The Dow Jones Industrial Average reversed higher Thursday, as Wall Street reacted to the Labor Department's GDP report and weekly unemployment claims. One of the losers on the stock market today was memory-chip maker Micron Technology (MU), plunging a day after it reported earnings.
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After the opening bell, the Dow Jones Industrial Average inched higher, while the S&P 500 gained 0.1%. The tech-focused Nasdaq composite climbed 0.3% in morning trades.
Early Thursday, the 10-year Treasury yield climbed to 4.32%. Oil prices extended their recent gains, with West Texas Intermediate futures trading around $81.50 a barrel.
Among U.S. exchange traded funds, the Invesco QQQ Trust (QQQ) and the SPDR S&P 500 ETF (SPY) both were up about 0.2% after the open.
Stock Market Today
Early Thursday, the Labor Department's third estimate of second-quarter GDP rose to 1.4%, in line with expectations, vs. 1.3% in the second estimate. Meanwhile, initial jobless claims dropped to 233,000. They were expected to fall to 236,000 vs. 238,000 in the previous week, per Econoday estimates.
Micron said late Wednesday that it handily beat Wall Street's targets for its fiscal third quarter. But it disappointed investors with its in-line forecast for the current quarter. Micron stock tumbled nearly 6% in morning trading.
Meanwhile, other earnings movers Thursday morning include Acuity Brands (AYI),AeroVironment (AVAV), Jefferies (JEF), Levi Strauss (LEVI) and Walgreens Boots Alliance (WBA).
Acuity Brands climbed almost 3% in early trades, as AeroVironment declined more than 14%. Jefferies shares moved up 5.5%, while Levi stock plummeted almost 17%. And Walgreens stock cratered more than 22% in morning trade.
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Dow Jones Snaps Win Streak
On Wednesday, the Dow Jones Industrial Average inched higher, while the S&P 500 and Nasdaq climbed 0.2% and 0.5%, respectively.
Investor's Business Daily's Big Picture column said, "Bulls and bears seem to be at an impasse, with neither side committing itself. For now, the market is holding up as selling in some tech leaders subsides. Yet, a narrow set of pillars is propping up stocks. Will more solid investments arrive to shore up the market?"
During Wednesday's IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market today.
Now is an important time to read The Big Picture column amid the ongoing stock market action. Also, be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.
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Stock Market Today:Best Stocks To Watch
Burlington Stores (BURL), Carvana (CVNA),Domino's Pizza (DPZ) and Meta Platforms (META) — plus Dow Jones components Amazon.com (AMZN), Apple (AAPL), Amgen (AMGN) and Microsoft (MSFT) — are among the best companies to watch on the stock market today.
In IBD MarketSurge's "Breaking Out Today" list, Kaspi.kz (KZPI) broke out past a 136.17 buy point in a cup base Wednesday. Shares ended Wednesday just below the buy trigger.
Check out the MarketSurge "Near Pivot" list for stocks nearing buy points in bases.To find more stock ideas, checkIBD Stock ListslikeIBD 50,Big Cap 20andStocks Near A Buy Zone.
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Dow Jones: Amgen Breaks Out
Dow Jones stocks worth watching include biotech giant Amgen, which is trying to break out past a cup-with-handle base's 133.10 entry, according to MarketSurge pattern recognition. Amgen gained 0.8% in morning trading Thursday.
Outside the Dow Jones index, Burlington Stores is in buy range above a 232.69 cup-base entry amid recent gains. Burlington stock lost 0.6% Thursday.
Carvana is trying to break out past a 129 buy point in a cup base. Carvana stock rose 0.3% Thursday.
Pizza maker Domino's is tracing a flat base that has a 542.75 buy point, according to IBD MarketSurge. Domino's shares gained almost 1% Thursday morning.
Finally,Meta stock is just shy of a 514.01 buy point in a cup-with-handle base. Meta stock moved up 1.7% Thursday morning, topping the entry.
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Stock Market Today: Companies To Watch
These are four stocks in or near buy zones in today's stock market.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Carvana | (CVNA) | 129 | Cup base |
| Domino's | (DPZ) | 542.75 | Flat base |
| Meta Platforms | (META) | 514.01 | Flat base |
| Amazon | (AMZN) | 191.70 | Flat base |
Source: IBD Data As Of June 27, 2024
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Magnificent Seven Stocks: Nvidia, Tesla
Among Magnificent Seven stocks, Nvidia (NVDA) dropped 1.7%, and Tesla (TSLA) moved up 0.8% on the stock market today in morning trading.
Nvidia stock added to Tuesday's rebound, moving up 0.3% Wednesday. Shares remain sharply above a split-adjusted alternative buy point at 97.40. The artificial intelligence leader is an IBD Leaderboard stock.
Tesla stock rallied 4.8% Wednesday, closing near its highest level since early March. Shares are rebounding from their 50-day line.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft traded higher after Thursday's stock market open.
Amazon is breaking out past a 191.70 buy point in a flat base following a recent rebound from the 50-day line. Amazon stock moved up 1.1% Thursday.
Apple stock rose 2% Wednesday, extending a win streak to three sessions. Shares are extended past the 5% buy range above a cup base's 199.62 buy point. Apple was up 0.6% Thursday.
Microsoft shares climbed 0.3% Wednesday, barely in buy range past a flat base's 430.82 buy point. And early Thursday the stock rose 0.6%.
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.
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