The Dow Jones Industrial Average rallied Thursday morning, as Nvidia stock slashed sharp losses after a disappointing sales outlook for the current quarter. Twitter stock jumped after Elon Musk committed more cash to the Twitter deal.
Nvidia shares dropped less than 1%. Elsewhere, Snowflake, Splunk and Williams-Sonoma also reported late Wednesday. Meanwhile, Alibaba, Baidu, Burlington Stores, Dollar General, Dollar Tree and Macy's reported ahead of Thursday's stock market open.
SNOW stock tumbled 12%, while Splunk shares climbed 6%. Williams-Sonoma stock rallied 9%. BABA stock rose 6%, as Baidu shares advanced 5.5%. Discount retailers Dollar General and Dollar Tree surged 15% and 18%, respectively. Macy's soared 15%.
Stock Market Today: Twitter Stock Jumps
Twitter jumped 4% after Musk updated his funding plan for his $44 billion acquisition of the social media company. Musk's funding plan was upped from $27.25 billion in equity to $33.5 billion. The new funding plan no longer uses a margin loan backed by shares of Tesla.
Electric-vehicle giant Tesla traded down 0.4% Thursday morning. Elsewhere, Dow Jones tech leader Apple dropped 1% and Microsoft was up a fraction in today's stock market.
Amid an ongoing stock market correction, Dow Jones leaders Chevron and Merck — along with Livent, Eli Lilly, World Wrestling Entertainment and ZIM Integrated Shipping — are among IBD's top stocks to watch for Thursday.
Eli Lilly is an IBD Leaderboard stock. Merck is on IBD SwingTrader. Livent and World Wrestling Entertainment were featured in this week's Stocks Near A Buy Zone column.
Dow Jones Today: Treasury Yields, Oil Prices
After Thursday's open, the Dow Jones Industrial Average moved up 1.1%, and the S&P 500 rose 0.95%. The tech-heavy Nasdaq composite gained 0.7% in morning trade.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust rose 0.7%. The SPDR S&P 500 ETF moved up 1%.
The 10-year Treasury yield ticked up to 2.75% Thursday morning after closing Wednesday at 2.74%. On Tuesday, the 10-year Treasury yield hit its lowest level since mid-April. Meanwhile, U.S. oil prices climbed more than 1%, with West Texas Intermediate crude trading just below $112 a barrel.
Stock Market Correction
The major stock indexes posted mostly positive action Wednesday. The tech-heavy Nasdaq rallied 1.5%, while the Dow Jones Industrial Average moved up 0.6%.
Wednesday's The Big Picture column commented, "Small caps have been getting battered in the stock market amid rising recession fears. But the bulls reigned supreme this time as the Russell 2000 ended the day up 2%. The index has a long ways to go before it retraces its losses of more than 20% so far for the year."
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, Merck
Dow Jones leader and energy giant Chevron is trading just above a flat base's 174.86 buy point, according to IBD MarketSmith chart analysis, following Wednesday's 1.6% advance. The 5% buy zone tops out at 183.60. CVX shares traded up 0.4% Thursday.
CVX stock boasts 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.
Merck, a Dow Jones and IBD SwingTrader stock, is back in buy range past a cup-with-handle's 89.58 buy point, as shares declined 0.9% Wednesday. The 5% buy area goes up to 94.06. MRK shares were flat Thursday morning.
The stock's relative strength line hit a new high this week, a strong indicator of stock market outperformance during the current stock market correction.
Four Top Growth Stocks To Watch In The Current Stock Market Correction
Stocks To Watch: Livent, Eli Lilly, WWE, ZIM
Lithium producer and Tesla supplier Livent is below an early buy point at 29.68, falling 3.2% Wednesday. Meanwhile, Livent stock continues to rally up the right side of a cup base that has a conventional entry at 33.14. Keep an eye out for a potential handle to offer a more risk-optimal entry. LTHM shares were up a fraction Thursday morning.
Pharmaceutical giant Eli Lilly rose 1.1% Wednesday. Shares of the IBD Leaderboard stock are finding support around their 50-day moving average line and are approaching a flat base's 314.10 buy point. An early buy trigger at 309.54 is also in play. Eli Lilly shares were down 0.4% Thursday.
World Wrestling Entertainment is one of the top stocks to watch after it closed Wednesday within striking distance of a flat base's 63.81 buy point. WWE shares inched lower Wednesday, snapping a five-day win streak. The stock was up 1% Thursday morning.
IPO Leader ZIM Integrated is tracing a cup base that has a 79.05 buy point. Amid a five-day win streak, shares are about 10% away from the correct buy point. Keep an eye out for a handle to offer a more risk-optimal entry. ZIM shares were slightly lower Thursday.
Join IBD experts as they analyze leading stocks in the current stock market correction on IBD Live
Tesla Stock
Tesla stock raced 4.9% higher Wednesday, rebounding from Tuesday's 6.9% loss. Shares were down 0.5% after Jefferies lowered its price target from 1,250 to 1,050. The stock remains sharply below its 50- and 200-day moving averages.
Tesla stock traded as high as 1,243.49 on Nov. 4. Shares are about 47% off that record high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares inched 0.1% higher Wednesday. The stock remains well below its long-term 200-day line. AAPL stock moved down 1% Thursday after Bloomberg reported the company is keeping iPhone production roughly flat in 2022.
Software leader Microsoft rose more than 1% Wednesday, but remains sharply below its 50- and 200-day lines. The stock closed about 25% off its 52-week high. MSFT shares were up 0.3% Thursday.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
