The Dow Jones industrial average and other major stock indexes rallied sharply Thursday, buoyed by a strong earnings report from chip maker Nvidia. The artificial intelligence leader soared by double digits on the stock market today as investors also reacted to surprise jobless claims numbers.
The Dow Jones Industrial Average rallied 0.7% in morning action, while the S&P 500 moved up 1.65%. The tech-heavy Nasdaq composite advanced 2.5% in morning action.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF was up 2%, as the SPDR S&P 500 ETF moved up 1.4%.
The 10-year Treasury yield inched down to 4.31%. Further, oil prices continue to hold near their recent highs, as West Texas Intermediate futures fell 0.3%, trading around $77.70 a barrel.
Stock Market Today: Jobless Claims
Early Thursday, the Labor Department's jobless claims unexpectedly fell to 201,000 vs. 212,000 in the previous week. They were expected to rise to 216,000.
Further, the S&P Global's Purchasing Managers' Index showed that the manufacturing index rose to 51.5 in February vs. January's 50.7 reading. And the services index fell to 51.3 in February vs. 52.5 in January.
Finally, the National Association of Realtors' existing home sales in January rose to a rate of 4.0 million, topping estimates for an increase to 3.98 million.
After Thursday's open, Nvidia soared 15.5% after the company beat Wall Street's targets for its fiscal fourth quarter and guided higher than views for the current period. Shares hit record highs.
Other key earnings movers on the stock market today include Dutch Bros, Etsy, Lucid Motors, Mosaic, Planet Fitness and Rivian.
Dutch Bros shares jumped 4% in morning trading, while Etsy stock tumbled more than almost 8%. Lucid Motors dived 16%, as Mosaic shares rallied 5%. Finally, Planet Fitness shares dropped almost 3%. And Rivian shares plunged 26% in early morning action.
Dow Jones Rises
On Wednesday, the Dow Jones Industrial Average and the S&P 500 both reversed slightly higher. The tech-heavy Nasdaq composite ended the session down 0.3%.
Wednesday's Big Picture column commented, "Another reason why IBD's recommended exposure level got cut to 60%-80% on that tough decline on Feb. 13? High-quality breakouts by growth companies had been thinning fast."
Now is an important time to read IBD's The Big Picture column amid the continuing stock market rally. 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
Best Stocks To Buy And Watch In Stock Market Today
Birkenstock, Lennar and Toll Brothers — plus Dow Jones components Procter & Gamble and Walmart — are among the best stocks to buy and watch in the current market rally.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones Stocks: Walmart Rallies On Earnings
Consumer products giant Procter & Gamble gained 1.2% Wednesday, rising for a fourth straight day. Shares are back above their 158.38 buy point in a cup base, according to IBD MarketSmith pattern recognition. Procter shares dipped 0.8% Thursday.
Following this week's gains, discount retail leader Walmart is out of buy range past a 163.57 entry in a cup with handle. Walmart shares fell 0.2% Thursday morning.
4 Top Growth Stocks To Watch In The Stock Market Rally
Birkenstock Breaks Out
Birkenstock is breaking out past a choppy cup-with-handle's 51.09 buy point, according to IBD MarketSmith, with a 5.6% jump Wednesday. Shares ticked up 2.2% Thursday morning.
Homebuilder Lennar remains below its flat base's 156.01 buy point amid Wednesday's 0.7% rise. Lennar shares added 1% early Thursday.
Fellow homebuilder Toll Brothers is breaking out above a flat base's 105.91 buy point, with a 4% rally Wednesday. Toll stock added 1.2% Thursday.
Best Bets On Stock Market Today
These are four best stocks to watch in today's stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Novo Nordisk | 105.69 | Flat base | |
| Merck | 119.65 | Cup base | |
| DraftKings | 39.35 | Cup base | |
| Spotify | 202.88 | Flat base |
Source: IBD Data As Of Feb. 12, 2024
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Magnificent Seven Stock: Tesla
Magnificent Seven stock Tesla declined 1.1% in the stock market today.
Tesla stock rose 0.5% Wednesday, still rebounding from its lowest level since May 2023.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple and Microsoft traded higher after Thursday's stock market open.
Apple is forming a flat base with a buy point at 199.62. But Apple stock must first retake the key 50-day moving average, as it searches for support around its long-term 200-day line. Shares gained 0.4% Thursday.
Microsoft shares are falling back into buy range past a 384.30 buy point in a flat base, amid a four-day losing streak. The software giant was up 2.2% Thursday morning.
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.
