The Dow Jones Industrial Average and the other major stock indexes moved higher Thursday, as Wall Street reacted to stronger-than-expected GDP data and the Labor Department's weekly jobless claims. Two big earnings movers on the stock market today were Nvidia and Salesforce.
After the opening bell, the Dow Jones Industrial Average moved up 0.3%, while the S&P 500 rose 0.5%. The tech-focused Nasdaq composite rallied 1.1% in early trading.
Early Thursday, the 10-year Treasury yield ticked higher to 3.88%. Oil prices stabilized amid a recent pullback, as West Texas Intermediate futures rose above $75 per barrel.
Among exchange traded funds, the Invesco QQQ Trust was up 0.9%, as the SPDR S&P 500 ETF rose 0.4% after the open.
Forget Amazon And Tesla. This Non-Magnificent Seven Stock Is Soaring.
Stock Market Today: Nvidia Earnings
Artificial intelligence giant Nvidia stock cut losses to around 2% Thursday morning after the company beat Wall Street's targets for its fiscal second quarter and offered an outlook that was higher than views for the current period.
Meanwhile, software giant Salesforce rose almost 1% after the enterprise software maker on reported second-quarter earnings and revenue that topped estimates.
Other key earnings movers Thursday morning include Best Buy, NetApp and CrowdStrike.
Best Buy shares surged more than 12%, breaking out above a 90.57 double-bottom entry. NetApp sold off nearly 5% in morning trading, while CrowdStrike rallied 7% in early action.
In economic news, the Labor Department's initial unemployment claims eased to 231,000. They were expected to drop to 230,000 vs. 232,000 in the previous week.
Also, the second estimate of second-quarter GDP from the Commerce Department rose to 3.0% from the first estimate's 2.8% growth rate. That came in above the 2.8% Econoday estimate.
Tesla Toppled As Nvidia Nips At Apple And Microsoft
Dow Jones Snaps Win Streak
On Wednesday, the Dow Jones Industrial Average moved down 0.4% to snap a three-day win streak, while the S&P 500 fell 0.6%. The tech-heavy Nasdaq composite declined 1.1%.
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 market action. Also, be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.
Nvidia Edges Out Microsoft Ahead Of Monumental Earnings Report. Tesla Under Threat.
Stock Market Today: Best Stocks To Watch
Among the best companies to watch on the stock market today are Ardent Health Partners, Costco Wholesale, Meta Platforms and Netflix.
Also on the list are Dow Jones components Amazon, Apple, Home Depot, IBM and Microsoft.
Home Depot and Meta featured in this Stocks Near A Buy Zone column.
There was one new stock on IBD MarketSurge's "Breaking Out Today" list Wednesday. Further, there are a handful of stock ideas on the site's "Near Pivot" list. These are top stocks nearing new buy points, like Taiwan Semiconductor Manufacturing. The stock is nearing a 175.45 cup-with-handle entry, and it traded up 1.5% Thursday morning.
To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones: Home Depot, IBM
Among Dow Jones components, Home Depot is just below a 375.74 handle buy point, according to MarketSurge pattern recognition. Shares popped 0.6% higher Thursday morning.
Meanwhile, IBM is in buy range past its latest entry, a cup-with-handle buy point at 196.26. IBM stock gained 0.4% Thursday.
Outside the Dow Jones index, recent initial public offering Ardent Health is breaking out past an 18.16 buy point in an IPO base, with a strong rally this week. Shares climbed 3% early Thursday.
Retail giant Costco gave up its 896.67 cup-base entry during Wednesday's 2.3% drop. The stock bounced 1.2% Thursday morning.
Streaming giant Netflix is below a late-stage cup base's 697.49 buy point. Netflix stock was up 1% 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 | |
| Shake Shack | 111.29 | Cup base | |
| ServiceNow | 806.52 | Handle entry | |
| Birkenstock | 61.83 | Flat base |
Source: IBD Data as of Aug. 27
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Magnificent Seven Stocks: Meta, Tesla
Among Magnificent Seven stocks, Meta Platforms and Tesla traded up 1.9% and 4%, respectively, in morning trading.
Meta stock attempted a breakout above a 542.81 buy point last week, but is squarely below the entry amid a five-day losing streak.
Tesla stock skidded another 1.7% Wednesday, as shares of the electric-vehicle giant closed further below their 50-day moving average.
Nvidia Stock Faces Two Tests This Week. Investors Face A Third.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft traded higher after Thursday's stock market open.
Amazon shares are again testing their long-term 200-day moving average amid recent losses. The stock gained 1.2% Thursday morning.
Apple stock is building the right side of a new base after recapturing its 50-day line in recent weeks. Apple climbed 2% Thursday.
Microsoft shares are also trying to find some support at their 200-day line. A new base is taking shape. And on Thursday morning, the stock moved up 2.2%.
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.
