The Dow Jones Industrial Average fell on Thursday morning after the Labor Department’s weekly jobless claims data. Meanwhile, the key September payrolls report is due out on Friday morning.
Conagra (C.A.G), Constellation Brands (STZ) and McCormick (MKC) Key earnings reporters Thursday. Conagra rose more than 2% in morning trade, while Constellation fell 1%. And McCormick shares rose more than 5% despite missing Q3 earnings and sales targets.
Peloton Interactive (PTON) then rose less than 1% The company said it plans to It will cut about 500 jobs, or about 12% of its remaining workforce. Chief executive Barry McCarthy said the company had six months to prove it could survive on its own. Shares are more than 90% above their 52-week high.
Electric vehicle leader Tesla (D.S.L.A) traded 0.5% higher on Thursday, with Mizuho cutting its price target on the stock to 370 from 391.67. Among the Dow Jones industrials, the tech titans Apple (AAPL) and Microsoft (MSFT) was then mixed Today’s stock market Open.
As the stock market continues to search for bottoms, Cummins (CMI), Murphy America (MUSA), Neurocrine Biosciences (NBIX), Vertex Pharmaceuticals (VRTX) and World Wrestling Entertainment (WWE) — as well as Dow Jones stock United Health (UNH) — is one of the best stocks to watch. Despite this week’s gains, the market remains “in correction” and investors should remain on the defensive.
Vertex is a recent addition IBD Leaderboard. Cummins is one IBD SwingTrader Stock. Featuring Murphy USA Near the column of this week’s stock buy zone, along with three other great stock ideas. World Wrestling A Day share Thursday. Neurocrine a Day share On September 26.
Dow Jones today: Treasury yields, oil prices, jobless claims
After Thursday’s opening bell, the Dow Jones industrial average fell 0.15%, while the S&P 500 rose 0.1%. The tech-heavy Nasdaq composite gained 0.5% in morning action.
The 10-year Treasury yield rose to 3.77% Thursday morning. The 10-year Treasury yield fell to 3.56% this week before rebounding. Last week, the 10-year Treasury yield briefly hit 4%, a level not done in more than a decade.
Meanwhile, US oil prices gave up a small portion of their recent gains, easing Thursday, with West Texas Intermediate futures still holding above $87 a barrel. Last week, oil fell to its lowest level of the year – around $76 a barrel – before recovering. On Wednesday, OPEC+ agreed to cut production by up to 2 million barrels per day The biggest cut since the pandemic began.
The Labor Department’s first batch of jobless claims came out at 8:30 a.m. ET. According to Econoday, initial claims rose to 219,000, above estimates for a rise to 203,000 from 193,000 the previous week.
Stock market rally attempt
On Wednesday, the Nasdaq pared losses to just 0.3%, while the S&P 500, which had initially lost 1.8%, managed to pare that decline to less than 0.2%. The Dow Jones industrial average rose 5.5% in Monday and Tuesday’s sessions, down 0.1%.
Big picture on Wednesday It warned, “Of course, upcoming inflation data will garner extra attention later this month. But investors will now digest another steady stream of third-quarter results. The news will give fund managers more clues about how high inflation is. A definite slowdown in the U.S. economy will hurt profits, perhaps Probably the No. 1 factor in stock prices.”
Monday’s market advance started a new rally attempt, which is your Day 1. Actions on Day 2 and Day 3 are irrelevant unless the index reverses its recent decline from Friday. However, if the low is cut, a rally is attempted and the market continues to search for a bottom.
Next, on day 4 or later, investors have to wait for the follow-up day. From Thursday (Day 4), expect the Nasdaq or S&P 500 to move higher than the previous session. A large enough increase in climbing module scores A follow-up day. This will give investors the green light to buy Pioneer shares Buy points.
Now, ahead of a potential follow-up day, is the perfect time to build A robust watch list Best performing stocks. Many long-term leaders tend to exit at or near the bottom signal of the market. Missing that early opportunity is a costly mistake.
Dow Jones stocks to watch: UnitedHealth
Dow Jones stock UnitedHealth advanced 0.75% on Wednesday, extending a winning streak to three sessions and ending below a key 50-day line. Shares are forming a flat base with a buy point of 553.23 IBD MarketSmith Chart analysis. UNH stock fell 0.5% Thursday morning.
UNH share Showing a solid 94 out of a perfect 99 IBD Joint Assessment, for one IBD Stock Checkout. Investors can use the IBD Composite Rating to easily gauge the quality of a stock’s fundamental and technical metrics. UnitedHealth reports its third-quarter results on October 14.
Key Stocks to Watch: Cummins, Murphy USA, Neurocrine, Vertex, WWE
Cummins is moving quickly to the right side of the cup base with a 233.95 buy point. The stock retook its 50-day line high this week, which is a positive sign. The company’s upcoming earnings results are Nov. 4. Cummins stock rose 0.3% Thursday morning.
Gas station and mini-market leader Murphy USA is forming a flat base with a 303.19 buy point. Shares fell more than 1% on Wednesday, continuing lower after Tuesday’s bearish reversal. The stock is finding strong resistance at its 50-day line. A decisive revision of this position would be favorable to the stock’s fundamental-structural prospects. Q3 earnings results will be released on October 26. Shares rose 0.1% on Thursday.
Neurocrine Biosciences is trying to break out beyond the 109.36 buy point of a flat base. IBD MarketSmith Chart analysis. Shares briefly topped Tuesday’s entry, but are now down about 1% on buying impulse. The RS line hit a new high on Friday, which is a good signal. Shares were down 0.1% in early Thursday trading.
Share on the IBD Leaderboard Vertex Pharmaceuticals is quickly approaching the 306.05 buy point of a flat base above the initial entry of 296.24. Even if a weak market condition puts you on the sidelines, the stock’s pullback makes it a good idea to watch. Its RS line has hit new highs, a possible sign of greater stock market performance. VRTX stock fell nearly 1% on Thursday, even as RBC raised its price target to 281 from 276.
World Wrestling Entertainment is trying to break out of a cup base of 75.33 entry, but closed about 2% below entry following Wednesday’s 0.5% decline. RS tax hit a new high this week. Shares of WWE added 0.1% on Thursday.
Tesla stock It slipped 3.5% on Wednesday, ending at its lowest level since July 18. Shares rose 0.5% Thursday morning. Mizuho analyst Vijay Rakesh cut the company’s price target on Tesla shares to 370 from 391.67. In a research note, the analyst believes distribution and logistics “remain a challenge” in the September quarter for electric vehicle manufacturers. The firm maintained a buy rating on Tesla stock.
Shares are about 40% off their 52-week highs and below their 50- and 200-day lines. The EV company’s Q3 results are October 19.
Dow Jones Leaders: Apple, Microsoft
in the middle Dow Jones Stocks, Apple shares rose 0.2% on Wednesday, a third day high. Shares are still 20% off their 52-week highs and below their 50- and 200-day lines. Third-quarter earnings results are due Oct. 27. Apple shares rose 0.1% Thursday morning.
Microsoft rose on Wednesday, extending its winning streak to three sessions and continuing its recovery from last week’s 52-week low. The software company is 30% off its 52-week high. Shares of Microsoft fell 0.2% in early Thursday trading.
Don’t forget to follow Scott Lehtonen on Twitter @IBD_SLehtonen Learn more about growth stocks and the Dow Jones Industrial Average.
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