Major stock market indexes remained in the black Thursday as they tried to build on narrow gains in midday trading. The Dow Jones Industrial Average set a new watermark, but eased off earlier highs.
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The Dow, S&P 500 and Nasdaq built on marginal gains and were all up around 0.2% on the stock market today. Dow Jones stocks tapped yet another record high in morning action, while the S&P 500 continues to flirt with an all-time high.
Meanwhile, the small-cap Russell 2000 gave back earlier gains and skidded 0.2%. And the 10-year Treasury yield added 4 basis points to 3.83%.
The Invesco QQQ Trust (QQQ), which tracks the Nasdaq 100, edged up 0.1%. The Innovator IBD 50 ETF (FFTY) faded 0.2%.
Volume fell on the New York Stock Exchange and the Nasdaq vs. the same time on Wednesday.
The U.S. Department of Labor reported initial jobless claims for the week ended Dec. 23 at 218,000 compared with 210,000 expected. The figure also was higher than the revised 206,000 for the prior week, according to Econoday.
Stock Market Movers: Chip Stocks Hit Highs
IBD Leaderboard name Arm Holdings (ARM) spiked nearly 4% and is extended from a cup-with-handle base with a 64.92 buy point. Shares of the semiconductor stock hit an all-time high on Thursday.
Advanced Micro Devices (AMD) jumped more than 2% and entered the 20% profit zone of a cup-with-handle base with a 122.11 buy point. The chip stock led the S&P 500 on Thursday.
Meanwhile, IBD 50 chip stock Nvidia (NVDA) added 0.4% and is in a flat base with a 505.48 buy point. The buy point coincides with the stock’s 52-week high reached on Nov. 20.
Nvidia’s flat base builds upon the double-bottom pattern the chipmaker broke out of last month. Shares are considered to also be in a buy zone with a 476.09 entry out of that double bottom.
Dow Jones Movers On The Stock Market
Among Dow Jones components, Amgen (AMGN) rose to hit the 288.46 buy point of a cup base before retreating a bit. Besides tentative price action, volume is running well below average levels, adding suspicion about the breakout.
Apple (AAPL) gained 0.5% and is in the buy zone of a cup-with-handle base with a 192.93 buy point.
Walgreens Boots Alliance (WBA) gave back earlier gains and dipped 0.4%. Medicare drug price negotiations are set for Feb. 1.
And Boeing (BA) slid more than 1% and remains extended from the 243.10 buy point of a cup base. Shares have eased from a 52-week high reached on Dec. 21. The aerospace and defense stock was the biggest loser on the Dow today.
Retail Platform Stock Reverses
Outside the Dow on the stock market, JD.com (JD) popped more than 3%. Bloomberg reported that the Chinese e-commerce giant will give significant salary increases in 2024. The company said in a social media statement its retail employees are expected to get an average wage increase of more than 20% next year.
The move is part of a plan by JD to keep up with competitors Alibaba (BABA) and ByteDance. Shares of JD are down nearly 50% this year, and sales have dropped for four straight quarters. BABA shares gained 1.7%.
IBD 50 stock GigaCloud Technologies (GCT) reversed lower and sank more than 2% after reaching a 52-week high early Thursday. Shares of the Hong-Kong based company jumped 21.4% on Nov. 30 following the company’s higher-than-expected earnings and sales for the third quarter. The stock continued to climb until reaching the prior high made in September.
Quarterly sales growth accelerated to 39% from 23% and 14% the prior two quarters. GCT holds a best-possible score of 99 by IBD for Composite Rating, EPS Rating and Relative Strength Rating. Its global platform connects business-to-business suppliers and resellers.
Tide Goes Out On Tidewater; ELF Beauty Primps
IBD 50 stock Tidewater (TDW) pulled back more than 3% after hitting a 52-week high on Wednesday and fell back below the 73.55 buy point.
ELF Beauty (ELF) advanced more than 1% on the stock market. The IBD 50 cosmetics and skin care stock is in the buy zone of a cup base with a 139.85 buy point.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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Source: investors.com
