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The Dow Jones Industrial Average briefly fell 275 points Thursday after lower-than-expected initial unemployment claims from the Labor Department, Social media giant Meta Platforms (META) soared 20% after reporting strong fourth-quarter sales results and a $40 billion stock buyback.
The Labor Department’s said first-time jobless claims fell to 183,000 vs. 186,000 in the previous week. They were expected to rise to 193,000, according to Econoday estimates. Last week saw first-time claims come in much lower than expected for a second week in a row.
Key earnings reports include Bristol Myers Squibb (BMY), ConocoPhillips (COP), Eli Lilly (LLY) and Merck (MRK).
BMY stock fell 1.5%, while Conoco shares slid more than 3% in early morning trade. Drug giants Eli Lilly and Merck dropped 2.5% and 2.6%, respectively.
Amazon (AMZN), Apple (AAPL), Alphabet (GOOGL) are scheduled to report late Thursday.
Electric-vehicle leader Tesla moved up 4.4% Thursday morning. Dow Jones tech giants Apple and Microsoft (MSFT) were sharply higher after today’s stock market open.
ELF Beauty (ELF), a recent IBD Stock Of The Day, soared 15% after its fourth-quarter results. Align Technologies (ALGN) rocketed 23% as Goldman Sachs upgraded the stock after its report late Wednesday.
IBD Leaderboard stock Impinj (PI), Etsy (ETSY), Nexstar (NXST) and Wingstop (WING) — as well as Dow Jones stock JPMorgan Chase (JPM) — are among the top stocks to buy and watch, with the ongoing strength of the market rally.
Impinj is an IBD Leaderboard stock. Etsy was a recent IBD Stock Of The Day. Nexstar was a recent IBD 50 Stocks To watch pick. Impinj and Wingstop were featured in this week’s Stocks Near A Buy Zone column.
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After Thursday’s opening bell, the Dow Jones Industrial Average fell 0.7%, and the S&P 500 moved up 0.7%. The tech-heavy Nasdaq composite jumped 1.9%, boosted by strong early gains from Meta, Alphabet and Align Technologies.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) traded up 1.9% and the SPDR S&P 500 ETF (SPY) rose 0.9% early Thursday.
Bonds rallied after Wednesday’s key Federal Reserve meeting, sending the 10-year U.S. Treasury yield sharply lower, ending the session at 3.39%. The 10-year yield eased to 3.36% Thursday morning, nearing recent lows.
Oil prices crept lower after Wednesday’s 3% decline, following OPEC’s decision to keep its production output unchanged. West Texas Intermediate futures lost less than 1% in morning trade, holding at just under $76 a barrel.
On Wednesday, the Dow Jones Industrial Average inched higher, and the S&P 500 moved up 1.05%. The tech-heavy Nasdaq composite advanced 2%.
Wednesday’s The Big Picture column asked whether investor sentiment has gotten too hot. The column said: “Doesn’t seem so. The weekly bullish ratio among newsletter editors polled by Investors Intelligence has no doubt risen to the highest level in more than a year. Yet at last week’s peak of 46.5%, that still means the majority of these pundits think stocks today are either still in a bear market or will head into an intermediate-type correction.”
Now is an important time to read IBD’s The Big Picture column amid the ongoing stock market rally.
Five Dow Jones Stocks To Buy And Watch Now
Banking giant JPMorgan is in the 5% buy range above a 138.76 flat-base buy point after a 0.3% fall Wednesday. The 5% buy zone tops out at 145.70. JPM shares traded down a fraction early Thursday.
JPM stock shows a solid 94 out of a perfect 99 IBD Composite Rating, per the IBD Stock Checkup. The Composite Rating is designed to help investors easily find top growth stocks.
4 Top Growth Stocks To Buy And Watch In The Stock Market Rally
IBD Leaderboard stock Impinj raced out of buy range above a 129.12 buy point in a cup base, surging 7.2% Wednesday. The 5% buy area went up to 135.58. PI stock was up 0.7% Thursday.
Backstory: Impinj’s expertise lies in radio frequency semiconductors to identify, locate and authenticate items. While losing money in 2020, the company earned 25 cents per share in 2021. And annual earnings are expected to surge 284% to 96 cents per share this year.
Etsy is further above a 137.01 buy point in a cup with handle after Wednesday’s 1.45% rise. With the stock above the entry, the 5% buy area goes up to 143.86. Etsy shares rose 2.8% Thursday morning.
Backstory: The company is a provider of an online e-commerce platform where creators of arts and crafts, vintage items and other unique goods go to sell their products. It has a unique business model that, in the last few years, has gone from a niche e-commerce marketplace to a top-of-mind shopping destination across numerous categories.
Media giant Nexstar is breaking out past a cup base’s 204.72 buy point and was Tuesday’s IBD 50 Stocks To Watch pick. Earnings are due out Feb. 9. Shares were up 0.1% early Thursday.
Backstory: America’s largest local broadcast TV group, Nexstar Media produces and distributes local and national news, sports and entertainment content. In addition to its leading position in television, Nexstar is one of the world’s leading diversified media companies.
Wingstop is rapidly approaching a 170.97 buy point in a lopsided cup base, with a 2.9% gain Wednesday. Keep an eye out for a potential handle to offer a lower entry. WING stock was up 2.7% early Thursday.
Backstory: The Dallas-based restaurant chain has more than 1,900 locations in the U.S. and international markets, according to Dow Jones Newswires. Its international locations include Mexico, Columbia, Panama, Singapore and the U.K. The company added a net 40 stores in its fiscal third quarter last year. Fourth-quarter earnings are due out Feb 22.
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Tesla stock rallied 4.7% Wednesday, closing at its highest level since Dec. 5. Despite their strong rebound since Jan. 6, shares are still below the 200-day line. And Tesla stock closed Wednesday about 53% off its 52-week high.
Shares looked to add to Wednesday’s gains, moving up 4.4% Thursday morning.
Among Dow Jones stocks, Apple shares moved up 0.8% Wednesday ahead of the iPhone maker’s earnings results after the close. Shares are still holding above their 50-day line following strong gains in recent sessions. The stock remains around 20% off its 52-week high. AAPL stock moved up 2.4% Thursday.
Microsoft stock climbed 2% Wednesday, testing a potential resistance level at the 200-day line. Shares remain 20% off the 52-week high. MSFT traded up 2.2% Thursday morning.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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