Dow Jones futures and other major stock indexes traded mixed on Thursday as Wall Street reacted to a Consumer Price Index report on lower-than-expected inflation. Delta Airlines (DAL) missed second-quarter profit expectations.
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Nasdaq tops CPI data for 7th straight year; Newmont, ENSG, CYBR in focus
Before the opening bell, futures for the Dow Jones Industrial Average were down slightly relative to fair value. Futures for the S&P 500 were up slightly, along with futures for the tech-heavy Nasdaq 100. Both the S&P and Nasdaq hit record highs on Wednesday.
Early Thursday morning, the yield on the 10-year Treasury note plummeted to 4.18%. Oil prices rose after recent declines, with West Texas Intermediate oil futures trading around $82.30 a barrel.
Among exchange-traded funds, the Invesco QQQ Trust (QQQ) and the SPDR S&P 500 ETF (SPY) were both up slightly before the open.
Stock Market Today: CPI Report
All eyes were on the Labor Department’s Consumer Price Index (CPI) inflation report due on Thursday, which showed the CPI declining 0.1% month-on-month and rising 3% for the year, below expectations of a 0.1% increase month-on-month and 3.1% increase for the year.
Core CPI, which excludes food and energy, rose 0.1% in June and is up 3.3% year-over-year. Both figures were below expectations. Core CPI was expected to rise 0.2% in June. Economists had been expecting the figure to be up 3.5% year-over-year, according to Econoday estimates.
Meanwhile, the Labor Department’s weekly number of jobless claims unexpectedly fell to 222,000 from 238,000 the previous week. Jobless claims were expected to rise to 239,000.
Others include Delta Airlines PepsiCo Delta Air Lines (PEP) shares were the main driver of earnings swings on Thursday. Delta shares fell more than 8% at the start of trading, while PepsiCo shares fell nearly 3%.
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Dow Jones rises
On Wednesday, the Dow Jones Industrial Average rose 1.1%, while the S&P 500 added 1%. The Nasdaq Composite Index rose 1.2%.
Investor’s Business Daily’s Big Picture column commented, “Stock indexes appear to be testing their fate as they diverge further from their 50-day moving averages. The Nasdaq is now nearly 9% above its 50-day moving average, its biggest deviation since last June.”
On Wednesday’s IBD Live show, the IBD Live team discussed the current trading situation and how investors should approach today’s stock market.
As the stock market continues to move, now is an important time to read “The Big Picture” column, and be sure to read about how IBD’s new exposure levels can help you adapt to changing market conditions.
Learn how to time the stock market with IBD’s ETF market strategy
Stock Market Today: Best Stocks to Watch
Companies to watch in the stock market today include: Carvana (CVNA), Meta Platform (Meta), Monday (MNDY) and Palantir Technologies (PLTR).
The list also includes stocks that make up the Dow Jones. Amazon (AMZN), American Express (AXP), apple (AAPL), JPMorgan Chase (JPM) and Microsoft (MSFT).
New additions to IBD MarketSurge’s “Breaking Out Today” list include: Agnico Eagle Mine (AEM). The gold mining stock is breaking out of a 71.50 buy point in a cup formation.
Check out MarketSurge’s “Near Pivot” list for stocks approaching buy points on the basis, and to find even more stock ideas, check out IBD stock lists like the IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones: JP Morgan surges
Among Dow components, payments giant American Express is nearing a flat base entry of 244.41, while JPMorgan is above a flat base entry of 205.88 and in buy range, according to MarketSurge pattern recognition. The banking leader was recently IBD’s Stock of the Day.
Outside the Dow Jones index, Carvana Inc. rebounded on Wednesday to regain a bullish buy point of 129 in a cup base. Carvana shares were up 2.8% on Thursday morning.
Meta shares are again rising above a 514.01 buy point on a cup-handle basis. The parent company of Facebook and Instagram is an IBD Leaderboard stock. Meta shares were down 0.4% in premarket trading Thursday.
Monday.com fell 1.3% on Wednesday, trading further below a buy point of 249 on a flat base. The stock was up 2.3% on Thursday.
And Palantir Technologies Inc. rose 3.8% on Wednesday, rallying above its 27.50 entry price. The stock broke through a buy trigger of 26.57 last week. Palantir was up 0.9% early Thursday.
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Stock Market Today: Companies to Watch
These are four stocks that are in or near the buy zone on the stock market today.
| Company Name | symbol | The right purchase point | Types of purchase points |
|---|---|---|---|
| Carvana | (CVNA) | 129 | Cup Base |
| Domino | (DPZ) | 542.75 | Flat Base |
| Meta Platform | (Meta) | 514.01 | Flat Base |
| Amazon | (Amazon) | 191.70 | Flat Base |
Source: IBD Data as of July 8, 2024
Watch IBD Live as IBD experts break down the biggest stocks on the stock market today.
7 Great Stocks: NVIDIA, Tesla
Among the Magnificent Seven brands, NVIDIA (NVDA) and Tesla (TSLA) rose 0.9% and 0.6%, respectively, in morning trading on the stock market today.
Nvidia rose 2.7% on Wednesday, following a gain on Tuesday. Nvidia shares are trading well above a split-adjusted alternative buy point of 97.40. The artificial intelligence leader is also an IBD Leaderboard stock.
Tesla shares rose 0.4% on Wednesday, marking its 11th consecutive trading day in the black. During that streak, the stock has surged about 44%, adding about $250 billion to its market capitalization and marking its biggest gain in that period since March 2022.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among the Dow Jones “Magnificent Seven” stocks, Amazon, Apple and Microsoft were mixed ahead of the stock market open on Thursday.
Amazon is in a buying range with a flat base above a 191.70 buy point following its recent breakout move. Amazon shares were up slightly in pre-market trading on Thursday.
Apple shares rose 1.9% on Wednesday, hitting yet another all-time high. The stock is above a cup-based buy point of 199.62. Apple was down 0.4% early Thursday.
Microsoft shares rose 1.5% on Wednesday, ending a two-day slide after the stock rose above a flat buy point of 430.82 and was nearing a new high, then edged down slightly early Thursday.
Follow Scott Lehtonen on X (formerly Twitter). translator Learn more about growth stocks, the Dow Jones Industrial Average and today’s stock market here.
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