The Dow Jones Industrial Average added 200 points and climbed 0.6% Thursday at 1:30 p.m. ET while the Nasdaq and S&P 500 made larger gains. Tech leader Apple is near record highs, trading at a level last seen in January 2022.
Fresh jobs data shows sticky inflation. Payroll processing group ADP found jobs grew by 278,000 in May, although wage growth moderated. Initial jobless claims rose slightly to 232,000, lower than views of 235,000.
The S&P Global U.S. Manufacturing Purchasing Managers' Index declined to 48.4 in May from April's 50.2 as new orders fell sharply. Friday's employment numbers will be another key data point ahead of the next Fed meeting.
Late Wednesday, the House passed the debt-ceiling bill in a 314-117 vote. A vote in the Senate is next.
The S&P 500 rose 0.9%, while the Nasdaq climbed 1.1% in afternoon trading. Apple, a big component of both indexes, rose to nearly 180, the highest price in nearly a year and a half. It is near its all-time high 182.94.
Volume on the NYSE was higher but lower on the Nasdaq compared to Wednesday 12 p.m. ET.
The small-cap Russell 2000 rose 1.2% while the Innovator IBD 50 ETF outperformed with a 1.4% gain at the hour. Celsius and DraftKings rose more than 5% each to give the IBD 50 some strength.
The yield on the benchmark 10-year Treasury note fell 2 basis points to 3.6%. Crude oil rose slightly and traded at $68.34 a barrel ahead of the OPEC+ meeting over the weekend.
Stocks Moving Today
Cameco broke out of a cup-with-handle base in heavy volume, topping a 29.16 buy point. Shares of the Canada-based uranium producer surged 9.5% and are at the edge of a buy zone that goes to 30.62.
The base has excellent dimensions, including a decline of 20% and a handle depth of 10%. CCJ also boasts a strong Composite Rating of 93. Sales grew 8% to 73% in the past five quarters. The Canadian miner supplies nuclear fuel to electricity companies worldwide.
Pure Storage gapped up and broke out after strong earnings and outlook. Shares are extended from a buy point of 32.55.
Shares of Tesla are near a buy point of 207.89 in a cup base. Shares climbed above the key 200 level on Tuesday and are trading a shade above the 200-day moving average, which may still act as a resistance level.
Chevron got two upgrades in as many days. On Thursday, RBC raised the price target for the Dow Jones energy leader to 180 with an outperform rating. On Wednesday, JPMorgan gave it a neutral rating from underweight with a 170 price target. Shares rose but remain in a deep correction.
C3.ai plunged over 13% on a weaker-than-expected full year forecast.
Dow Jones software leader and IBD Leaderboard stock Salesforce fell after earnings beat views but the company's outlook was mild. Shares hit their profit-taking zone ahead of earnings. The stock is finding support at the 21-day exponential moving average.
CrowdStrike fell after annual recurring revenue growth for the year slowed in the first quarter. But the stock pared its loss to 2.7% Thursday afternoon.
Okta fell despite a strong first quarter and raised guidance. Shares dived below the 50-day line on Thursday and triggered a 7% sell signal.
Futures Rise: Jobs Report Looms As Tesla Breaks Out
Retail Earnings
In retail, Macy's pared early losses after the retailer cut its outlook for the year. Nordstrom rose after earnings beat analysts consensus estimate. JWN shares are clearing the 50-day line in strong volume.
Also in retail, Dollar General lowered its same-store sales outlook after a weak fiscal first quarter. Shares dived. Pet products company Chewy surged over 20% on a raised sales outlook and strong fiscal first quarter profit.
Shares of Target are on track for a 10-day losing streak after a downgrade from JPMorgan to neutral from overweight and reduced price target of 144.
Earnings Deck Outside Dow Jones
Some key software earnings reports are on deck after today's close. MongoDB, Asana and Zscaler are on watch.
Asana broke out of a cup base at 23.06 on Wednesday, but is pulling back in light volume, according to IBD MarketSmith chart analysis.
Zscaler is holding support at the 200-day line, while MongoDB remains extended from its May 9 breakout at 248.25. Samsara rose to test the 50-day moving average Thursday. Earnings are due after the close for the enterprise software stock as well.
After a bearish price reversal, Broadcom is in a profit zone as investors await earnings, also due later today. VMware pulled back into a buy zone ahead of earnings. Dell rose slightly ahead of its April-ended quarter report.
Please follow VRamakrishnan on Twitter for more news on the stock market today.
