Stock market indexes rose Thursday morning after a big day for tech earnings that included results from Nvidia and Salesforce. Tesla is trading lower by less than 1% after the 3-for-1 stock split took effect.
The Nasdaq composite led the upside, gaining 0.9% at 10 a.m. ET. The S&P 500 was up 0.7% while the Dow Jones Industrial Average climbed 0.3%.
Widely-held index component Apple is rising from support at its 21-day exponential moving average. The iShares Semiconductor ETF rose nearly 2%, partially filling the Aug. 22 gap.
Volume rose on the Nasdaq and fell on the NYSE, compared with the same time on Wednesday.
The 10-year Treasury yield was nearly unchanged at 3.11% on the eve of Fed Chairman Jerome Powell's Jackson Hole speech to the world's central bankers. The benchmark yield has been trending higher the past few weeks in a sign — at least in the short term — of economic optimism.
European indexes were little changed. But in Asia, the Hong Kong Hang Seng jumped 3.6% and the Shanghai Composite rose 1%. The Nikkei 225 rose 0.6%. KraneShares China Internet ETF rose more than 3% and iShares China Large-Cap ETF climbed 2.5%.
Innovator IBD 50 ETF rose 1%. IBD 50 stock CF Industries broke out of a cup base and is in buy range from the 113.58 buy point.
Stock Market Examines Economic Data
In economic news, jobless claims eased to 243,000 in the latest reported week. That was below the consensus Econoday estimate of 255,000. An update on the nation's GDP showed economic activity shrank 0.6% in the second quarter vs. an earlier estimate for a 0.9% decline.
Tesla was trading lower by less than 1% as the 3-for-1 stock split went into effect with this morning's session. The stock has met resistance around its 200-day moving average, which is around 300 after the split.
Nvidia late Wednesday met reduced estimates for its July-ended quarter and gave weak guidance for the current quarter. Quarterly earnings tumbled 51% from the year-ago period. The stock reversed slightly higher.
Salesforce reported lower July-quarter earnings that topped expectations in today's stock market. But the cloud software company lowered its fiscal 2023 revenue forecast. It also announced its first-ever stock repurchase program. Shares dropped 7%.
Snowflake shares soared 19% in tremendous volume on a mixed quarterly report. While it posted a bigger-than-expected loss, the cloud software provider's revenue beat views. The stock rose to the highest level since April 29.
NetApp beat profit and sales estimates and its outlook also topped estimates. Shares gapped up to a gain of more than 7%. It's on pace for its largest gain since Dec. 2, 2020, according to Dow Jones Market Data.
Fed Chief Powell Expected To Say This, But Market Rallies; 5 Stocks In Buy Zones
Retail Stocks Punished After Earnings
Dollar-store retailers Dollar General and Dollar Tree both fell after earnings reports late Wednesday.
Dollar Tree met profit estimates but sales missed views slightly and the company slashed its full year outlook. The stock gapped below its 50-day and 200-day moving averages in huge volume. The bearish action has triggered sell signals after a breakout from a 166.45 buy point.
Dollar General beat estimates but the stock still fell sharply. Shares pared losses to 1.5% but gapped below the 50-day line in heavy volume. For now, the stock is above its most recent buy point at 240.07.
Burlington Stores sold off nearly 12% in big volume. The discount apparel retailer gapped below its 50-day line. Fiscal second-quarter results beat estimates but same-store sales plunged 17% and the company cut its current-quarter forecast.
