The Dow Jones Industrial Average pulled back after a strong opening Thursday, fueled by a well-received Nvidia report. The blue chip index lost support at the 50-day line earlier this week and is down over 0.5% midday. Meanwhile, graphics giant Nvidia booked an astounding 82% of average daily volume in the first hour of trading, mostly to the upside, and remains over 10% higher at this hour.
Nvidia earnings beat views late Wednesday, as it benefits from increasing demand for artificial intelligence tools. Revenue from data centers surged, offsetting weakening demand for gaming chips. NVDA stock is up 12.3% at the lunch hour and on track for the highest percentage increase since March 2020.
This action is tagging other chip leaders.
Advanced Micro Devices rallied over 2% at the noon hour, surging past its 200-day line. Super Micro Computer is up 5% within a consolidation.
The S&P 500 fell 0.5% as it tests support at its 50-day line, and the Nasdaq matched that loss. The tech-heavy index has gained 10% so far this year.
The small-cap Russell 2000 was flat at the hour. The Innovator IBD 50 ETF fell 0.1%.
Volume rose on the Nasdaq compared to midday Wednesday while NYSE volume matched the prior day's level.
Crude oil rose over 1% to $75.04 per barrel. The yield on the 10-year Treasury note fell 3 basis points to 3.89%.
Initial jobless claims of 192,000 were lower than the 200,000 consensus. Minutes from the Federal Reserve's Feb. 1 meeting noted that "recent reductions (in jobless claims) did not appear to reflect widespread weakness in the demand for labor." Fourth-quarter GDP rose 2.7%, revised from the earlier estimate of 2.9%.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 33835.34 | -209.29 | -0.64 |
| S&P 500 | (0S&P5) | 3971.14 | -18.91 | -0.48 |
| Nasdaq | (0NDQC ) | 11443.17 | -63.65 | -0.54 |
| Russell 2000 | 187.06 | -0.84 | -0.46 | |
| IBD 50 | 22.80 | -0.07 | -0.33 | |
Last Update: 12 PM ET 2/23/2023 |
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Dow Jones Leaders on Watch
Apple dipped about 0.1% but remains supported at the 200-day line after a three-day shakeout. Shares are up less than 0.5% on Thursday and may offer an entry at 176.25.
Also in the Dow Jones, Microsoft is flat at its 200-day support line. On Wednesday, it released mobile apps with AI chatbot features. The features are also available on its Skype video and voice communications service.
Meanwhile, Salesforce fell less than 0.1% while the handle forms a 178.94 entry. Last but not least, Disney shows an early buy point at 118.28.
Elsewhere, Tesla's March 1 investor day will reveal the EV giant's latest moves in full self-driving hardware updates and expansion plans.
Last August, CEO Elon Musk said that his plans included scaling up both cars and battery materials. The EV company has signed deals to get graphite for its lithium-ion batteries and reportedly is eyeing Sigma Lithium, a pure lithium play. Tesla is down over 1% and below its 200-day line while SGML has fallen over 3%.
Nasdaq Rallies Up To Resistance With Inflation Data Due
Earnings Deck
Shares of Etsy lost more than 2% despite an earnings beat. Luxury homebuilder Toll Brothers rose nearly 1% after strong earnings as well.
Alibaba fell over 1% and Moderna plunged 8% after earnings.
MercadoLibre on the IBD Leaderboard is on deck after the market closes on Thursday.
Warren Buffett's Berkshire Hathaway is due on Saturday. Buffett's letter to shareholders is on watch for news about buybacks, and Geico and Alleghany deals.
MELI is in a buy zone above a 1,095.44 entry while BRKB is working toward a buy point of 321.42 but needs to clear the 50-day line ahead of that entry.
Outside of Dow Jones, Leaderboard stocks are in buy zones.
Airbnb is in a buy zone from a 121.50 entry. Flor is also in a buy zone above a 36.16 entry, rebounding from its 50-day line. Inspire Medical Systems is up nearly 2% and remains in a buy zone. Iridium Communications and Uber are extended.
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