The Dow Jones Industrial Average rallied 250 points Thursday after key inflation data and the Labor Department's initial jobless claims. Meanwhile, Tesla's Cybertruck delivery event kicks off this afternoon, while Salesforce surged on strong earnings results.
The Commerce Department's personal income and outlays report showed that personal income rose 0.2% for the month of October, in line with estimates. The PCE price index was unchanged for month and up 3% on the year; It was expected to grow 0.1%, with an annual increase of 3.1%. Further, the core PCE price index, which excludes food and energy, increased 0.2% month-over-month, with an annual 3.5% increase. Those numbers met estimates.
Further, first-time unemployment claims rose to 218,000 vs. 209,000 in the previous week.
Tesla's Cybertruck delivery event kicks off at 3 p.m. ET. In the runup to the event, Tesla hasn't released key details that could affect Cybertruck demand and profitability. Major questions that remain unanswered include pricing, driving range, general specifications, the delivery ramp-up picture and who is expected to receive the first Cybertrucks.
On the earnings front, Dow Jones software giant Salesforce jumped 9% Thursday, breaking out past a 228.79 buy point in a double-bottom base. Other key earnings movers include Five Below, Pure Storage, Synopsys and Snowflake.
FIVE stock rallied 1% in morning trading, as Pure Storage shares plummeted by more than 12%. SNPS stock moved down almost 2%. And SNOW stock surged more than 5% in early action.
Dow Jones Today: Oil Prices, Treasury Yields
As the market enter the final day of a strong November, the Dow Jones Industrial Average rose 0.8%, while the S&P 500 moved up 0.1%. The tech-heavy Nasdaq composite moved down 0.1% in morning action.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust lost 0.1%, while the SPDR S&P 500 ETF rose 0.1% early Thursday.
The yield on the 10-year U.S. Treasury bond ticked higher to 4.34% Thursday morning. On Wednesday, the benchmark settled at 4.27%, its lowest level since mid-September.
Oil prices extended this week's gains, as West Texas Intermediate futures rose nearly 1% Thursday morning to trade back above $78 a barrel. WTI hit a low below $73 in mid-November. In September, it traded above $93.
Stock Market Rally
On Wednesday, the Dow Jones Industrial Average moved up less than 0.1%, while the S&P 500 lost 0.1% The tech-heavy Nasdaq composite dropped 0.2%.
Wednesday's Big Picture column commented, "IBD's recommended portfolio weighting in stocks stays at a highly bullish 80%-100%. This change was made on Nov. 14, right after the stock market greeted cooler inflation data at the consumer level."
Now is an important time to read IBD's The Big Picture column amid the continuing stock market rally. Be sure to read how to invest during the ongoing stock market uptrend.
Learn How To Time The Stock Market With IBD's ETF Market Strategy
Stock Market Today: Best Stocks To Watch
Advanced Micro Devices and IBD Leaderboard stock Amazon, along with IBD SwingTrader stock Cloudflare and MongoDB — as well as Dow Jones stocks Salesforce, UnitedHealth and Visa — are among the best stocks to watch in the current market rally.
AMD and Visa featured in this Stocks Near A Buy Zone column. AMD was a recent IBD Stock Of The Day.
Get Real-time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones Stocks To Watch
Software leader Salesforce ended trading Wednesday near a 228.79 buy point in a double-bottom base, according to IBD MarketSmith chart analysis. CRM stock is breaking out past the latest buy point, with a big gain Thursday morning.
Health care giant UnitedHealth is trying to break out past a handle entry at 546.78. But shares fell further below that level with a 1% drop Wednesday. UNH stock was down a fraction Thursday.
Payments leader Visa is in buy range above a 250.06 buy point in a cup base. V stock fell 0.3% early Thursday.
4 Top Growth Stocks To Watch In The Stock Market Rally
Stocks To Buy And Watch: Cloudflare Breaks Out
IBD Leaderboard stock Amazon remains barely above its cup base's 145.86 buy point amid Wednesday's 0.5% fall. Shares remain sharply above an early entry at 134.48. AMZN rose 0.3% Thursday morning.
Chip leader AMD is trying to break out past a 122.11 buy point in a cup with handle, according to IBD MarketSmith pattern recognition, and regained the entry Wednesday. Shares were down 0.4% Thursday.
IBD SwingTrader stock Cloudflare surged more than 5% Wednesday, breaking out past a 76.07 cup-base buy point. NET stock added another 1.2% early Thursday.
Lastly, MongoDB broke out past a 412.67 entry in a cup with handle, with a 3.5% gain Wednesday. MDB stock tacked on 4.8% Thursday.
Best Stocks In Today's Stock Market Action
These are four best stocks to watch in today's stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Amazon | 145.86 | Cup base | |
| UnitedHealth | 546.78 | Handle entry | |
| Toll Brothers | 82.39 | Cup with handle | |
| Advanced Micro Devices | 122.11 | Cup with handle |
Source: IBD Data As Of Nov. 27, 2023
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Magnificent Seven Stocks: Nvidia, Tesla
Among the so-called "Magnificent Seven" stocks, Tesla cut losses to just 0.1% early Thursday, while Nvidia lost 1.2%.
Graphics-chip giant Nvidia rose 0.7% Wednesday, still holding just above a double-bottom base's 476.09 entry.
Tesla stock reversed 1.05% lower Wednesday, snapping a three-day win streak, as shares look to decisively top strong resistance around their 50-day line. The stock's big double-bottom pattern has a 278.98 buy point.
Dow Jones Leaders: Apple, Microsoft
Two Dow Jones stocks in the Magnificent Seven, Apple and Microsoft, traded lower ahead of today's stock market open.
Apple fell 0.5% Wednesday, retreating from its highest level since early August. Shares are above an early entry at 182.34, as they continue to trace a consolidation that has a 198.23 buy point. A new handle entry has a buy trigger at 192.93. Apple shares moved down 0.3% Thursday.
Microsoft stock reversed 1% lower Wednesday, after notching an all-time high at 384.30. The stock is at the top of its buy range above a cup base's 366.78 buy point. In recent weeks, shares rose above an early buy trigger at 346.20. And MSFT stock was down 0.25% Thursday morning.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
