Dow Jones futures and other major stock indexes extended their early gains Thursday after key economic data, with the early release of U.S retail sales and initial unemployment claims. Two early earnings winners on the stock market today were Dow components Cisco Systems (CSCO) and Walmart (WMT).
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Ahead of the opening bell, Dow Jones futures rose 0.9% vs. fair value, while S&P 500 futures gained 0.8%. And tech-focused Nasdaq 100 futures moved up 1.1% in morning action.
Early Thursday, the 10-year Treasury yield sank to 3.83%. Oil prices eased, as West Texas Intermediate futures continued to slosh around the $78-per-barrel level.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) rose 1.1%, as the SPDR S&P 500 ETF (SPY) climbed 0.8% ahead of the open.
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Stock Market Today: Retail Sales, Jobless Claims
The Commerce Department’s retail sales jumped 1% in July, easily beating the 0.3% estimate. Excluding vehicles, sales rose 0.4%, above the 0.1% estimate.
Further, the Labor Department’s weekly initial jobless claims dropped to 227,000. They were expected to edge higher to 234,000 vs. 233,000 in the previous week.
Cisco stock jumped 7.8% after the company reported fiscal fourth-quarter earnings and revenue that fell from a year earlier but topped Wall Street estimates. Guidance for the current quarter ending in October also came in above expectations.
And Walmart beat second quarter estimates and raised its full-year earnings outlook. Shares surged 8% in premarket trading.
Meanwhile, other key earnings movers Thursday morning include Alibaba (BABA), Deere (DE) and JD.com (JD).
Alibaba shares tumbled 4%, while Deere stock moved up almost 2% in premarket action. JD shares climbed 3.3% ahead of the open.
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Dow Jones Rises
On Wednesday, the Dow Jones Industrial Average climbed 0.6%, while the S&P 500 gained 0.4% and tech-heavy Nasdaq composite inched higher.
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 Cava (CAVA), Ferrari (RACE), Samsara (IOT) 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 four new stocks on IBD MarketSurge‘s “Breaking Out Today” list Wednesday, including DaVita (DVA), which broke out past a 147.93 buy point. Shares added 1.2% Thursday premarket.
Further, there are a handful of stock ideas on the site’s “Near Pivot” list. These are top stocks nearing new buy points, like Costco Wholesale (COST). Costco stock is just below a 896.67 flat-base entry. Shares were up 0.7% Thursday.
To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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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 were down a fraction Thursday morning.
Meanwhile, IBM is approaching its latest entry, a cup-with-handle buy point at 196.26. IBM stock rose 0.3% Thursday.
Outside the Dow Jones index, Mediterranean restaurant chain Cava bullishly regained its 50-day line last week. That also offers a buying opportunity for more aggressive investors. Shares are building the right side of a new base. Cava stock fell 0.4% early Thursday. It is an IBD SwingTrader stock.
Shares of automaker Ferrari are breaking out past a 442.80 buy point from a flat base. Ferrari is a new IBD Leaderboard stock. Shares rose 0.5% Thursday morning.
Artificial intelligence leader Samsara is in buy range above a 39.21 entry in a cup with handle following this week’s breakout move. The stock moved down 0.6% early Thursday.
Shake Shack is within striking distance of a cup-with-handle entry at 105.68. But shares dropped 0.7% 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 |
|---|---|---|---|
| Ferrari | (RACE) | 442.80 | Flat base |
| 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) fell 0.4%, while Tesla (TSLA) gained 0.3% in morning trading.
Nvidia stock had advanced 1.7% Wednesday, rising sharply for a third straight day. Shares are testing resistance around their 50-day line, an important level to monitor. Last week, the artificial intelligence giant hit its lowest level since mid-May before bouncing.
Tesla stock skidded 3.1% Wednesday, sliding back below the long-term 200-day moving average line.
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 continue to hold below their long-term 200-day line despite recent gains. The stock rose 1.1% Thursday morning.
Apple stock is back above its 50-day line amid a five-day win streak. Last week, shares triggered the round-trip sell rule from a 199.62 buy point. Apple was up another 0.3% Thursday.
Microsoft shares are back above the 200-day line. And on Thursday morning, the stock added 0.3%.
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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