The Dow Jones Industrial Average and S&P 500 picked up momentum and were headed toward gains Thursday afternoon but investors put the brakes on during the last minutes of trading, leaving both indexes slightly down at the close. The Nasdaq remained the session's leader as a tech stock hit a new high on the stock market today.
Stocks tried to advance as Treasury yields backed off a spike that sent equities spiraling lower a day earlier. On Thursday, the Dow bounced between positive and negative territory throughout the session. Ultimately, the index finished the day essentially flat, down just over one point.
On Wednesday, the index plunged 816 points and dropped back below the 42,000 level. Blue chips now sit below their 200-day moving average, making the Dow Jones the first of the major indexes to fall back below that watermark.
Like the Dow, the S&P 500 was up as trading was about to conclude but it also was mostly flat by session's end, down 2.6 points. That marked its third straight down session. Meanwhile, the Nasdaq climbed 0.3% but was back below the 19,000 level.
The small-cap Russell 2000 slipped though it remained above the 2,000 level. Unlike the S&P 500 and the Nasdaq, however, it sits about 6% below its 200-day line.
Volume was significantly lower on the Nasdaq exchange and slightly lower on the New York Stock Exchange compared with Wednesday. On both exchanges the number of falling issues overtook rising stocks by the end of the day.
Treasury Yields Ease As Tax Bill Gets Nod
The benchmark 10-year Treasury bond yield eased to around 4.54% on Thursday. A day earlier, the 10-year yield jumped more than 11 basis points to around 4.62%, hurt by weak demand at a 20-year bond auction.
The bond action came as the U.S. House of Representatives narrowly passed President Donald Trump's tax-and-spend bill by a 215-214 vote. The package, which now goes to the Senate, is designed to cut taxes but will also increase already-swollen deficits, a growing concern for bond markets.
Elsewhere on Thursday, oil prices fell 1.3% to around $60.80 a barrel.
Bitcoin topped $111,100 after reaching a record high earlier in the session. The iShares Bitcoin Trust exchange traded fund rose 2.3% and broke out of a cup base with a 61.75 buy point. The IBD SwingTrader name now sits in a buy range up to 64.84.
Initial weekly jobless claims for the week ended May 17 came in at 227,000 vs. the 230,000 estimate. The figure lagged the 229,000 jobless claims from the prior week.
Market Bounce Fizzles, But Tesla, Palantir Gain; Two Winners Late
Stock Market Today: Rubrik Hits Profit Zone
IBD 50 name Rubrik bolted nearly 4% higher and reached a 20% profit zone from a 76.11 buy point from a double-bottom base.
Its recent rally triggered the power-from-pivot flag on its MarketSurge chart, which appears after a stock climbs 20% from the buy point within 15 days.
The cloud data management name hit an all-time high on the stock market today and is on pace for seven straight weeks of increases.
3:21 p.m. ET
Beauty Stock Is Back Near A High
IBD 50 name Oddity Tech popped 6.5% in heavier-than-average volume. The specialty online beauty products stock is climbing back near its record high reached on May 12. The stock surged more than 30% after its positive earnings report on April 29, then plunged May 13, falling from its peak. Shares are extended from the profit zone of a consolidation pattern with a 51 buy point.
Toronto-Dominion Bank rallied nearly 4% after it mixed fiscal second-quarter earnings results showed higher-than-expected profits.
Cryptocurrency exchange name Coinbase Global shot up nearly 7% alongside the rise in bitcoin.
2:12 p.m. ET
Quantum Stocks Shoot Higher
Quantum computing stocks were in focus Thursday. IonQ spiked more than 40% in heavy volume. The jump came after the company's Chief Executive Niccolo de Masi told Barron's it is striving to be the industry leader. Masi compared IonQ to Nvidia and Broadcom as the leaders in the AI and graphics processing units arena.
Dow Jones index stock Nvidia notched a 1.2% gain, while Broadcom picked up 1%.
D-Wave Quantum soared nearly 23% in heavy action and reached a record high on the stock market today.
At the same time, the Defiance Quantum ETF rose more than 3%. Its top two holdings are D-Wave Quantum and IBD 50 component Palantir Technologies.
Newly added IBD SwingTrader stock Palantir powered up nearly 4% and revisited the 125.25 buy point of a late-stage cup-with-handle base. Shares traded around the entry level.
12:34 p.m. ET
Stock Market Today: A China Stock Pops As Solar Names Tumble
Atour Lifestyle bolted nearly 11% higher and broke out of a deep cup base with a 33.31 buy point. The IBD 50 stock is at the low end of the buy zone up to 34.98.
The China-based hotel operator reported higher-than-expected earnings and sales for the first quarter and raised its full-year 2025 sales outlook. Its relative strength line hit a high on the stock market today.
In other news, solar stocks got clobbered in heavy trading, after the Trump tax-and-spend bill included tougher rules than expected regarding solar power, hitting stocks in the sector.
Sunrun was hardest hit, with a 39% drop. Enphase Energy cratered around 18%, Nextera Energy skidded around 9% and Nextracker sank nearly 5%.
First Solar retreated 4.6%. Also affected was the Invesco Solar exchange traded fund, with a plunge of nearly 8%.
10:50 a.m. ET
Snowflake Soars After Earnings
Snowflake popped roughly 9% in heavy volume as it broke out of a cup-with-handle base with a 184.29 buy point. Shares are extended from a 5% buy zone that reaches up to 193.50, according to MarketSurge chart analysis.
The data analytics software company reported higher-than-expected earnings and sales for its fiscal first quarter late Wednesday. It also guided its June-quarter product revenue above views. Its quarterly profit increased 71% on 26% sales growth. Snowflake's relative strength line hit a 52-week high as shown by the blue dot on its chart.
IBD 50 name Urban Outfitters soared around 22% in huge volume after the apparel retailer smashed fiscal first-quarter estimates. Shares are extended from a consolidation entry at 61.16 and have reached the 20% profit zone. Shares hit an all-time high on the stock market today.
Advance Auto Parts catapulted 47% higher in heavy trading after the car parts retailer reported a smaller-than-expected loss and higher sales for the first quarter than what analysts had predicted. It also reaffirmed its full-year 2025 profit outlook, which topped projections. The stock has underperformed, as seen in its dismal 9 IBD Relative Strength Rating.
Stock Market Today: CoreWeave Keeps Rally Alive
Zoom Communications pulled back nearly 2% despite beating fiscal first-quarter earnings and revenue estimates. The video conferencing operator also provided fiscal 2026 profit and sales forecasts that came in slightly above analyst estimates, but shares fell anyway. The stock dropped below its 21-day exponential moving average on the stock market today.
CoreWeave looked to continued its rally and jumped another 7.5%, extending its recent run-up including Wednesday's 19% gain. Shares have rocketed around 192% higher so far this month.
Williams-Sonoma plunged more than 9% after the home products retailer missed fiscal first-quarter earnings and reaffirmed its fiscal 2025 sales forecast, which came in light.
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