The Dow Jones Industrial Average rose Thursday after the early release of key inflation data and initial weekly unemployment claims from the Labor Department. Meanwhile, Cathie Wood's Ark Invest sold more than 51,000 shares of Tesla stock.
The Labor Department's Producer Price Index increased 0.7% on the month, hotter than the 0.4% estimate. Year over year, the PPI rose 1.6%, above the 1.3% annual estimate. Excluding food and energy, core producer prices rose 0.2% for August, in line with estimates, with a 2.2% annual increase that was slightly below the 2.3% target.
First-time unemployment applications, also from the Labor Department, rose to 220,000 for the week ended Sept. 8 vs. 216,000 in the previous week. Lastly, August retail sales rose 0.6%, higher than then 0.2% estimate, vs. July's 0.7% increase.
Key earnings reports Thursday evening are Adobe, Copart and Lennar.
Stock Market Today: ARM IPO To Debut
Chip designer ARM is set to debut today. The IPO priced Wednesday at 51 a share, the top of its range. Shares will begin trading Thursday morning. ARM stock was set to surge 24%, with an indicated quote of 63.
Tesla traded up 1% Thursday morning. On Wednesday, Cathie Wood's Ark Innovation ETF sold 51,155 shares of Tesla stock, per daily trade disclosures. The EV giant remains the ETF's biggest holding, with an 11.4% position.
Meanwhile, Nvidia rose 0.9%, as Dow Jones tech icons Apple and Microsoft traded mixed, after today's stock market open.
Other stock market leaders include Alphabet and Meta Platforms. GOOGL stock and Meta shares both gained 0.6% in early action.
Airbnb, Adobe, Amazon and Shopify — as well as Dow Jones stocks Caterpillar, Intel and Visa — are among the best stocks to watch in the struggling stock market uptrend.
Adobe is an IBD Leaderboard stock and was featured in this Stocks Near A Buy Zone column. Amazon is an IBD SwingTrader stock. Airbnb was IBD's Stock of the Day on Wednesday.
Dow Jones Today: Oil Prices, Treasury Yields
After Thursday's opening bell, the Dow Jones Industrial Average rose 0.4%, while the S&P 500 was up 0.3%. The tech-heavy Nasdaq composite climbed 0.2% in morning trade.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust was up 0.2%, while the SPDR S&P 500 ETF traded up 0.4% early Thursday.
Early action Thursday also showed the 10-year U.S. Treasury yield at 4.27%, just off its 52-week high, after the Producer Price Index.
Also, oil prices hit new 2023 highs as West Texas Intermediate futures rose more than 1% in morning action. WTI futures traded near $90 a barrel Thursday.
Five Best Dow Jones Stocks To Buy And Watch Now
Stock Market Struggles
On Wednesday, the Dow Jones Industrial Average dropped 0.2%, while the S&P 500 rose 0.1%. The Nasdaq composite climbed 0.3%.
Wednesday's Big Picture column commented, "So for now, a cautious approach to taking on new positions, but keeping a crisp and fresh watchlist, may ultimately pay off later in the year."
Now is an important time to read IBD's The Big Picture column as the stock market looks to rebound from recent losses.
Dow Jones Stocks: Caterpillar, Intel, Visa
Dow Jones leader Caterpillar continues to build a new flat base that has a 293.88 buy point. But shares are setting up for a test of their 50-day line, with a 2.1% drop Wednesday. CAT stock rose 1.3% Thursday morning.
Chip giant Intel is at the top of its 5% buy range past a 37.19 flat-base entry, after last week's breakout move. INTC stock moved down 0.9% Thursday.
And Dow Jones payments leader Visa is still above its latest entry, a flat base's 245.37 buy point, according to IBD MarketSmith pattern recognition. V stock dropped 2.6% early Thursday.
4 Top Growth Stocks To Buy And Watch In The Stock Market Rally
Stocks To Watch: Airbnb, Adobe, Amazon, Shopify
Wednesday's IBD Stock Of The Day, Airbnb, is tracing a cup base with a buy point of 154.95. ABNB stock lost 0.9% Thursday morning.
IBD Leaderboard stock Adobe recovered above its 552.94 buy point in a short consolidation during Wednesday's 2.1% rise, according to IBD MarketSmith. Adobe announces its fiscal third-quarter results late Thursday. ADBE stock fell 0.4% Thursday morning.
E-commerce giant Amazon is breaking out past a 143.63 buy point in a flat base. Shares are in a new buy area, as they top their latest entry. The IBD SwingTrader stock dipped 0.2% early Thursday.
Shopify shares are adding a handle to a cup base, taking the buy point to 67.60. They are trying to rebound from support around their key 50-day line. SHOP stock moved up 1.4% in morning trade Thursday.
Learn How To Time The Market With IBD's ETF Market Strategy
Best Stocks In Stock Market Action
These are four best stocks to buy and watch in today's stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Amazon | 143.63 | Flat base | |
| Visa | 235.57 | Flat base | |
| Airbnb | 154.95 | Cup base | |
| Shopify | 67.60 | Cup base |
Source: IBD Data As Of Sept. 13, 2023
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla Stock
Tesla stock rallied 1.4% Wednesday, bouncing back from Tuesday's sharp losses. Shares remain squarely above an early entry at 261.18. And TSLA stock has a 299.29 official cup-base buy point, but could now be adding a handle.
On Thursday morning, TSLA stock rose 1%, looking to add to Wednesday's gains.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple stock declined 1.2% Wednesday, falling sharply for a second straight day. Shares are near their recent lows. Despite the recent weakness, AAPL stock is building a flat base with a 198.23 buy point, but is falling further below the 50-day line. AAPL stock edged lower early Thursday.
Microsoft shares found support at the 50-day line Wednesday, moving up 1.3%. MSFT stock is rallying up the right side of a cup base that has a 366.78 buy point. And on Thursday morning, the stock moved up 1.1%.
Be sure to follow Scott Lehtonen on X/Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
