The Dow Jones Industrial Average reversed its early losses, while the other major indexes bounced modestly, as investors digested a sharp jump in weekly unemployment claims Thursday. An early earnings winner on the stock market today was Taiwan Semiconductor, maker of Nvidia chips. Up next, Netflix earnings are expected after the close.
After the opening bell, the Dow Jones Industrial Average moved up 0.2%, while the S&P 500 rose 0.3%. The tech-focused Nasdaq composite bounced 0.3% in morning action.
Early Thursday, the 10-year Treasury yield ticked higher to 4.18%. Oil prices eased, with West Texas Intermediate futures trading around $82.60 a barrel.
Among exchange traded funds, the Invesco QQQ Trust was up 0.4%, as the SPDR S&P 500 ETF rose 0.2% after the open.
Stock Market Today: Nvidia Chipmaker Rallies On Earnings
The Labor Department's weekly jobless claims rose more than expected, jumping to 243,000. They were expected to rise to 230,000 vs. 222,000 in the previous week, per Econoday estimates.
Meanwhile, the Philadelphia Fed Manufacturing Index climbed to 13.9 in July, up from June's 1.3 reading. It was expected to tick higher to 3.0.
Taiwan Semiconductor, better known as TSMC, rallied 1.7% Thursday after the company beat estimates for the second quarter and offered an outlook that was above views for the current period.
TSMC is the world's largest chip foundry. Along with Nvidia, its vast array of customers includes Apple, Advanced Micro Devices, Qualcomm and Broadcom.
Early Thursday, Alcoa, Discover Financial Services, Domino's Pizza, D.R. Horton and United Airlines were key earnings movers.
Alcoa shares climbed 2%, while Discover stock moved up 4%. Domino's plunged 10%, as D.R. Horton shares soared 10%. Finally, United stock rallied 3% in morning trade.
Later, after the market close, Intuitive Surgical and Netflix are set to report their quarterly earnings results.
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Dow Jones Hits New High
On Wednesday, the Dow Jones Industrial Average advanced 0.6% to hit another all-time high, while the S&P 500 and tech-heavy Nasdaq composite sold off 1.4% and 2.8%, respectively.
Investor's Business Daily's Big Picture column commented, "No sector was hit worse than chips in Wednesday's stock market action. The PHLX Semiconductor Index plunged 6.8% in its worst day since March 18, 2020, back in the thick of the Covid-19 panic. The index, however, held above its 50-day moving average."
During Wednesday's IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market today.
Now is an important time to read The Big Picture column amid the ongoing stock market action. Also, 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
Stock Market Today: Best Stocks To Watch
Among the best companies to watch on the stock market today are AppFolio, NXP Semiconductors, Palantir Technologies and Toast.
Also on the list are Dow Jones components Amazon, American Express, Apple, Goldman Sachs and Microsoft.
New names on IBD MarketSurge's "Breaking Out Today" list include Curtis Wright. The stock broke out past a 286.65 buy point in a flat base Wednesday but closed below the entry.
Check out the MarketSurge "Near Pivot" list for stocks nearing buy points in bases. To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones: American Express, Goldman Sachs
Among Dow components, payments giant American Express is in buy range above a flat base's 244.41 entry, according to MarketSurge pattern recognition, following this week's breakout move. And Goldman was out of buy range on the stock market today above a 471.48 flat-base entry.
Outside the Dow Jones index, AppFolio closed Wednesday in buy range above a flat base's 256.73 entry. Shares rose 0.4% Thursday.
Chip stock NXP Semiconductors fell back below a 286.87 buy point in a flat base, with a 5% drop Wednesday. NXP stock climbed 2.1% early Thursday.
Palantir Technologies remains above a 27.50 entry and in buy range. In recent weeks, the stock broke out past a 26.57 handle buy trigger. Palantir moved up 0.1% early Thursday.
And Toast stock slipped 2.5% Wednesday, holding just above a 26.29 buy point in a cup with handle. Shares gained 0.2% Thursday.
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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 |
|---|---|---|---|
| Toast | 26.29 | Cup with handle | |
| KB Home | 74.66 | Flat base | |
| Palantir | 26.57 | Handle entry | |
| NXP Semiconductors | 286.87 | Flat base |
Source: IBD Data as of July 17
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Magnificent Seven Stocks: Nvidia, Tesla
Elsewhere, Magnificent Seven stocks Nvidia and Tesla rose 2.1% and 1.3%, respectively, on the stock market today in early trading.
Nvidia shares tumbled 6.6% Wednesday, just above the 50-day line, a key support level to watch. Shares remain sharply above a split-adjusted alternative buy point at 97.40. The artificial intelligence titan is an IBD Leaderboard stock.
Meanwhile, Tesla skidded 3.1% Wednesday, snapping a three-day win streak. Shares have jumped more than 40% since mid-June.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft were lower after Thursday's stock market open.
Amazon gave up its 191.70 buy point in a flat base amid recent losses and is testing its 50-day line. Amazon stock inched lower Thursday.
Apple stock sold off 2.5% Wednesday, falling from record highs. The stock is sharply extended past a 199.62 cup-base entry. Apple shares fell 0.7% early Thursday.
Microsoft shares slipped 1.3% Wednesday, in buy range above a flat base's 430.82 buy point as it tries to find support around the 50-day line. And early Thursday the stock was down 0.8%.
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.
