The Dow Jones Industrial Average fell at the open Thursday, while the S&P 500 and Nasdaq rose moderately amid jobless claims and other economic reports. Meanwhile, Nvidia and a number of fellow artificial intelligence plays continued to rise. And after a price target hike, Meta Platforms is nearing a buy point on the stock market today.
The Dow Jones index fell 0.1% at the open. But the S&P 500 jumped 0.4% and the Nasdaq rose 0.2%. U.S. markets were closed Wednesday for the Juneteenth holiday.
The 10-year Treasury yield rose to 4.27% after sliding 6 basis points to 4.22% on Tuesday. Also, U.S. crude oil prices edged higher after jumping 4% to $81.57 a barrel in the first two days of the week.
Among those reporting earnings, KB Home, Olive Garden parent Darden Restaurants rose modestly after beating views. But Kroger, which also topped estimates, reversed lower.
Stock Market Today: Jobless Claims
New jobless claims dipped 4,000 to 238,000, but above estimates for 235,000. The Philly Fed index fell 3.2 points to 1.3 vs. forecasts for a slight uptick.
Housing starts fell to 1.277 million annualized, down from 1.352 million in April. Economists expected a slight rise.
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The Dow Jones Industrial Average rose 0.2% in Tuesday's stock market trading. The S&P 500 index climbed 0.3%. The Nasdaq composite edged higher. The small-cap Russell 2000 gained 0.2% but is still below its 50-day moving average.
The Nasdaq is 8.2% above its 50-day line. It can become more extended, but that raises the risk of a pullback, and that retreat would be more significant.
The S&P 500, at 5.1% above its 50-day, is slightly stretched.
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Nvidia Stock Nears Historic Extremes
Nvidia stock rose 2.5% after the open on the stock market today. On Tuesday, shares climbed 3.5% to 135.58 to yet another record high and a $3.34 trillion valuation. That pushed the AI chip leader above the market caps of Apple and Microsoft.
Nvidia stock closed Tuesday 36.6% above its 50-day moving average. It's has briefly gotten 40% above its 50-day a couple of times in the past year, but that's its most extreme level in the past 20 years. Both times it reached those levels, Nvidia consolidated for some time.
Meta Stock Forging Handle
Meta stock edged higher after the open. KeyBanc raised its Meta Platforms price target to $540 from 475, keeping an overweight rating. It cited a "meaningful uptick" in ad prices. Shares of the Facebook and Instagram parent have a 531.49 cup-base buy point. But Meta stock could have a handle after Thursday, giving it a 514.01 buy point.
Stock Market Today: Other AI Plays
Taiwan Semiconductor, which makes chips for Nvidia, Apple and a number of other companies, climbed nearly 1% early Thursday. Taiwan Semi stock could be the next member of the $1 trillion market cap club. It had a $932 billion market cap as of Tuesday's close.
Super Micro Computer stock popped 6% in early trade. The AI server maker and Nvidia partner has soared 16% so far this week, running from the 50-day line and clearing a trendline entry. Super Micro stock is just starting to build the right side of a deep base with a 1,229 buy point.
Palantir Technologies stock rose 1% on the stock market today. Shares vaulted 9.55% on Monday and Tuesday, racing past a downward-sloping trendline and another early entry at 25.36. The data-analytics software maker is nearing the official buy point of 27.50, according to MarketSurge.
Nvidia stock and Taiwan Semiconductor are on IBD Leaderboard. Microsoft stock is on IBD Long-Term Leaders. Nvidia and Palantir stock are on the IBD 50. And Nvidia and Super Micro stock are on the IBD Big Cap 20.
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