The Dow Jones Industrial Average dropped Thursday after the Labor Department's initial unemployment claims. Meanwhile, Apple stock dived after the Wall Street Journal reported that China ordered officials at central government agencies not to use iPhones and other foreign-branded devices for work.
Early Thursday, first-time jobless claims dropped to 216,000. They were expected to rise to 238,000 vs. 228,000 in the previous week.
Meanwhile, key earnings movers Thursday include American Eagle, C3.ai, GameStop, Sprinklr and UiPath.
AEO stock rallied nearly 2% in morning trade, while AI shares crumbled around 16%. GME stock jumped more than 3%. Finally, Sprinklr shares advanced around 5%, while PATH stock rallied more than 8%.
Stock Market Today
Electric vehicle giant Tesla traded down more than 2% Thursday, while Nvidia dropped 3%. Among Dow Jones tech leaders, Apple was down hard, while Microsoft traded modestly lower, after today's stock market open.
Other stock market leaders include Alphabet and Meta Platforms. GOOGL stock dipped 0.6% and Meta shares fell 0.1% in early action.
Adobe, Baker Hughes, Cadence Design Systems, Shopify and Synopsys — as well as Dow Jones stocks IBM and Visa — are among the best stocks to watch in the ongoing stock market rebound.
Dow Jones Today: Oil Prices, Treasury Yields
After Thursday's opening bell, the Dow Jones Industrial Average fell 0.2%, while the S&P 500 lost 0.7%. The tech-heavy Nasdaq composite retreated 1.3% in morning action, with PDD Holdings and ASML Holding trading down hardest.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust was down 1.3%, while the SPDR S&P 500 ETF traded down 0.4% early Thursday.
Early action Thursday also showed the 10-year U.S. Treasury yield at 4.3%, looking to extend a three-day win streak.
Early Thursday, oil prices paused after a string of sharp gains. West Texas Intermediate futures fell around 0.5% in morning trade, trading just above $87 a barrel.
Stock Market Trend
On Wednesday, the Dow Jones Industrial Average declined 0.6%, while the S&P 500 moved down 0.7%. The tech-heavy Nasdaq composite sold off 1.1%.
Wednesday's Big Picture column commented, "While the S&P 500 finished off its intraday low, at 4465 it still dropped below its 50-day moving average. The stock market is widely considered to be healthy when the major indexes are trading above their 50-day lines, not below them."
Now is an important time to read IBD's The Big Picture column as the stock market tries to extend its recent gains after a sharp pullback from this year's highs.
Dow Jones Stocks: IBM, Visa
Dow Jones leader IBM is breaking out past a cup-with-handle's 146.50 buy point. IBM stock edged higher Thursday, after a slight fall Wednesday.
And Dow Jones payments leader Visa is breaking out past its latest entry, a flat base's 245.37 buy point, according to IBD MarketSmith pattern recognition. V stock inched down 0.3% Thursday.
Stocks To Watch: Adobe, Baker, Cadence, Shopify, Synopsys
IBD Leaderboard stock Adobe is breaking out past a 552.94 buy point in a short consolidation amid recent gains. Shares are in the 5% buy area. ADBE stock fell 1.7% early Thursday. Adobe announces its fiscal third-quarter results on Sept. 14.
Cadence Design Systems is in a flat base with a 248.16 buy point. Shares moved above an early entry at 237.91 last week and are about 1% away from their next entry. CDNS was off 0.8% Thursday.
Last week, Shopify shares jumped above their 50-day line in big volume. A 71.43 buy point in a cup base is about 7% away. The stock has broken out past a downward trendline drawn from its July top. Meanwhile, another earlier entry looms at 67.60. SHOP stock moved down 2% Thursday morning.
Recent IBD 50 Stocks To Watch pick, Synopsys, is within striking distance of a flat base's 468.03 entry. SNPS stock edged lower Thursday.
Best Stocks In Stock Market Action
These are four best stocks to buy and watch in today's stock market, including a Dow Jones leader.
|Company Name||Symbol||Correct Buy Point||Type Of Buy Point|
|SLB||58.70||Cup with handle|
Source: IBD Data As Of Sept. 6, 2023
Tesla stock skidded 1.8% Wednesday, continuing to bounce between resistance around its 50-day line and support at its 21-day exponential moving average. For now, investors can use Thursday's high of 261.18 as an early entry. And TSLA stock has a 299.29 official buy point.
On Thursday morning, TSLA stock slipped another 2.1% in early action.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple stock dived 3.6% Wednesday, snapping a seven-day win streak and breaking back below the 50-day line. Despite Wednesday's fall, AAPL stock is building a cup base with a 198.23 buy point. AAPL stock tumbled 3.5% early Thursday.
Microsoft shares also have tested their 50-day line in recent sessions, with a slight fall Wednesday. And on Thursday morning, the stock moved down 0.4%.
Be sure to follow Scott Lehtonen on X/Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.