April 24, 2024

Stocks kept the party going in morning trades Thursday as the Dow Jones Industrial Average climbed near the 40,000 mark, and other major indexes hit new all-time highs. Meanwhile, the Labor Department’s initial unemployment claims came out and social media platform Reddit (RDDT) is expected to debut on the stock market today.


The Dow Jones Industrial Average climbed 0.7% in morning action, putting it just below 39,800, while the S&P 500 rose 0.6%. The tech-heavy Nasdaq composite advanced 0.7% after the opening bell.

Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was up 0.7%, while the SPDR S&P 500 ETF (SPY) rose 0.5%.

The 10-year Treasury yield ticked higher to 4.27%. Further, oil prices fell after Wednesday’s losses, as West Texas Intermediate futures turned down slightly to trade around $81.20 a barrel.

The Reddit initial public offering is expected to debut Thursday after the company priced its IPO at the top end of its $31 to $34 range. The Reddit IPO is valued at $6.4 billion, raising $748 million for the company. Reddit is to trade under the ticker ‘RDDT.’

Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.

Stock Market Today: Jobless Claims

The Labor Department reported first-time jobless claims, saying that claims rose to 210,000. Claims were expected to hold steady at 209,000.

Further, the Philadelphia Fed manufacturing index eased to 3.2 in March vs. 5.2 in February. It was expected to fall to -5.0.

Meanwhile, existing home sales unexpectedly rose to 4.38 million in February vs. 4.0 million in January, per Econoday estimates. They were expected fall to 3.92 million.

Key earnings reports Thursday morning include Academy Sports & Outdoors (ASO), Chewy (CHWY) and Darden Restaurants (DRI). Also reporting were Five Below (FIVE), KB Home (KBH) and Micron Technology (MU).

Academy shares plunged more than 11%, while Chewy stock dropped more than 4% in early morning trading. Darden shares tumbled more than 4%, as Five Below dived 11%. KB Home climbed 1.6%. And Micron shares soared more than 14% in morning action.

Dow Jones Rises

On Wednesday, the Dow Jones Industrial Average rallied 1%, and the S&P 500 climbed 0.9%. The tech-heavy Nasdaq composite advanced 1.3%.

Wednesday’s Big Picture column commented, “In fact, Wednesday’s move struck a bullish tone in this additional way: Volume actually grew on both main exchanges, indicating accumulation by the big players in the investment world.”

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 On Stock Market Today

Arista Networks (ANET), Duolingo (DUOL), Dexcom (DXCM) and DraftKings (DKNG) — plus Dow Jones components Disney (DIS), IBM (IBM) and Procter & Gamble (PG) — are among the best stocks to buy and watch on the stock market today.

Arista and Disney were featured in this Stocks Near A Buy Zone column.

An essential resource for daily breakouts is IBD MarketSurge’s “Breaking Out Today” list. It shows MarketSurge Growth 250 stocks that are breaking out past new buy points. There were three new breakouts Wednesday, including Arista Networks.

Meanwhile, the MarketSurge “Near Pivot” list shows stocks nearing buy points in bases, like Duolingo.

Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard

Dow Jones Stocks: Disney in Buy Range

Disney is breaking out past a big cup-with-handle base’s 112.92 buy point, according to IBD MarketSurge chart analysis. And shares closed further above their entry Wednesday, with a 1.7% gain. Disney stock rose 0.4% Thursday morning.

IBM stock remains below a flat base’s 196.90 buy point, despite a 0.2% gain Wednesday. Shares fell 1% Thursday.

Consumer products giant Procter & Gamble inched higher Wednesday, still above a 158.38 buy point in a cup base. P&G stock edged down Thursday.

4 Top Growth Stocks To Watch In The Stock Market Rally

Arista Stock Breaks Out

Arista shares rallied 3.2% Wednesday, breaking out above a 292.66 flat-base buy point, according to MarketSurge charts. And on Thursday morning, Arista shares added 0.4%.

IPO Leader Duolingo is just shy of a cup-with-handle’s 241.86 entry following Wednesday’s 3% rally. Duolingo shares were up 2% Thursday.

Dexcom shares dropped 1.2% Wednesday, holding just above a 132.03 entry in a flat base. Dexcom shares gained 1.5% early Thursday.

Finally, DraftKings broke out past a 46.52 buy point in a short consolidation, climbing 5.7% Wednesday. Shares tacked on 1.1% Thursday morning.

IBD’s latest newsletter MarketDiem gives you actionable ideas for stocks, options and crypto right in your inbox

Best Picks 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
Disney (DIS) 112.92 Cup with handle
Arista Networks (ANET) 292.66 Flat base
DraftKings (DKNG) 45.62 Consolidation
Duolingo (DUOL) 241.86 Cup with handle
Source: IBD Data As Of March 19, 2024

Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live

Magnificent Seven Stocks: Nvidia, Tesla

Magnificent Seven stocks Nvidia (NVDA) climbed 1.1% while Tesla (TSLA) dropped 0.6% in Thursday’s morning action.

Nvidia shares rallied 1.1% Wednesday, extending a win streak to three sessions. Nvidia is an IBD Leaderboard stock.

Tesla stock raced 2.5% higher Wednesday, its highest level since March 12. Still, shares are sharply below their 50-day and 200-day moving averages and more than 40% off their 52-week high.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks in the Magnificent Seven, Apple (AAPL) and Microsoft (MSFT) traded mixed after Thursday’s stock market open.

Apple stock moved up 1.5% Wednesday, closing at its highest level since March 1. Shares remain sharply below their long-term 200-day line. Apple dropped 1.3% Thursday after reports said the Justice Department will sue the iPhone maker as soon as Thursday for violating antitrust laws related to the iPhone.

The lawsuit is expected to accuse Apple of blocking rivals from accessing iPhone hardware and software features, Bloomberg News reported Wednesday night.

Microsoft shares found support at the 50-day line, sending them into new highs last week. That placed the software giant in a new buy area.  Microsoft shares were up 0.8% on the stock market today.

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.


Top Growth Stocks To Buy And Watch

Learn How To Time The Market With IBD’s ETF Market Strategy

Find The Best Long-Term Investments With IBD Long-Term Leaders

Nvidia Partner Rides AI Megatrends To 3,594% Gain — With More To Come

Spot Buy Points And Sell Signals With MarketSurge Pattern Recognition

Source: investors.com

Leave a Reply

Your email address will not be published. Required fields are marked *