Dow Jones futures and other major stock indexes traded higher Thursday, as Wall Street reacted to a bigger-than-expected drop in the Labor Department’s weekly initial unemployment claims. One of the early earnings losers on the stock market today was coffee shop Dutch Bros (BROS).
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Ahead of the opening bell, Dow Jones futures reversed early losses into a 0.4% gain vs. fair value. S&P 500 futures rose 0.8%, while tech-focused Nasdaq 100 futures moved up 1.1% in morning action.
Early Thursday, the 10-year Treasury yield fell to 3.93%. Oil prices climbed, with West Texas Intermediate futures trading around $75.40 a barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) gained 1.1%, while the SPDR S&P 500 ETF (SPY) rose 0.7% before the open.
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Stock Market Today: Eli Lilly Soars
Early Thursday, the Labor Department’s first-time jobless claims fell more than expected, at 233,000 vs. 249,000 in the previous week. They were expected to drop to 240,000, per Econoday. The bigger-than-expected drop in jobless claims will help calm fears about the health of the labor market.
Dutch Bros plunged nearly 20% Thursday morning. The Oregon-based drive-thru coffee chain beat analyst views on its second-quarter results, but offered a full-year 2024 revenue outlook that fell short of expectations.
Elsewhere, drug giant Eli Lilly (LLY) soared 12% after reporting strong second-quarter results and hiking its full-year revenue outlook by $3 billion. Sales of its blockbuster diabetes drug Mounjaro and weight loss injection Zepbound spiked.
Other key earnings movers Thursday morning included AppLovin (APP), Duolingo (DUOL), HubSpot (HUBS) and Robinhood Markets (HOOD).
AppLovin gained 4% in premarket trading, while Duolingo shares climbed more than 7%. HubSpot surged 6.5%, as Robinhood stock rallied nearly 7% in early morning action.
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Dow Jones Rebounds
On Wednesday, the Dow Jones Industrial Average dropped 0.6%. The S&P 500 lost 0.8% and tech-heavy Nasdaq composite declined 1.1%.
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 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
Among the best companies to watch on the stock market today are Ferrari (RACE), MercadoLibre (MELI), ServiceNow (NOW) and Shake Shack (SHAK).
Also on the list are Dow Jones components Amazon (AMZN), Apple (AAPL), IBM (IBM), Microsoft (MSFT) and UnitedHealth (UNH).
There were no new stocks on IBD MarketSurge‘s Breaking Out Today list Wednesday. Check out the MarketSurge “Near Pivot” list for more stocks nearing buy points in bases. To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones: IBM, UnitedHealth
Among Dow Jones components, UnitedHealth is in buy range above a 554.70 buy point in a cup base, according to MarketSurge pattern recognition. Shares lost 1.2% Thursday morning.
Meanwhile, IBM staged a breakout in recent weeks following the company’s earnings report. Shares are just below a 189.47 cup-with-handle entry despite Wednesday’s gain. IBM stock added 0.4% Thursday.
Outside the Dow Jones index, automaker Ferrari shares were trying to find support around their 50-day line, as they hold about 5% away from a 442.80 buy point in a flat base. Shares gained nearly 1% Thursday morning.
MercadoLibre broke out this week, moving past a 1,792.05 buy point in a cup with handle. Shares were up 1.4% early Thursday.
ServiceNow continues to hold below a 806.52 handle entry, as it finds support at the 50-day line. ServiceNow rose 1.3% early Thursday.
Shake Shack is building the right side of a cup base that has a 111.29 buy point, while a handle is close to finishing that would offer an entry at 105.68. Shares fell 1.2% Thursday morning.
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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 |
|---|---|---|---|
| MercadoLibre | (MELI) | 1,792.05 | Cup with handle |
| Shake Shack | (SHAK) | 111.29 | Cup base |
| ServiceNow | (NOW) | 806.52 | Handle entry |
| Spotify | (SPOT) | 331.08 | Flat base |
Source: IBD Data as of Aug. 5
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Magnificent Seven Stocks: Nvidia, Tesla
Among Magnificent Seven stocks, Nvidia (NVDA) and Tesla (TSLA) rallied 1.3% and 1.5%, respectively, in premarket trading.
Nvidia stock tumbled more than 5% Wednesday, erasing Tuesday’s rebound. This week, shares hit their lowest level since mid-May before bouncing.
Tesla stock skidded 4.4% Wednesday, further below the 50- and 200-day lines.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft traded higher ahead of Thursday’s stock market open.
Amazon shares gained 0.5%, still below their long-term 200-day line after recent losses. The stock rose 1.2% Thursday morning.
On Wednesday, Apple stock rebounded 1.3%, ending a two-day sell-off that saw it trigger the round-trip sell rule from a 199.62 buy point. Shares remain below their 50-day line. Apple was up 1.1% Thursday.
Microsoft shares dipped 0.3% Wednesday, finding resistance at their 200-day line. And on Thursday morning, the stock rose 1.1%.
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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