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Investors Business Daily

Stock Market Today: Dow Jones Rallies On Surprise Jobless Claims, Retail Sales; Coinbase Surges

The Dow Jones Industrial Average added to its recent gains Thursday, in the wake of today's surprise jobless claims and retail sales. Meanwhile, bitcoin stock Coinbase surged on the stock market today.

After the opening bell, the Dow Jones Industrial Average rose 0.55%, and the S&P 500 moved up 0.25%. The tech-heavy Nasdaq composite fell 0.1% in morning action.

Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust was down 0.1%, while the SPDR S&P 500 ETF rose 0.2%.

The 10-year Treasury yield was down to 4.2%. Further, oil prices started to reverse Wednesday's losses, as West Texas Intermediate futures inched higher. WTI futures traded near $76.60 a barrel.

Stock Market Today: Jobless Claims, Retail Sales

Ahead of Thursday's open, the Labor Department's initial unemployment claims unexpectedly fell to 212,000. They were expected to rise to 219,000 vs. 218,000 in the previous week.

Further, January's retail sales tumbled 0.8% vs. December's better-than-expected 0.6% gain. They were expected to fall 0.1% in January. Excluding automobiles, January sales fell 0.6%, and dropped 0.5% excluding autos and gas.

Key earnings movers include Albemarle, CF Industries, Cisco Systems and Crocs along with DeereHubSpot, JFrog and Shake Shack.

Albemarle shares rallied nearly 2% in early action, while CF stock rose modestly. Cisco shares sold off 4%, as Crocs surged 7.5%.

Deere declined 4.5% in morning trading, while HubSpot rallied 2%. Finally, JFrog shares soared 20%, while Shake Shack leapt more than 20%.

Elsewhere, cryptocurrency stock Coinbase surged 6% in morning trade. Shares are building the right side of a cup base after they bullishly regained their 50-day line this week.

Dow Jones Rises

On Wednesday, the Dow Jones Industrial Average climbed 0.4% while the S&P 500 rebounded 1%. The tech-heavy Nasdaq composite advanced 1.3% to recover a large part of Tuesday's losses.

Wednesday's Big Picture column commented, "Yet at least 16 IBD industry groups rallied 3% or more in the stock market today, far outperforming the general indexes. Is such information valuable for the ambitious stock picker? You bet, especially if you're looking for growth stocks with the potential to outstrip the returns of the stock market."

Now is an important time to read IBD's The Big Picture column amid the continuing stock market rally. Be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.

Learn How To Time The Stock Market With IBD's ETF Market Strategy

Best Stocks To Buy And Watch In Stock Market Today

Lennar, MongoDB, Samsara and UiPath — plus Dow Jones members Procter & Gamble and Walmart — are among the best stocks to buy and watch in the current market rally.

Samsara and UiPath were featured in this Stocks Near A Buy Zone column.

Get Real-time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard

Dow Jones Stocks: P&G At Buy Point

Consumer products giant Procter & Gamble declined 0.4% Wednesday, extending a losing streak to five sessions and falling further below a 158.38 buy point in a cup base, according to IBD MarketSmith pattern recognition. Procter shares were up 0.5% Thursday.

Discount retail leader Walmart is in buy range past a 163.57 entry in a cup with handle, even as the stock dropped 0.3% Wednesday. The stock gained 0.4% early Thursday.

4 Top Growth Stocks To Watch In The Stock Market Rally

UiPath Rebounds

Homebuilder Lennar remains below its flat base's 156.01 buy point despite Wednesday's 1.4% rise. Lennar shares gained 0.8% early Thursday.

Software leader MongoDB remains out of buy range past a 442.84 buy point, with a 3.1% rebound Wednesday, according to IBD MarketSmith. MongoDB shares climbed 0.1% Thursday.

Samsara bullishly gained its 50-day line during Wednesday's 5.9% rally. The stock continues to trace a base that has an official entry at 36.91. Samsara shares rose 0.6% Thursday morning.

UiPath jumped 4.3% Wednesday, recovering a large part of Tuesday's sell-off. Shares are just below a 26.53 cup-base entry. UiPath shares added 1.1% early Thursday.

IBD's latest newsletter MarketDiem gives you actionable ideas for stocks, options and crypto right in your inbox

Best Bets On Stock Market Today

These are four best stocks to watch in today's stock market, including a Dow Jones leader.

Company Name Symbol Correct Buy Point Type Of Buy Point
Novo Nordisk 105.69 Flat base
Merck 119.65 Cup base
DraftKings 39.35 Cup base
Spotify 202.88 Flat base
Source: IBD Data As Of Feb. 12, 2024

Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live

Magnificent Seven Stocks: Nvidia, Tesla

Magnificent Seven stocks Nvidia fell 1.5%, while Tesla rose 2.8% in morning action Thursday.

Nvidia shares rallied 2.5% Wednesday, just off record highs and closing more than 45% past a 505.48 buy point in a flat base after a Jan. 8 breakout move.

Tesla ended a two-day skid with a 2.55% rally Wednesday. Shares are holding near their recent lows after a brief rebound attempt.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks in the Magnificent Seven, Apple and Microsoft traded lower after Thursday's stock market open.

Apple is forming a new double-bottom base with a new buy point at 196.38. But Apple stock must first retake the key 50-day moving average, a potential resistance level. Shares fell 1% Thursday.

Microsoft shares remain out of buy range past a 384.30 buy point in a flat base. The software giant moved down 1% Thursday morning.

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

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