursday morning.
Friday’s IBD Exxon Mobil stock recovered the 50-day line last week and broke an aggressive early entry around 93.24. But the energy giant dropped those two key levels on Wednesday, slipping 3.2%. Meanwhile, a cut base entry at 105.67 is also in play. XOM stock traded down 1% early Thursday.
Vertex Pharmaceuticals continues to trade below the 279.23 buy point and the 50-day line of its tumbler with handle in a recent slip. The company will release its results on Thursday evening. Vertex shares added 1% early.
Join IBD experts as they analyze the top stocks of the current stock market rally on IBD Live
Tesla stock rose another 2.3% on Wednesday, extending a winning streak to six sessions. Stocks are at their highest level since early May, but are still trying to decisively clear resistance around their 200-day line, which is a key level to watch.
Shares rose about 1% on Thursday morning.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares rebounded 3.8% on Wednesday, rising further to the right side of a new base. The stock fell 0.2% on Thursday morning.
Microsoft gained 2.8% on Wednesday as the stock recovered from two straight days of losses. The software giant is still trading below its long-term 200-day line. The stock closed around 20% off its 52-week high. Microsoft fell 0.4% early Thursday.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen to learn more about growth stocks and the Dow Jones Industrial Average.
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