The Dow Jones Industrial Average and other major stock indexes dropped Thursday, as Wall Street reacted to a hotter-than-expected inflation reading. An early mover on the stock market today was Tesla, which was scheduled to unveil its highly anticipated robotaxi Thursday night.
After the opening bell, the Dow Jones Industrial Average fell 0.2%, as did the S&P 500. The tech-heavy Nasdaq composite moved down 0.3% in early trading.
Early Thursday, the 10-year Treasury yield ticked higher to 4.08%. Oil prices rose, with West Texas Intermediate futures trading around $74.45 per barrel.
Among exchange traded funds, the Invesco QQQ Trust fell 0.3%, as the SPDR S&P 500 ETF lost 0.2% after the open.
Tesla shares skidded more than 2% Thursday morning, threatening to add to Wednesday's drop. Shares continue to trade in the handle portion of a cup base, near the 264.86 buy point.
Tesla has confirmed the robotaxi unveiling will take place at the Warner Bros. studio in Burbank, Calif. Remarks and the presentation are set to begin at 7 p.m. PT on Thursday.
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Stock Market Today: CPI Inflation Report
Ahead of Thursday's stock market open, the Labor Department said the Consumer Price Index rose 0.2% in September, with an annual rise of 2.4%. It was expected to rise 0.1% for the month of September, with an annual increase of 2.3%, according to Econoday.
Excluding food and energy, core CPI increased 0.3% on the month, with a year-over-year increase of 3.3%. It was expected to increase 0.2% on the month, with a year-over-year rise of 3.2%.
Further, weekly initial unemployment claims jumped to 258,000 vs. 225,000 in the previous week. They were expected to edge higher to 226,000.
In stocks, Delta Air Lines declined nearly 1% after the company reported mixed third-quarter earnings early Thursday and offered a lower forecast for the current quarter.
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Best Stocks To Watch
On Wednesday, the Dow Jones Industrial Average rallied 1%, while the S&P 500 gained 0.7%. The tech-heavy Nasdaq composite climbed 0.6%.
During Wednesday's IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market rebound.
Among the best companies to watch on the stock market today are Arista Networks, Ryan Specialty, Texas Roadhouse and Toast.
Notable Dow Jones components are Amazon.com, Amgen, Apple and Microsoft.
Amazon and Tesla featured in this Stocks Near A Buy Zone column.
There were six new stocks on IBD MarketSurge's "Breaking Out Today" list Wednesday. Notably, Broadcom broke out past a 185.16 entry. Check for more names on the site's "Near Pivot" list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones: Amgen Shows Buy Point
Dow Jones biotech leader Amgen is building a flat base that has a 346.85 buy point, according to MarketSurge pattern recognition. Shares fell 0.9% early Thursday.
Outside the Dow Jones index, Arista Networks is moving further out of the buy zone past a 376.50 buy point in a consolidation. Shares dropped 0.5% Thursday morning.
Insurance leader Ryan Specialty is at the top of the buy range above a 69.03 flat-base entry following last week's breakout move. Shares added 1.4% Thursday.
Texas Roadhouse continues to hover at a 177.72 flat-base entry amid a recent rebound. Shares dipped 0.4% Thursday.
Finally, restaurant software provider Toast is in the buy zone above its 27.88 buy point. The stock declined 1.7% early Thursday.
Find The Best Stocks To Buy And Watch With IBD Stock Screener And IBD Screen Of The Day
Stock Market Today: Companies To Watch
These are four stocks in or near buy zones in today's stock market.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Ferrari | 442.80 | Flat base | |
| Taiwan Semiconductor | 175.45 | Cup with handle | |
| ServiceNow | 850.33 | Flat base | |
| Uber Technologies | 75.40 | Double bottom |
Source: IBD Data as of Sept. 30
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Magnificent Seven Stocks: Alphabet, Meta, Nvidia
Among Magnificent Seven stocks, Alphabet and Meta Platforms traded down 0.3% apiece Thursday.
Google stock is back at its 50-day line after sharp losses in recent sessions due to talk of a possible breakup. The stock has yet to offer a new buy point.
Meta stock hit a new high this week, further above a 544.23 alternate entry.
Nvidia stock was down 0.4% Thursday, trading just above a 131.26 buy point from an irregular handle. Shares are also approaching their all-time high of 140.76.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon shares are bouncing from their 50-day line, near a 195.37 buy point in a cup with handle. The stock climbed 1.2% Thursday.
Apple is close to a V-shaped cup with handle that shows a 233.09 entry. Shares dropped 0.7% Thursday morning.
Microsoft shares are trying to regain their 50-day line and are near a handle buy point at 441.85. And on Thursday morning, the stock edged down 0.5%.
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.
