The Dow Jones Industrial Average fell more than 400 points on Thursday in the wake of first-time jobless claims and another estimate of third-quarter GDP. Chip stocks came under pressure after Micron Technology’s poor quarterly results. CarMax prices fell after it reported that consumers were starting to reject car prices.
The Labor Department said Thursday that initial jobless claims rose to 216,000, below estimates for an increase of 225,000 versus 211,000 the previous week. The Commerce Department also reported that another estimate of third quarter GDP was stronger than expected. This third estimate showed growth of 3.2% against the second estimate of 2.9%.
On Friday, investors will turn their attention to more inflation data, with the release of personal consumption expenditures figures for November.
micron Technique (mo) fell more than 3% Thursday. late on Wednesday, The memory chip maker missed estimates for its first fiscal quarter amid a cyclical downturn. The chip industry also projected results for the current quarter that were well below analyst opinions, sending chip stocks into widespread early losses.
carmax (KMX) fell 8%, after management said that inflation and high interest rates led to “car affordability issues.” The company fell far short of its third-quarter earnings estimates.
Chinese stocks performed strongly Thursday morning, with Hong Kong’s Hang Seng rising nearly 3% on pledges of new growth initiatives and some easing of international tension. Ali Baba (Baba) rose nearly 1%, while JD.com (Dinar) did not change. binduodu (PDD) gradually to the bottom.
electric car giant Tesla (TSLA) fell more than 3% Thursday. Energy giant Dow Jones chevron (CVX) fell by 0.6% Thursday morning, as US oil prices continued to rise. Technology pioneers at Dow Jones an Apple (AAPL) And the Microsoft (MSFT) has been trading lower yet stock market today Open.
IBD Leaderboard stock Neurobiological Sciences (nbix), Kosovo Liberation Army (KLAC), O’Reilly Auto Parts (Orly) And the Texas Roadhouse (TXRH) – as well as the names of the Dow Jones Amgen (AMGN), Larva (Cat) And the Home Depot (HD) – among the top stocks to consider on investor watchlists. Keep in mind that recent market weakness should keep investors on the defensive.
Dow jones today: oil prices and treasury yields
After the opening bell on Thursday, the Dow Jones Industrial Average fell 1.3%, while the S&P 500 fell 1.6%. The heavy Nasdaq Composite lost 2.2% in the morning move.
The 10-year Treasury yield fell to 3.67% Thursday morning, on track to snap a three-day winning streak.
Meanwhile, US oil prices rose nearly 2% on Thursday, with West Texas Intermediate crude futures surging to nearly $80 a barrel in morning trade.
The stock market is under pressure
On Wednesday, the stock market posted a strong performance, with the Dow Jones Industrial Average up 1.6%. The S&P 500 and Nasdaq Composite Indexes rose 1.5%.
Wed column big picture He commented: “Meanwhile, the fresh rally bid faces yet another test by inflation data on Friday. Before the stock market opens, the last traders manning stock desks across the country ahead of the three-day Christmas break will closely watch PCE numbers for the month. November . “
Now is an important time to read IBD’s The Big Picture column Amidst the constant fluctuations in the stock market.
Dow stocks to watch: Amgen, Caterpillar, Home Depot
Drugmaker Amgen is building a new flatbed after a breakthrough in mid-November. But stocks are below the 50-day line after sharp losses in recent weeks. At the moment, the correct buy point is 296.77, but the stock needs to retake 50 days decisively first. AMGN stock was trading down 0.8% on Thursday.
Dow Jones Caterpillar member broke through a 239.95 buy point on a flat base, to me IBD MarketSmith Pattern Recognition, during Wednesday’s breakout move of 2.8%. To the upside, the stock’s RSI line, a major technical indicator, reached a new high. CAT stock lost 1.1% Thursday.
Home Depot, a home improvement retailer, is about 4% lower than the $329.77 buy point of a mug with a handle after reversing last week’s breakout move. HD stock was trading down 1.6% Thursday morning.
Top stocks to watch: KLA, Neurocrine, O’Reilly, Texas Roadhouse
Chip equipment leader KLA regained entry at 392.60 for the cup and handle during Wednesday’s advance of 2.8%. KLA shares fell 3.9% on Thursday.
IBD Leaderboard Neurocrine stock rose for the fourth consecutive session on Wednesday, gaining 1% and continuing to bounce off support at the 50-day level. The strong rebound is bullish for the immediate outlook for the stock and is likely to lead to the formation of a new base. NBIX stock rose 0.4% on Thursday.
O’Reilly Auto Parts is also finding much needed support at the 50 day line this week and it remains squarely above the flat 750.98 entry level. A big bounce off the 50-day line may lead to a follow-up entry point, but the uptrend in the market is under pressure at present, which increases the risk of buying stocks. ORLY shares fell 1% on Thursday.
Texas Roadhouse shows a new buy point at 101.85, but it is now consolidating below the 50-day line. IBD Leaderboard stock will look to reclaim this key benchmark over the coming days. TXRH stock was trading down 1.1% Thursday morning.
Stocks to watch
These are the top five stocks to watch in the stock market today, including three Dow leaders.
|The Company’s name||Code||The right point of purchase||base type|
|Kosovo Liberation Army||(KLAC)||392.60||mug with handle|
|Texas Roadhouse||(TXRH)||101.85||Flat base|
|Home Depot||(HD)||329.77||mug with handle|
Source: IBD data as of December 21, 2022
Tesla stock It fell 0.2% on Wednesday, extending the losing streak to four sessions and reaching a 52-week low. Shares lost more than 3% Thursday morning, hitting a 52-week low of 132.28.
On Wednesday, TSLA stock hit a new 52-week low, trading as low as 135.89. The shares closed about 66% from their 52-week high.
Dow Jones leaders: Apple and Microsoft
in between Dow Jones stockApple shares jumped 2.4% on Wednesday, ending a five-day losing streak. The stock remains near its 52-week low, set on June 16 at 129.04. The stock is up about 26% from its 52-week high. Shares fell 1.5% on Thursday.
Microsoft stock rose 1.1% on Wednesday, up for the second day in a row and moving further above the 50-day line. The software giant is still about 30% off its 52-week high. MSFT stock fell 1.6% early Thursday.
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