Dow Jones futures and other major stock indexes fell on Thursday after the Labor Department’s weekly new jobless claims rose sharply. On the other hand, artificial intelligence chip manufacturers arm holdings (arm), airbnb (ABNB) and roblox (RBLX) plummeted after announcing its earnings on the stock market today.
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In premarket trading, Dow Jones futures were down 0.2% to fair value and S&P 500 futures were down 0.1%. Nasdaq 100 futures, which are dominated by tech stocks, fell slightly before the opening bell.
Early Thursday, the 10-year Treasury yield rose to 4.52%. Additionally, oil prices rebounded as West Texas Intermediate futures traded near $79.55 per barrel.
Among U.S. exchange-traded funds, Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) fell 0.2%, and SPDR S&P 500 ETF (SPY) also fell 0.1%.
Stock Market Today: Unemployment Claims
Before the stock market opened on Thursday, the Labor Department reported new jobless claims of 231,000, compared with 208,000 the previous week, the highest level since August 2023. The number of new jobless claims was expected to rise modestly to 212,000, according to the Econoday newspaper.
Early Thursday, AI chip stock Arm plunged more than 8% after the company beat analysts’ expectations for its fiscal fourth quarter and current fiscal year. However, the sales forecast for next year was off the mark.
Meanwhile, Roblox plunged nearly 28% after reporting first-quarter results early Thursday. The company said it expects second-quarter orders to be between $870 million and $900 million, lower than the $902.5 million expected.
Other key revenue drivers include Airbnb; App Lovin (app), Duolingo (duol) and hubspot (hub), and instacart (cart), robinhood market (hood) and trade desk (TTD).
Airbnb stock fell 9%, while AppLovin stock rose more than 14%. Duolingo stock fell nearly 14% while HubSpot rallied nearly 9% in early trading. Instacart stock fell 2%, while Robinhood rose more than 5%. Finally, The Trade Desk rose about 1% ahead of the market open.
Be sure to read how to adapt to changing market conditions with IBD’s new exposure levels.
Dow Jones extends winning streak
On Wednesday, the Dow Jones Industrial Average rose 0.4%, extending its winning streak to six sessions. The S&P 500 index fell slightly, and the tech-heavy Nasdaq Composite Index fell 0.2%.
Wednesday’s The Big Picture Column said, “For stock market investors, Wednesday’s action was a reminder that stock picking can feel like discovering a mine or a gold mine.” commented.
On Wednesday’s IBD Live show, the IBD Live team discussed the current trading situation. Mark Minervini, his two-time winner of the US Investment Championship, is already back for his second show this year. He shared decades of experience and anecdotes about trading, stock research, chart reading, and William O’Neill’s concept of studying historical precedents for making money.
As the stock market continues to move, now is an important time to read Investor’s Business Daily’s The Big Picture column. Be sure to read how to adapt to changing market conditions with IBD’s new exposure levels.
Learn how to time the stock market with IBD’s ETF Market Strategy
Stock Market Today: Stocks to Watch
Chipotle Mexican Grill (CMG), NXP Semiconductor (NXPI), texas roadhouse (TXRH) and trade web market (TW) — Plus Dow Jones Component American express (AXP) and Merck (MRK) — one of the most interesting companies on the stock market today.
Chipotle and Merck are featured in this “Stocks Near a Buy Zone” column.
An essential resource for daily breakouts is IBD MarketSurge’s Breakouts of the Day list. This indicates that the MarketSurge Growth 250 stocks are breaking through a new buy point. especially, netapp (NTAP) broke through the double-dip buy point at 108.82 on Wednesday.
Additionally, MarketSurge’s “Near Pivot” list shows stocks that are nearing buy points on base.
To find more stock ideas, check out our IBD stock lists, including the IBD 50, Big Cap 20, and stocks near buy zones. These features identify bullish patterns and allow you to purchase points and check them daily.
Get real-time buy and sell alerts on stock market leaders with IBD Leaderboard
Dow Jones: American Express rises above buy point
American Express is rebounding massively with support near its 50-day moving average. The bullish rebound places the software leader in new buy territory, with the stock just above the short-term consolidation entry at 231.69. Stock prices rose 0.6% on the stock market that day.
Meanwhile, pharmaceutical giant Merck is building a flat base of 133.10 entries. Merck shares fell 1.1% on Thursday.
4 Top Growth Stocks to Watch stock market today
Outside of the Dow Jones index, Chipotle fell 0.3% on Wednesday and was at the top of a buy range above the short-term consolidation entry point of 3,023.98, according to IBD MarketSurge. Chipotle stock fell slightly ahead of Thursday’s rally.
NXP Semiconductors is in buy range above the double bottom entry at 251.96. Stocks were flat on Thursday.
Despite falling 0.3% on Wednesday, Texas Roadhouse remains above its flat-based buy point of 157.12. Stock prices were unchanged Thursday morning.
Tradeweb is breaking above the flat-based buy point of 108.04. This places the stock in a new buying area. Stock prices did not move on Thursday.
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Stock Market Today: Companies to Watch
These are four stocks in the buy zone or near the buy zone on the stock market today.
| Company Name | symbol | correct purchase point | Types of purchase points |
|---|---|---|---|
| american express | (AXP) | 231.69 | integration |
| texas roadhouse | (TXRH) | 157.12 | flat base |
| chipotle pepper | (CMG) | 3,023.98 | integration |
| trade web market | (TW) | 108.04 | flat base |
Source: IBD data as of May 6, 2024
IBD experts analyze today’s top stocks on the stock market on IBD Live.
Magnificent Seven Stock: Nvidia
Magnificent Seven Stocks Nvidia (NVDA) and tesla (TSLA) fell 0.4% and 0.6%, respectively, in pre-market trading on Thursday.
Nvidia stock fell 0.2% on Wednesday but remained above its 50-day line. The stock continues to build a foundation with a buy point of 974. On the other hand, the trigger for early buying is the April 30th high of 888.19. The artificial intelligence giant is an IBD Leaderboard stock.
Tesla stock fell 1.8% on Wednesday, with support at its 50-day line. Still, Tesla stock is down more than 40% from its 52-week high.
Dow Jones Leader: Apple, Microsoft
Among the Dow Jones stocks in the Magnificent Seven are: apple (AAPL) and microsoft (MSFT) fell ahead of Thursday’s stock market trading.
Apple shares rose 0.3% on Wednesday, but are still above the 200-day line and forming the right side of the new standard. The stock was down 0.2% on Thursday morning.
Microsoft stock rose 0.4% on Wednesday, but remains below its 50-day line, a key hurdle to watch. The software giant is building a new flat base with a buy point of 430.82. And Microsoft stock fell 0.1% on Thursday.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter. @IBD_SLehtonen Learn more about growth stocks, the Dow Jones Industrial Average, and today’s stock market.
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