Dow Jones futures fell early Thursday after a surprise jump in the Labor Department’s weekly unemployment claims. It came like GameStop (GME) plunged after the company fired its chief executive and elevated Ryan Cohen to executive chairman.
The latest round of initial jobless claims ahead of next week’s Federal Reserve rate policy meeting showed claims jumped to 261,000 from 232,000 the previous week. They were expected to rise to 235,000, according to Econoday. Complaints have reached their highest level since October 2021.
Meanwhile, GME stock plunged 22% on Thursday morning. Late Wednesday, GameStop fired CEO Matt Furlong and said its loss per share narrowed to 14 cents, while sales fell to $1.34 billion.
Other key revenue reports include smart sheet (MARS) and Toro (including tax).
Enterprise software company Smartsheet beat Wall Street targets for its fiscal first quarter, but was disappointed by its sales outlook. SMAR stock plunged 18% in premarket trading. Finally, Toro shares plunged 9% after the results.
stock market today
Electric vehicle giant Tesla, already up nine days in a row, fell 0.3% on Thursday morning. Dow Jones tech giants Apple (AAPL) and Microsoft (MSFT) traded slightly lower ahead of today’s stock market open.
Dexcom (DXCM), Fortinet (FTNT), Capital of Kinsale (KNSL) and Taiwan semiconductor (TSM) – as well as Dow Jones stocks Cisco Systems (CSCO), McDonald’s (MCD) and Selling power (CRM) – are among the best stocks to buy or watch in the uptrend of the stock market.
Tesla is an IBD stock, while McDonald’s was in the Stocks Near A Buy Zone column this week.
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Dow Jones Today: Oil Price, Treasury Yields
Before Thursday’s opening bell, Dow Jones futures fell 0.2% from fair value. S&P 500 futures fell slightly and Nasdaq 100 futures traded up 0.2%.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) rose 0.2%, while the SPDR S&P 500 ETF (SPY) edged higher early Thursday.
The 10-year US Treasury yield fell to 3.77% on Thursday. On Wednesday, the 10-year yield extended a winning streak to four sessions, closing just short of its late May highs.
US oil prices extended Wednesday’s gains to Thursday morning. West Texas Intermediate futures rose nearly 1% on Thursday, topping $73 a barrel.
On Wednesday, the Dow Jones Industrial Average rose 0.3%, while the S&P 500 fell 0.4%. The tech-heavy Nasdaq composite fell 1.3%.
Wednesday’s Big Picture column commented: “In the midst of a confirmed uptrend in the stock market, you want to see indices rise in volume from the previous session and fall in lower turnover. The Wednesday case It turned out to be a serious profit-taking session by mutual funds, hedge funds, banks, pension plans, etc. Nasdaq volume jumped 10% while NYSE saw its turnover increase nearly 14% from Tuesday.”
Now is an important time to read IBD’s The Big Picture column after the recent bullish shift in market outlook.
Five Best Dow Jones Stocks to Buy and Watch Now
Dow Jones stocks to buy and watch: Cisco, McDonald’s, Salesforce
Dow Jones networking giant Cisco Systems is building a cup base with a buy point of 52.56. Keep an eye out for a potential handful, which is within trading days of the formation. This would show an earlier entry. CSCO stock fell slightly ahead of market Thursday.
Dow Jones restaurant giant McDonald’s fell below its 10-week moving average, a bearish sign. The stock has been trying to hold above the buy point of 281.67 since a breakout two months ago. Earnings decline rapidly.
While the stock is close to a buy point, its action suggests avoiding buying at this time. Look for a more bullish bounce before considering buying stocks. MCD stock traded down 0.2% early Thursday.
Salesforce has topped alternate entries at 193.91 and 200.00 in recent weeks, according to ranking analysis. Last week, shares hit the 20% profit zone from an entry of 178.94 cup with handle, but are now pulling back. The stock is gearing up for a key test of its 50-day line. CRM stock fell slightly on Thursday morning.
4 growth stocks to watch in the Stock market rally
Best stocks to buy and watch: Dexcom, Fortinet, Kinsale, TSMC
Dexcom continues to form a flat base with a buy point of 126.44, even after Wednesday’s 4.5% slippage, according to IBD MarketSmith Model Recognition. Shares of DXCM climbed 0.1% on Thursday.
Insurance leader Kinsale Capital closed in the 5% buy zone on Wednesday after a buy point of 345.75. The buy zone is up to 363.04. KNSL stock was up nearly 1% before trade on Thursday.
Monday’s IBD stock Fortinet shed the 69.07 buy point from its flat base during Wednesday’s 3.6% decline. Shares were down 0.1% pre-market on Thursday.
Chip foundry Taiwan Semiconductor rebounded 0.5% on Wednesday, in the buy range from a double-bottom 95.82 buy point. The 5% buy zone extends up to 100.72. TSM stock was down 0.6% on Thursday morning.
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Best stocks to buy and watch during the stock market rally
These are the four best stocks to buy and watch in today’s stock market, including a leader in the Dow Jones.
|Company Name||Symbol||Correct point of purchase||Point of purchase type|
|ASML||(ASML)||683.18||Mug with handle|
Source: IBD data as of June 6, 2023
Join IBD experts as they analyze the top stocks of the current stock market rally on IBD Live
IBD Leaderboard Tesla stock rebounded 1.5% on Wednesday, moving further away from the buy range past the 207.79 double-bottom buy point. Shares closed Wednesday 29% off their 52-week high.
TSLA stock threatened to snap its extended winning streak, plunging 0.6% on Thursday morning. The shares are working on a fourth consecutive weekly advance.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares extended a three-session losing streak, down 0.8% on Wednesday. Shares hit an all-time high at 184.95 on Monday. The stock continues to hold well above a buy point of 157.38 and is outside the buy range that hit 165.35. AAPL stock fell 0.2% in premarket trading on Thursday.
Microsoft shares sold 3.1% on Wednesday, closing at their lowest level since May 24. Earlier this week, MSFT stock hit the 20%-25% profit zone from a fixed base buy point of 276.76, so investors could have taken at least some profit . there. On Thursday morning, MSFT stock was down 0.4%.
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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