The Dow Jones Industrial Average tumbled 375 points Thursday after weekly unemployment claims and quarterly GDP data both came in weaker than expected. Dow Jones giant Salesforce plunged on the stock market today after the company's earnings report, while artificial intelligence giant Nvidia looked to set more record highs.
After the opening bell, the Dow Jones Industrial Average lost 1%, while the S&P 500 dropped 0.3%. The tech-focused Nasdaq composite fell 0.4% in morning action.
Early Thursday, the 10-year Treasury yield ticked lower to 4.59%. Oil prices dipped as West Texas Intermediate futures traded around $78.50 a barrel.
Among U.S. exchange traded funds, the Invesco QQQ Trust lost 0.4% and the SPDR S&P 500 ETF dropped 0.3%.
Stock Market Today: Jobless Claims, GDP
The Labor Department's first-time jobless claims rose to 219,000 vs. 215,000 in the previous week. They were expected to rise to 217,000, per Econoday estimates.
Further, the Commerce Department's second estimate of first-quarter GDP fell to 1.3% vs. 1.6% in the first estimate. It was expected to dip to 1.5%. Personal consumption expenditures, at 2.5% growth in the first estimate, fell to 2.0% in the second estimate. They were expected to slow to 2.2%, according to Econoday.
Among individual stocks, Software giant Salesforce plunged 20% after the company reported first-quarter earnings that topped estimates while revenue missed. A July-quarter revenue outlook for Salesforce came in well below expectations.
Meanwhile, Nvidia gained 0.2% Thursday, hitting more record highs. The company is an IBD Leaderboard stock. Last week, Nvidia stock topped a secondary buy point at 974, gapping up to new highs.
Other key earnings movers Thursday include Best Buy, C3.ai and Foot Locker, along with HP, Kohl's, Okta, Pure Storage and UiPath.
Best Buy shares climbed more than 10%, while C3.ai shares jumped nearly 12%. Foot Locker stock surged 21%, and HP shares advanced 7%. Kohl's stock tumbled nearly 24%, as Okta moved up 3%. Finally, Pure Storage shares leapt 6.5%. And UiPath stock crashed 33% on the stock market today.
Be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.
Dow Jones Slides
On Wednesday, the Dow Jones industrials skidded nearly 1.1%, while the S&P 500 declined 0.7%. The Nasdaq composite lost 0.6%.
Investor's Business Daily's Big Picture column on Wednesday commented, "IBD has kept the current outlook at a target exposure range of 60%-80%, despite the market's notable achievements lately — whether it's Dow 40,000, Nasdaq 17,000, or simply the key indexes rising to new highs."
During Wednesday's IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market today.
Now is an important time to read The Big Picture column amid the ongoing stock market action. Also, be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.
Learn How To Time The Stock Market With IBD's ETF Market Strategy
Stock Market Today: Best Stocks To Watch
Monday.com, Netflix and Crocs — plus Dow Jones components Apple, Merck and Microsoft — are among the best companies to watch on the stock market today.
Microsoft was featured in IBD's Stocks Near A Buy Zone column as it trades just below a 430.82 buy point.
In IBD MarketSurge's "Breaking Out Today" list, Apollo Global Management is trying to break out a 117.15 buy point. Check out the MarketSurge "Near Pivot" list for stocks nearing buy points in bases. To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones Component Merck
Drug giant Merck is building a flat base that has a 133.10 entry, but shares took a tumble below their 50-day line this week. The stock edged up on the stock market today.
Recent IBD Stock Of The Day Crocs remains squarely above a 146.79 buy point in a cup base, despite a 0.8% drop Wednesday. Crocs stock gained 0.7% Thursday.
Outside the Dow Jones index, Monday.com is holding above a cup base's 239 buy point, despite recent losses, according to IBD MarketSurge. Shares were down 3% Thursday morning.
Streaming giant Netflix climbed nearly 1% Wednesday, further above the 639 cup entry but still in buy range. Netflix stock inched down Thursday.
Find The Best Stocks To Buy And Watch With IBD Stock Screener And IBD Screen Of The Day
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 |
|---|---|---|---|
| Microsoft | 430.82 | Flat base | |
| Netflix | 639 | Cup base | |
| Crocs | 146.79 | Cup base | |
| Taiwan Semiconductor | 148.43 | Double bottom |
Source: IBD Data As Of May 28, 2024
Join IBD experts as they analyze leading stocks in the stock market today on IBD Live
Magnificent Seven Stocks: Tesla
Among Magnificent Seven stocks, Tesla moved up 1.4% on the stock market today.
Tesla stock dropped 0.3% Wednesday, still clinging to its 50-day line. Shares remain about 40% off their 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple and Microsoft traded mixed after Thursday's stock market open.
Apple stock edged up Wednesday, still forming a cup base that has a 199.62 buy point. Shares gained 0.4% Thursday.
Microsoft shares moved down 0.3% Wednesday, to just below a flat base's 430.82 buy point, after a brief breakout attempt last week. Early Thursday, Microsoft stock fell 1.9%.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
