The Dow Jones Industrial Average and the other major stock indexes rose Thursday, as Wall Street reacted to comments from Federal Reserve Chairman Jerome Powell. An early earnings winner on the stock market today was Micron Technology.
After the opening bell, the Dow Jones Industrial Average rose 0.6%, or 250 points, while the S&P 500 gained 0.7%. The tech-heavy Nasdaq composite advanced 1% in early trading.
Early Thursday, the 10-year Treasury yield ticked higher to 3.79%. Oil prices fell, with West Texas Intermediate futures trading around $67.20 per barrel.
Among exchange traded funds, the Invesco QQQ Trust was up 1%, as the SPDR S&P 500 ETF moved up 0.7% after the open.
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Stock Market Today: Powell Speech
A morning speech from Fed chief Powell took the economic spotlight Thursday. He gave opening remarks via pre-recorded video at the 2024 U.S. Treasury Market Conference in New York. Powell didn't comment on monetary policy or the economic outlook.
Early Thursday, the Labor Department's initial unemployment claims unexpectedly fell to 218.000 vs. 219,000 in the previous week. They were expected to rise to 224,500, per Econoday estimates.
Further, the third estimate of second-quarter GDP from the Commerce Department came in line with estimates, with 3.0% growth, unchanged from the second estimate.
After Thursday's market open, Micron was a key earnings mover, as the memory-chip giant soared more than 16% in early trading. Late Wednesday, Micron beat estimates for its fiscal fourth quarter and guided higher than views for the current period.
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Best Stocks To Watch
On Wednesday, the Dow Jones Industrial Average moved down 0.7% to fall from its all-time highs. The S&P 500 fell 0.2%, and the tech-heavy Nasdaq composite inched higher.
During Wednesday's IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market.
Among the best companies to watch on the stock market today are Arista Networks, Spotify, Texas Roadhouse and Wingstop.
Notable Dow Jones components are Amazon.com, Apple, Home Depot and Microsoft.
Spotify featured in Investor's Business Daily's Stocks Near A Buy Zone column.
There were no new stocks on IBD MarketSurge's "Breaking Out Today" list Wednesday. Check for more names on the site's "Near Pivot" list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones: Home Depot In Buy Range
Dow Jones retailer Home Depot is moving out of buy range past a handle buy point at 378.58, according to MarketSurge pattern recognition. Shares were up 0.7% early Thursday.
Outside the Dow Jones index, Arista Networks is in a buy zone past a 376.50 buy point in a consolidation. Shares advanced 1.7% Thursday morning.
Spotify shares are in buy range above a consolidation's 359.38 entry. The music streaming platform gained 0.8% Thursday.
Texas Roadhouse is attempting to break out above a 177.72 flat-base entry. Shares were flat Thursday.
Finally, Wingstop topped a 431.03 entry earlier in the week, but is below it. The stock rose 1.1% in morning action Thursday.
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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 | |
| Taiwan Semiconductor | 175.45 | Cup with handle | |
| ServiceNow | 850.33 | Flat base | |
| Uber Technologies | 75.40 | Double bottom |
Source: IBD Data as of Sept. 23
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Magnificent Seven Stocks: Alphabet, Meta, Nvidia, Tesla
Among Magnificent Seven stocks, Alphabet and Meta Platforms traded up 1.3% and 1.2%, respectively, Thursday.
Google-parent Alphabet is testing resistance at the 50-day line following a strong rebound in recent weeks.
Fellow Magnificent Seven stock Meta is in buy range above a 544.23 alternate entry.
Nvidia jumped 2.5% Thursday. The stock has a 131.26 buy point from an irregular handle. Investors also could use the Sept. 12 high of 120.79 as a much smaller handle and an early buy trigger.
Tesla climbed 0.7% Thursday morning, looking to extend a win streak to four sessions. The electric-vehicle giant is approaching a cup base's 274 buy point.
Dow Jones Leaders: Apple, Microsoft Eye Buy Points
Among Dow Jones components in the Magnificent Seven, Amazon shares are nearing a 201.20 cup-base entry. The stock dipped 0.1% Thursday.
Apple is close to a V-shaped cup with handle that shows a 232.92 entry. Shares edged lower Thursday morning.
Microsoft shares are also back above their 50-day line and nearing a 441.85 buy point in a cup with handle. And on Thursday morning, the stock was down a fraction.
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.
