The Dow Jones Industrial Average and other indexes reclaimed some of Wednesday’s losses after some reassuring economic news. The Dow approached the 50-day moving average at midday Thursday and rose 1.5%, or 580 points.
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The S&P 500 gained 2% in the stock market today while the Nasdaq rose 2.5% and appeared to have found some footing off the 200-day moving average. Both indexes have much work to do before catching up with their 50-day moving averages.
Volume was lower on the NYSE and higher on the Nasdaq compared with the same time on Wednesday. But advancers beat decliners on the NYSE by 4-to-1 and by more than 2-to-1 on the Nasdaq.
The small-cap Russell 2000 gained 1.8%. The Innovator IBD 50 ETF (FFTY) rose 2.2% in the stock market today.
The yield on the benchmark 10-year Treasury note rose two basis points to 4% after economic data helped ease worries of a recession.
Initial jobless claims for the week ended Aug. 3 came in lower than views at 233,000 and fell 17,000 from the prior week. Economists had expected 240,000 after claims hit a one year high of 250,000 during the week ended July 27.
Sarepta Therapeutics (SRPT) fell below the 50-day moving average in strong volume after second-quarter results were announced, triggering a sell signal.
In the restaurant industry, Dutch Bros (BROS) gapped down over 20% and fell below the 200-day moving average, also in heavy volume after Q2 results were released.
10:41 a.m. ET
Stock Market Today
Earnings moved several stocks. Robinhood Markets (HOOD) fell 1% despite a strong quarter. The stock is a holding in three of Cathie Wood’s Ark Invest funds.
New issue SharkNinja (SN) jumped on its earnings report and broke out past a buy point of 80.81, according to chart pattern tools on IBD MarketSurge. The household appliances maker is an options play on IBD Leaderboard and was a top performer in the IBD MarketSurge Growth 250.
In medical stocks, Eli Lilly (LLY) gapped up to the 50-day line after it announced second-quarter results, although gains faded. McKesson (MCK) dived below the 50-day moving average and triggered a sell rule.
Enterprise software stocks Datadog (DDOG), AppLovin (APP) and HubSpot (HUBS) rose after reporting quarterly results.
Datadog reported second quarter results above views, while HubSpot also beat earnings and sales views during its second quarter and guided in line with estimates. Mobile app marketing platform provider AppLovin also announced second-quarter results above estimates.
IBD Leaderboard Watchlist stock CyberArk Software (CYBR) gapped up above its 50-day line after earnings and sales beat views, while JFrog (FROG) dived 30% below its 50-day line after Q2 sales missed expectations.
Warner Bros. Discovery (WBD) fell 9% and sank further below the 50-day moving average in heavy volume, which triggered a sell signal. The company reported a steep loss of $4.07 per share for its second quarter while sales declined 6%.
Among internet content plays, Bumble (BMBL) also gapped down sharply and plunged more than 30% in heavy volume following its earnings report.
Dow Jones Stocks
Apple (AAPL), Intel (INTC), Microsoft (MSFT) and other tech stocks gained in the Dow.
Health care and financial stocks gained as well. Amgen (AMGN) and Salesforce (CRM) rose and are both trying to climb back above their 50-day lines. Disney (DIS) was the only Dow component that lagged.
Please follow VRamakrishnan on X/Twitter for more news on the stock market today.
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