The major stock market indexes were down for a second day in a row in afternoon trading Thursday, although off lows of the day. With the jobs report due Friday, the market isn't giving investors the rally they were seeking.
The Nasdaq composite shed 0.1% while the S&P 500 lost 0.5%. The Dow Jones fell 0.6%. The Russell 2000 small-cap index fell 0.2%.
Volume on the NYSE was lower and the Nasdaq was higher versus the same time on Wednesday. The Nasdaq 100-tracking Invesco QQQ Trust trimmed 0.1%.
Crude oil added 0.5% to $88.14 per barrel. The SPDR Select Energy ETF gained 1.6%.
The 10-year Treasury note yield ticked up to 3.80%. Bitcoin was unchanged at $20,125.
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The jobless claims report for the week ended Oct. 1 showed 219,000 initial jobless claims vs. the 203,000 consensus expectation. It was also a 29,000 increase over the prior week. Unemployment claims is one piece the Fed is watching to help make its decision on how steeply they should raise rates to slow down inflation.
As of Thursday, 75.4% of investors expect the Fed to put through a 75 basis point rate hike at its Nov. 2 meeting, while 24.6% look for a 50 basis point hike, according to the Cboe FedWatch tool.
European markets also dipped, with the German DAX stock index down 0.4%, Paris CAC 40 down 0.8% and London FTSE 100 also down 0.8% to close out the trading day.
Mobile Unit Stock Breaks Out
WillScot Mobile Mini added 1.3% and broke out of a flat base hitting the 43.81 buy point on the MarketSmith chart. Shares are at a new high on the relative strength line as indicated by the blue dot on the chart. But volume is light and market risk remains high.
WillScot completed its divestiture of a tank and pump business on Sept. 30, with the $323 million proceeds to be redeployed to its storage and core modular business. WillScot holds a 98 Composite Rating, near a perfect 99 CR. The company reported 300% EPS growth in its Q2 earnings release on Aug. 3.
Chord Energy was up 1.8% and is trying to break out of a cup-with-handle base with a 149.89 buy point. The energy company explores, drills and develops crude oil, natural gas and natural gas liquids in the Williston Basin, near the Rocky Mountains.
Chord showed triple-digit quarterly sales growth in the last three quarters. Chord has a best-possible 99 Composite Rating. The company pays a 3.3% dividend yield to shareholders.
Stock Market Winners And Losers
Hobby social media specialist Pinterest soared 5.1% in heavy volume after Goldman Sachs upgraded the stock to buy from neutral and raised its price target to 31 from 24.
Potato products manufacturer Lamb Weston added another 1.2% after gaining 4.2% Wednesday. It is near the 83.39 buy point of a flat base. The stock received several price target hikes, including a BofA Securities increase to 95 from 90, maintaining its buy rating. And Stifel raised its target to 90 from 82.
Costco rallied 1.3% after reporting a 10.1% increase in September net sales, and an 8.5% increase in comparable sales.
Take-Two Interactive Software gained 2.4% after an upgrade from Goldman Sachs to buy from neutral. Goldman also raised its price target to 165 from 131. Analysts are betting on its "Grand Theft Auto VI" video game to be a big winner for the company. The game does not have a release date, but is expected to be out in the next couple of years.
IBD 50: Energy Stocks Lead The Way
The Innovator IBD 50 ETF gained 0.3%, holding up better than the stock market major indexes.
Oil and gas producer Matador Resources rose 4% and is trying to clear resistance around 63.
Specialty materials maker RPM International popped 3.4% in heavy volume after reporting a beat on its fiscal Q1 2023 EPS and sales on Wednesday. It is nearing a 98.07 buy point.
Genetic diseases drugmaker Sarepta Therapeutics rose 3.6% after RBC Capital raised its price target to 193 from 182 and maintained its outperform rating on the stock. The stock is in the 20%-25% profit zone of a consolidating base with a 93.60 buy point. It is also getting support at the 10-week line.
Waste Connections fell 7% on heavy volume, triggering the 7%-8% sell rule from a 144.56 buy point of a cup-with-handle base. WCN is ranked fourth in the Pollution Control group, which is ranked 33rd on IBD's list of 197 industry groups. The group saw weakness today.
