The Dow Jones Industrial Average fell on Thursday morning after the first jobless claims data. Investors now await Friday’s highly anticipated July report.
Key earnings developments on Thursday include Albemarle (ALB), Ali Baba (BABA) and WHAT (WHAT). It was also on the way IBD Leaderboard shares Cheniere Energy (LNG), Quanta services (PWR), The beauty of ELF (ELF), eBay (EBAY) and Fortinet (FTNT).
Albemarle shares jumped nearly 4%. strong earnings results. Alibaba rose 6 percent. APA shares fell by 3.5%. Cheniere lost 1 percent. Quanta shares fell more than 1%. ELF shares rose by more than 4%. eBay fell 4 percent. Fortinet decreased by more than 10 percent..
Tesla (TSLA) price rose about 1% early Thursday. elsewhere Dow Jones Technology Leaders Apple (AAPL) and Microsoft (MSFT) were slightly lower in the past today’s stock market open. And Walmart (WMT) lost some after that The Wall Street Journal reported the company is laying off hundreds of workers in a restructuring effort due to declining profits.
In a strengthening stock market environment, Dow Jones shares Chevron (CVX) and UnitedHealth (UNH) – also Equinor (EQNR), Exxon Mobil. (XOM) and Vertex Pharmaceuticals (VRTX) are among the stocks to watch. Keep in mind that continued volatility in the stock market is reason to remain more conservative despite recent signs of strength.
Dow Jones today: Treasury yields, oil prices, jobless claims
The Dow Jones Industrial Average was down 0.15% and the S&P 500 was down 0.1%. The tech-heavy Nasdaq composite fell in morning trade.
The 10-year Treasury yield fell to 2.71% on Thursday morning, snapping a two-day winning streak. The 10-year Treasury yield is trying to recover after hitting its lowest level since early April. Meanwhile, U.S. oil prices fell, with West Texas Intermediate futures below $90 a barrel.
Jobless claims were first released at 8:30 a.m. ET. Initial jobless claims rose to 260,000 from 256,000 last week, according to Econoday estimates. The Labor Department’s July jobs report will be released Friday morning. The U.S. economy is expected to add 250,000 jobs in July, with the unemployment rate at 3.6%.
Stock market rally
In Wednesday’s upbeat session, the Nasdaq gained 2.6%, the Dow Jones Industrial Average gained 1.3%, the Russell 2000 gained 1.4% and the large-cap S&P 500 gained 1.6%.
Wednesday’s Big Picture commented in the column: “The Nasdaq is up 19% over the previous day. This is bullish. You want to see institutions accumulating shares, especially on strong days like Wednesday.
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Dow Jones stocks to watch: Chevron, UnitedHealth.
Dow Jones energy giant Chevron is building the right side of the base of the cup with a buy point at 182.50. Look for a possible handle to suggest a lower entry. Chevron shares were down 0.2% on Thursday.
The health insurance giant and IBD Leaderboard UnitedHealth stock remains in buy range above the 518.80 double-bottom buy point with a handle, up 1% on Wednesday, according to the data. IBD MarketSmith chart analysis. Stocks fell on Thursday.
UNH stock showing a solid 94 out of a perfect 99 IBD Composite Score, according to IBD stock check. Investors can use the IBD Composite Rating to easily gauge the quality of a stock’s fundamentals and technical indicators.
Top stocks to watch: Equinor, Exxon, Vertex.
IBD Leaderboard Watch-list stock Equinor is trading just short of a double bottom at 38.80 buy points after Wednesday’s 1.9% decline. Shares were down 2% Thursday morning.
Friday’s IBD Stocks of the Day Exxon Mobil retook the 50-day line last week, above an aggressive early entry around 93.24. But the energy giant gave up those two key levels on Wednesday, falling 3.2%. Meanwhile, the cup base entry at 105.67 is also in play. XOM shares were down 1% in early Thursday trading.
Vertex Pharmaceuticals continues to trade below its cup-handled 279.23 buy point and 50-day line on a recent slide. The company will report earnings late Thursday. Vertex shares rose 1% early.
Tesla shares rose another 2.3% on Wednesday, extending their winning streak to six sessions. The stock is at its highest level since early May, but is still trying to decisively clear resistance around its 200-day line, which is a key level to watch.
Shares were up about 1% on Thursday morning.
Dow Jones Leaders: Apple, Microsoft.
Between Dow Jones stocksShares of Apple rose 3.8 percent on Wednesday, pushing further up the right side of a new base. Shares were down 0.2% on Thursday morning.
Microsoft rose 2.8% on Wednesday as shares rebounded from two straight days of losses. The software giant is still hovering below its long-term 200-day line. The stock closed about 20% off its 52-week high. Microsoft was down 0.4% in early Thursday trading.
Be sure to follow Scott Lehtonen on Twitter @IBD_SLehtonen more about growth stocks and the Dow Jones Industrial Average.
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