The Dow Jones Industrial Average fell Thursday morning as Wall Street reacted to early unemployment claims data from the Labor Department. Meanwhile, the leader in artificial intelligence Nvidia (NVDA) surged above the 1,000 level in the stock market today after the company’s stellar earnings boosted other stock indexes.
X
After the opening bell, the Dow Jones Industrial Average lost 0.5% and the S&P 500 rose 0.1%. The tech-heavy Nasdaq Composite Index pared gains to 0.5% in morning action.
Early Thursday, the yield on the 10-year Treasury fell to 4.41%. Oil prices rebounded as West Texas Intermediate futures traded around $78.50 per barrel.
Among U.S. exchange-traded funds, the SPDR S&P 500 ETF (SPY) rose 0.1% and Invesco QQQ Trust (QQQ) rose 0.5%.
Stock market today: Nvidia profits
Nvidia stock jumped nearly 9% Thursday morning after the AI giant topped Wall Street targets for its fiscal first quarter and beat forecasts for the current period. It also announced a 10-for-1 stock split.
The tech titan is an IBD Ranking stock. Nvidia stock surpassed a buy point at 922.20, and shares are expected to hit all-time highs. Nvidia stock, which has an alternate entry at 974, traded at around 1,033 per share in morning trading – the first time it has topped the 1,000 level.
Other key earnings drivers on Thursday included BJ wholesale (B.J.), Elf beauty (ELF), Ralph Lauren (RL) and Snowflake (SNOW).
Shares of BJ’s Wholesale rose slightly in early action, while ELF climbed 10%. Shares of Ralph Lauren were down 2.8%. And Snowflake stock rose slightly.
The Labor Department’s weekly unemployment claims fell to 215,000 from 222,000 the previous week. They are expected to fall to 220,000, according to Econoday estimates. Index ETFs changed little after the report was released.
Be sure to read about how to adapt to changing market conditions, with IBD’s new exposure levels.
Dow Jones falls
On Wednesday, the Dow Jones Industrial Average fell 0.5% and the S&P 500 fell 0.3%. The tech-heavy Nasdaq Composite Index fell 0.2%, ending a two-day rally.
The Big Picture section of Investor’s Business Daily said Wednesday: “Afternoon selling hit the stock market following the release of minutes from the Federal Reserve’s April 30-May 1 meeting on interest rates. rate if prices do not fall further.
On Wednesday’s IBD Live show, the IBD Live team discussed current business conditions and how investors should handle the stock market rally.
This is the important time to read The Big Picture column amidst the ongoing stock market action. Also be sure to read about how to adapt to changing market conditions, with IBD’s new exposure levels.
Learn to Time the Stock Market with IBD’s ETF Market Strategy
Stock market today: the best stocks to watch
monday.com (MNDY), Netflix (NFLX), Robinhood Markets (HOOD) and chipmaker Nvidia Taiwan Semiconductor Manufacturing (TSM) – plus Dow Jones components Merck (MRK) and Microsoft (MSFT) – are among the best companies to watch in the stock market today.
Microsoft was featured in IBD’s Stocks Near A Buy Zone column.
An essential resource for breakouts is IBD MarketSurge’s “Breaking Out Today” list. It shows MarketSurge Growth 250 stocks surpassing new buy points. Notably, Intuitive surgical (ISRG) attempted to break above the 403.76 buy point on a flat base. Check out MarketSurge’s “Near Pivot” list for stocks near buy points in the bases.
To find more stock ideas, check out IBD stock lists like IBD 50, Big Cap 20, and stocks near a buy zone.
Receive real-time buy and sell alerts on stock market leaders with IBD Leaderboard
Dow Jones Merck Component
Pharmaceutical giant Merck is building a flat base with a 133.10 entry. The stock fell 0.4% on the stock market today.
4 Most Important Growth Stocks to Watch in the Stock market today
Outside of the Dow, Monday.com is above the 239 buy point of a cup base, with strong gains this week, according to IBD MarketSurge. Shares added 0.7% Thursday after the opening bell.
Streaming giant Netflix fell 1.5% on Wednesday, closing just shy of 639 cups. Netflix stock rose 0.1% on Thursday.
Robinhood Markets fell more than 6% on Wednesday, giving up the 20.55 cup base buy point. Shares gained 0.4% early Thursday.
Taiwan Semiconductor breaks out of buy range above a 148.43 buy point in a double-bottom base following strong recent gains. The stock rose 1% Thursday morning.
Find the best stocks to buy and watch with the IBD Stock Analyzer and IBD Screen of the Day
Stock market today: companies to watch
These are four stocks that are in or near buy zones in the current stock market.
| Company Name | Symbol | Correct purchase point | Point of purchase type |
|---|---|---|---|
| Microsoft | (MSFT) | 430.82 | Flat base |
| Netflix | (NFLX) | 639 | Cup base |
| Robinhood Markets | (HOOD) | 8:55 p.m. | Cup base |
| Taiwan Semiconductor | (TSM) | 148.43 | Double bottom |
Source: MII data as of May 22, 2024
Join IBD experts as they analyze the top stocks in the stock market today on IBD Live
Seven Magnificent Stocks: Tesla
Among Magnificent Seven’s actions, You’re here (TSLA) fell 1.9% on Thursday. Tesla stock slipped 3.5% on Wednesday, giving up much of Tuesday’s gains. Shares are holding above their 50-day line, but remain about 40% off their 52-week high.
Dow Jones leaders: Apple, Microsoft
Among the Magnificent Seven Dow Jones stocks, Apple (AAPL) and Microsoft traded mixed after Thursday’s trading open.
Apple stock fell 0.8% on Wednesday, snapping a seven-day winning streak. Shares form a cup base that has a buy point of 199.62, but keep an eye on a potential handle to offer a lower entry. The stock was down 1% Thursday morning.
Microsoft shares rose 0.3% on Wednesday, briefly surpassing the 430.82 buy point on a flat basis. Early Thursday, Microsoft stock rose 0.3%.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen to learn more about growth stocks, the Dow Jones Industrial Average and the stock market today.
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