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Investors Business Daily
Investors Business Daily
Business
SCOTT LEHTONEN and VIDYA RAMAKRISHNAN

Stock Market Today: Dow Rises As Fed Officials Are Firm On Rates; Nvidia Scores Record High (Live Coverage)

The Dow Jones Industrial Average built on early gains and finished more than 200 points higher Thursday, as investors waded through earnings reports, surprise initial jobless claims and U.S. retail sales data. Meanwhile, Nvidia scored yet another record on the stock market today.

The Dow climbed 229 points, or 0.5%. The S&P 500 tacked on 0.5% as well but finished just short of the 6,300 level. The Nasdaq composite rose 0.7%, notching yet another record close amid a four-day winning streak. Small caps on the Russell 2000 outpaced the major indexes with a 1.2% rise.

Volume on the New York Stock Exchange and on the Nasdaq was higher compared with the same time on Wednesday. Advancers outnumbered decliners by around 2-to-1 on the NYSE and nearly 5-to-2 on the Nasdaq.

The yield on the benchmark 10-year Treasury note ticked higher to 4.46%. Crude oil rose near $67.60 a barrel.

Moving well past the $4 trillion threshold in market capitalization, Nvidia finished 1% at the close to hit yet another new high. It ended the day at right at 173, with a daily high at 174.16.

The company announced Thursday that the University of Bristol had unveiled the fastest artificial intelligence supercomputer in the U.K., featuring 5,448 of Nvidia's GH200 Grace Hopper chips.

Shares of the artificial intelligence chipmaker have risen in 15 of the last 18 sessions, on their way through a buy zone. Nvidia cleared a buy point of 153.13 in June and is now extended. The stock now sits well above all its major moving averages.

3:15 p.m. ET

Cathie Wood Sells Coinbase Stock

Elsewhere, famed investor Cathie Wood sold Coinbase as a trio of cryptocurrency bills goes before a vote in the House. The Genius Act addresses stablecoins while the Clarity Act will bring in rules for digital assets market participants.

The Central Bank Digital Currency Anti-Surveillance Act seeks to prevent the issuance of centralized cryptocurrency. The Genius Act is poised to pass in the House for President Donald Trump's signature, according to the latest reports.

Wood's ARK Invest portfolio sold $3.8 million of Coinbase stock, according to a website that tracks trades in exchange traded funds. But shares jumped nearly 4% despite Wood's move. Coinbase stock had gained 60% year-to-date, going by Wednesday's closing price.

Netflix Earnings Beat After Market Hits New High; 5 New Buys

2:29 p.m. ET

Stock Market Today: Vertiv, Sea Ltd. Rise

Vertiv rose after the company announced that it was acquiring Great Lakes Data Racks & Cabinets, a data center infrastructure provider, for $200 million. Vertiv provides power and cooling products used in data centers. Its chart turned bullish recently with the 50 day moving average rising above its 200-day moving average.

Sea Ltd. extended a three-day winning streak as shares also cleared the 50-day moving average. Shares are forming a base with a buy point of 172.65. The recent IBD Stock Of The Day has an ideal Composite Rating of 99 while the Relative Strength Rating is a high-ranking 95.

1:04 p.m. ET

Four Stocks Break Out

Thursday's stock market saw several breakouts. Engine and aircraft frame maker AAR Corp surged past a buy point of 76.34 after fourth-quarter results. Earnings of $1.16 per share increased 32% from the prior year and sales grew 15% to $755 million.

In building and heavy construction, Construction Partners cleared a buy point of 111.98. Dow Jones component Caterpillar tested a buy point of 418.50.

Five Below topped a flat base's buy point of 137.30. The relative strength line is at a new high as seen in the blue dot on IBD MarketSurge.

Back on the broader market, volume on both the New York Stock Exchange and the Nasdaq was higher compared with the same time on Wednesday. Breadth was positive with advancers beating decliners by more than 2-to-1 on the NYSE and nearly 3-to-1 on the Nasdaq.

The 10-year Treasury yield ticked lower to 4.44%. Oil prices rose with West Texas Intermediate futures at around $67.05 a barrel.

11:58 a.m. ET

Fed Officials Firm On Interest Rates

Elsewhere, Fed governor Adrianna Kugler reportedly wanted to stand pat on rates and wait and watch as new trade barriers hit consumer prices. Kugler said the impact of tariffs was already being felt, going by Tuesday's inflation data.

Her comments support the stance of New York Fed President John Williams, which he expressed late Wednesday. The Fed is due to meet for a rate decision on July 30, when traders expect rates to stay unchanged.

11:13 a.m. ET

Trump Talks Hurt Corn Syrup Makers

In stocks, shares of corn syrup maker Ingredion came under pressure, falling more than 3%. President Donald Trump said he had been speaking to Coca-Cola about using cane sugar instead of corn syrup in its drinks.

Shares of Ingredion plunged below their 200-day moving average. Archer Daniels Midland, another corn syrup maker, fell nearly 3%.

Also, earnings from Elevance sent its stock plummeting by more than 10% Thursday. Sales grew 13% to $49.8 million but earnings declined 13% to $8.84 per share. Shares of the managed health care services provider fell further in a downtrend.

10:31 a.m. ET

Stock Market Today: Netflix Earnings Loom

Netflix was up 0.3%. Analysts estimate second-quarter earnings of $7.07 per share — a 45% increase from the prior year. Sales are expected to rise 16% to $11.1 billion. Shares are above a 25% profit zone from a buy point of 998.70.

Meanwhile, United Airlines reported June-quarter sales of $15.2 billion. Earnings declined 7% to $3.87 per share, above its midpoint earnings guidance of $3.75 per share. Shares rose more than 2%.

MP Materials fell nearly 2%, retreating from its all-time high after the company announced a public offering of common stock for around $650 million. The company plans to use the proceeds to expand its operations including its 10X Facility — a magnet manufacturing plant that MP Materials is building with the Defense Department to increase U.S. independence for rare earths materials.

Down more than 2%, Novartis extended losses after its second-quarter results. Earnings were $2.42 per share on sales of $14.1 billion. Shares had broken out of a consolidation base at a buy point of 116.91 heading into the results. They fell below that on Thursday, undercutting their 50-day moving average in higher volume and triggering a sell signal.

Abbott Laboratories fell after issuing results, slicing through its 200-day moving average. Earnings of $1.26 per share beat views by 1 cent and sales of $11.1 billion grew 7% and met views. Shares fell more than 7% below a buy point of 136.80 and triggered a sell rule.

9:40 a.m. ET

Dow Jones Movers: Coca-Cola, McDonald's, Chevron

Inside the Dow Jones Industrial Average, Coca-Cola, McDonald's and Chevron were among the biggest movers.

Coca-Cola and McDonald's shares both rallied nearly 1% in morning action, while Chevron declined 0.6%.

9:17 a.m. ET

Lucid Soars On Uber Investment

Lucid Motors catapulted more than 44% higher Thursday morning after the company announced a $300 million partnership with Uber Technologies to deploy more than 20,000 robotaxis over the next six years.

Uber will invest $300 million in Lucid Motors. The first launch is planned for 2026.

The ride-share provider climbed 0.7% in response, just below a 93.60 flat-base entry.

8:46 a.m. ET

Stock Market Today: Surprise Jobless Claims, Retail Sales

Initial unemployment claims unexpectedly declined to 221,000 vs. 227,000 in the previous week. They were expected to rise to 233,000, according to Econoday estimates. A strong labor market supports the Federal Reserve's wait-and-see stance on interest rate cuts.

Further, U.S. retail sales easily topped estimates, rising 0.6% in June, well above the 0.1% estimate. Excluding autos, sales climbed 0.5%, beating the 0.3% estimate.

8:01 a.m. ET

Nvidia Chipmaker Jumps On Earnings

Taiwan Semiconductor, better known as TSMC, jumped more than 3% Thursday premarket after the company beat earnings estimates for the second quarter. It also guided above views for the current period.

TSMC stock has reached the 20%-25% profit zone from a 196.22 cup-with-handle entry.

Earnings Movers: GE, PepsiCo, Travelers

Key earnings movers Thursday included GE Aerospace, PepsiCo and Travelers.

GE stock gained more than 1%, while shares of PepsiCo climbed nearly 3%. Finally, Travelers rose more than 1% in premarket trading.

Stock Market Today: Jobless Claims, Retail Sales Data On Tap

Early Thursday, the Labor Department's initial jobless claims are due out at 8:30 a.m. ET. Claims are expected to rise to 233,000 vs. 227,000 in the previous week. according to estimates from Econoday.

Meanwhile, also due out at 8:30 a.m. ET, U.S. retail sales are anticipated to have risen 0.1% in June with sales excluding autos up 0.3%.

Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today. 

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