The Dow Jones Industrial Average fell Thursday morning after the first jobless claims data. Investors now await the highly anticipated July jobs report on Friday.
Key earnings engines on Thursday include shelter him (SUNRISE), Ali Baba (BABA) and WHAT (APA). IBD Leaderboard shares also moved Cheniere Energy (LNG), Quantum services (PWR), elf beauty (ELF), eBay (EBAY) and fortnite (FTNT).
Albemarle’s shares rose nearly 4% on the back of strong earnings results. Alibaba rebounded 6%. APA shares fell 3.5%. Cheniere lost 1%. Quanta shares traded down more than 1%. ELF shares gained more than 4%. eBay fell 4%. Fortinet fell more than 10%.
Tesla (TSLA) was up about 1% early Thursday. On the other hand, the technological leaders of Dow Jones Apple (AAPL) and Microsoft (MSFT) were trading slightly lower ahead of today’s stock market open. Y walmart (WMT) lost a fraction after the Wall Street Journal reported that the company is laying off hundreds of workers in a restructuring effort due to falling profits.
In the strengthening stock market environment, Dow Jones stocks Chevron (CLC) and United Health (UNH), as well as equinor (EQNR), exxonmobile (XOM) and Vertex Pharmaceuticals (VRTX) — are among the stocks to watch out for. Note that the current stock market volatility is a reason to stay more conservative despite recent signs of strength.
Quanta, UnitedHealth and Vertex are shares of the IBD classification. Chevron and Exxon appeared in the Stock column near a buy zone this week. Exxon Mobil was the IBD stock of the day on Friday.
Dow Jones Today: Treasury Yields, Oil Prices, Jobless Claims
The Dow Jones Industrial Average lost 0.1%, while the S&P 500 gained slightly more. The Nasdaq Tech Composite gained 0.3% in morning trading.
Among exchange-traded funds, Nasdaq 100 tracker Invesco QQQ Trust (QQQ) rose 0.3%. And the SPDR S&P 500 ETF (SPY) lost less than 0.1%.
The 10-year Treasury yield ticked lower at 2.71% on Thursday morning, on pace to snap a two-day winning streak. The 10-year Treasury yield 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.
Unemployment claims for the first time went out at 8:30 am ET. Initial jobless claims rose to 260,000 from 256,000 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 an unemployment rate of 3.6%.
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 compared to the day before. That’s bullish. You want to see institutions piling stocks with abandon, especially during strong days like Wednesday.”
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Five Dow Jones Stocks to Watch Now
Dow 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. Keep an eye out for a potential handle to offer a lower entry. Chevron shares were down 0.2% on Thursday.
Health insurance giant and IBD Leaderboard UnitedHealth shares remain in the buy range above the 518.80 buy point of their handle double-bottom base amid Wednesday’s 1% gain, chart analysis shows from IBD MarketSmith. Stocks fell on Thursday.
UNH shares show a strong 94 out of a perfect IBD Composite Rating of 99, according to the IBD Stock Review. Investors can use the IBD Composite Rating to easily gauge the quality of a stock’s fundamental and technical metrics.
4 top growth stocks to watch in the Current stock market rally
Top stocks to watch: Equinor, Exxon, Vertex
The IBD Equinor Leaderboard Watch List stock is trading just shy of the 38.80 buy point of a double bottom following Wednesday’s 1.9% drop. Shares fell 2% on Thursday morning.
IBD stocks on Friday Exxon Mobil retraced the 50-day line last week and topped an aggressive early entry around 93.24. But the energy giant gave up those two key levels on Wednesday, falling 3.2%. Meanwhile, a cup base entry at 105.67 is also up for grabs. XOM shares traded 1% lower early Thursday.
Vertex Pharmaceuticals continues to trade below the 279.23 buy point of its tumbler and 50-day line in a recent skid. The company will report its earnings on Thursday night. Vertex shares added 1% earlier.
Join IBD experts as they discuss the top stocks in the current stock market rally on IBD Live
Tesla shares 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.
The shares were up about 1% on Thursday morning.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares rose 3.8% on Wednesday, moving higher on the right side of a new base. The stock fell 0.2% on Thursday morning.
Microsoft gained 2.8% on Wednesday as shares recovered from two straight days of losses. The software giant is still below its 200-day long-term line. The stock closed about 20% below 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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