The Dow Jones Industrial Average dropped Thursday morning after first-time jobless claims data. Now investors await Friday's highly anticipated July jobs report.
Key earnings movers Thursday include Albemarle, Alibaba and APA. Also on the move were IBD Leaderboard stocks Cheniere Energy, Quanta Services, ELF Beauty, eBay and Fortinet.
Albemarle shares jumped almost 4% on strong earnings results. Alibaba rallied 6%. APA shares declined 3.5%. Cheniere lost 1%. Quanta shares traded down more than 1%. ELF stock gained more than 4%. eBay dropped 4%. Fortinet tumbled more than 10%.
Tesla traded up about 1% early Thursday. Elsewhere, Dow Jones tech leaders Apple and Microsoft were slightly lower flat before today's stock market open. And Walmart lost a fraction after the Wall Street Journal reported the company is laying off hundreds of workers in a restructuring effort due to falling profits.
In the strengthening stock market environment, Dow Jones stocks Chevron and UnitedHealth — as well as Equinor, Exxon Mobil and Vertex Pharmaceuticals — are among the stocks to watch. Keep in mind that ongoing stock market volatility is a reason to stay more conservative despite recent signs of strength.
Quanta, UnitedHealth and Vertex are IBD Leaderboard stocks. Chevron and Exxon were featured in this week's Stocks Near A Buy Zone column. Exxon Mobil was Friday's IBD Stock Of The Day.
Dow Jones Today: Treasury Yields, Oil Prices, Jobless Claims
The Dow Jones Industrial Average lost 0.1%, while the S&P 500 inched higher. The tech-heavy Nasdaq composite gained 0.3% in morning trade.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust moved up 0.3%. And the SPDR S&P 500 ETF lost less than 0.1%.
The 10-year Treasury yield ticked lower to 2.71% Thursday morning, on pace to snap a two-day win streak. The 10-year Treasury yield is trying to rebound after hitting its lowest level since early April. Meanwhile, U.S. oil prices dropped, as West Texas Intermediate futures traded below $90 a barrel.
First-time jobless claims came out at 8:30 a.m. ET. Initial unemployment claims rose to 260,000 vs. 256,000 in the previous week, in line with Econoday estimates. On Friday morning, the Labor Department's July jobs report is set for release. The U.S. economy is expected to have added 250,000 jobs in July with an unemployment rate of 3.6%.
Stock Market Rally
Wednesday's bullish session saw gains of 2.6% on the Nasdaq, 1.3% by the Dow Jones Industrial Average, 1.4% by the Russell 2000 and 1.6% by the large-cap S&P 500.
Wednesday's The Big Picture column commented, "Volume bulged 19% higher on the Nasdaq vs. the prior day. That's bullish. You want to see institutions accumulating shares with abandon, especially during strong days such as Wednesday."
If you're new to IBD, consider taking a look at its stock trading system and CAN SLIM basics. Recognizing chart patterns is one key to the investment guidelines. IBD offers a broad range of growth stock lists, such as Leaderboard and SwingTrader.
Investors also can create watchlists, find companies nearing a buy point, or develop custom screens at IBD MarketSmith.
Five Dow Jones Stocks To Watch Now
Dow Jones Stocks To Watch: Chevron, UnitedHealth
Dow Jones energy giant Chevron is building the right side of a cup base that has a 182.50 buy point. Be on the lookout for a potential handle to offer a lower entry. Chevron stock traded down 0.2% Thursday.
Health insurance giant and IBD Leaderboard stock UnitedHealth remains in buy range above its double-bottom-with-handle base's 518.80 buy point amid Wednesday's 1% gain, according to IBD MarketSmith chart analysis. Shares edged lower Thursday.
UNH stock shows a solid 94 out of a perfect 99 IBD Composite Rating, per the IBD Stock Checkup. Investors can use the IBD Composite Rating to easily gauge the quality of a stock's fundamental and technical metrics.
4 Top Growth Stocks To Watch In The Current Stock Market Rally
Top Stocks To Watch: Equinor, Exxon, Vertex
IBD Leaderboard watchlist stock Equinor is trading just shy of a double bottom's 38.80 buy point following Wednesday's 1.9% decline. Shares fell 2% Thursday morning.
Friday's IBD Stock Of The Day Exxon Mobil reclaimed the 50-day line last week and topped an aggressive early entry around 93.24. But the energy giant gave up those two key levels Wednesday, sliding 3.2%. Meanwhile, a cup-base entry at 105.67 is also in play. XOM stock traded down 1% early Thursday.
Vertex Pharmaceuticals continues to trade under its cup-with-handle's 279.23 buy point and 50-day line within a recent skid. The company will report earnings late Thursday. Vertex shares added 1% early.
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla Stock
Tesla stock rose another 2.3% Wednesday, extending a win streak to six sessions. Shares are at their highest level since early May but are still trying to decisively clear resistance around their 200-day line, which is a key level to watch.
Shares rose around 1% Thursday morning.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares rallied 3.8% Wednesday, moving further up the right side of a new base. The stock fell 0.2% Thursday morning.
Microsoft gained 2.8% Wednesday, as the stock recovered from two straight days of losses. The software giant is still ranging below its long-term 200-day line. The stock closed about 20% off its 52-week high. Microsoft moved down 0.4% early Thursday.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
