The Dow Jones Industrial Average fell Thursday after key economic data — U.S. GDP and first-time unemployment claims — were released. Peloton plunged 18% on mounting quarterly losses, while Tesla stock started trading at its new 3-for-1 adjusted price.
Autodesk, Dollar General, Dollar Tree, NetApp and Nvidia were all key earnings movers Thursday. Also on the move were Dow Jones software stock Salesforce, Snowflake, Splunk and Williams-Sonoma .
Autodesk shares jumped 9% while Dollar General dropped 3%. Dollar Tree tumbled 11% as NetApp rallied more than 6.
Meanwhile, Nvidia shares slid more than 1% on a weak outlook as Salesforce skidded nearly 7% after slashing its revenue outlook. Snowflake stock surged 20% on strong revenue results while Splunk tumbled more than 11% and Williams-Sonoma rose about 3% in early trade.
Electric-vehicle leader Tesla reversed 0.5% lower Thursday. Elsewhere, Dow Jones tech leaders Apple and Microsoft were mixed after today's stock market open.
In the current stock market pullback, Albemarle, Arista Networks, Axcelis Technologies and Costco — as well as Dow Jones stocks Amgen and McDonald's — are among the top stocks to buy and watch.
Costco stock was added to the IBD Leaderboard in the wake of last week's breakout move. Arista and Axcelis were featured in this week's Stocks Near A Buy Zone column.
Dow Jones Today: Treasury Yields, Oil Prices
Early Thursday, the Dow Jones Industrial Average fell 0.1%, while the S&P 500 traded up 0.3%. The Nasdaq composite advanced 0.5% in morning trade.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust moved up 0.6%, and the SPDR S&P 500 ETF was up 0.5% in early trade.
The 10-year Treasury yield ticked higher to 3.12% early Thursday, following Wednesday's climb. This week, the 10-year Treasury yield is above the 3% level for the first time since July 21.
U.S. oil prices remained positive Thursday after losses last week saw West Texas Intermediate futures reach their lowest level since January. WTI futures rose less than 1% early Thursday, trading above $95 a barrel.
GDP, Jobless Claims, Powell Speech
The Department of Commerce released gross domestic product data Thursday morning at 8:30 a.m. ET. The second estimate of GDP showed a 0.6% drop, better than the expected 0.9% contraction.
First-time jobless claims, which came out from the Labor Department at 8:30 a.m., dropped to 243,000. That was lower than Econoday estimates, which expected a rise to 255,000.
Looking forward, Fed chief Jerome Powell will give a speech Friday on the central bank's economic outlook from Jackson Hole, Wyo. The Fed has raised interest rates this year in an attempt to bring down inflation but has sent increasingly mixed signals about coming increases.
Last week's Fed minutes seemed to push back against market expectations for a dovish pivot, after a six-week stock market rally followed the June 14-15 meeting. Markets place a roughly 62% chance of a 75-basis-point rate hike on Sept 21. One week ago, there was about a 40% chance.
Stock Market Pullback
On Wednesday, the stock market ended a three-day slide, but investors appear to be in a holding pattern ahead of Powell's speech on Friday.
Wednesday's The Big Picture column commented, "As some panelists on the daily IBD Live show frequently say, when a major index such as the Nasdaq swims in between its 50-day and 200-day moving average, it's in "no man's land."
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: Amgen, McDonald's
Dow Jones stock Amgen is building a flat base that has a 258.55 buy point, amid a strong performance by biotechs so far this year. An early entry at 253.87 is also in play. Shares remain below their 50-day support level after Wednesday's slight gain. The stock gained 0.5% early Thursday.
AMGN stock shows a solid 92 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.
McDonald's shares still trade below a 265.56 cup-with-handle entry following Wednesday's 0.1% rise, according to IBD MarketSmith chart analysis. MCD shares were up 0.3% Thursday morning.
4 Top Growth Stocks To Buy And Watch In The Current Stock Market Rally
Top Stocks To Watch: Albemarle, Arista, Axcelis, Costco
Lithium producer Albemarle moved out of buy range Wednesday above a 273.78 buy point in a large cup-with-handle base. The 5% buy zone goes up to 287.47. In previous weeks, shares topped a smaller cup with handle at a 250.25 buy point. The stock was up more than 1% Thursday morning.
Arista Networks, one of last week's IBD 50 Stocks To Watch picks, continues to plod up the right side of a double-bottom base that offers a 143.67 buy point. With the stock about 11% away from the current entry, wait for a handle — which is likely forming now — to offer a more risk-optimal buy point. Arista's RS line has been trending higher and is approaching a new high. ANET shares added 0.3% early Thursday.
IBD Leaderboard stock Costco is still below under its 552.81 buy point from a cup with handle, as shares rose 0.2% Wednesday. Wait for a bullish retake of the entry before buying shares. Shares fell 0.1% early Thursday.
Chip-equipment maker Axcelis Technologies continues to build a cup with handle that offers a 79.93 buy point, according to IBD MarketSmith chart analysis. The stock jumped 4% Thursday morning.
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla Stock
Tesla stock inched higher Wednesday, adding to Tuesday's gains. Shares of the electric-vehicle giant reversed 0.5% lower Thursday morning. Tesla stock started trading at the new 3-for-1 split-adjusted price.
Tesla stock has been wrestling to overcome resistance around its 200-day line. Tesla is about 29% off its 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares rose 0.2% Wednesday. The stock added a handle to its cup base, placing the new buy point at 176.25. Bullishly, the stock's relative strength line is holding at new highs, indicating big stock market outperformance. Shares rose 0.9% Thursday morning.
Microsoft dropped another 0.2% Wednesday, extending a losing streak to seven sessions and drifting further away from its long-term 200-day line. The stock fell 0.1% early Thursday.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
