Dow Jones futures and other major stock indexes kept rallying Thursday amid earnings, unemployment claims and other key economic data. Two early earnings movers were Magnificent Seven stock Meta Platforms (META) and chip leader Arm (ARM), while results are due later from tech titans Apple (AAPL) and Amazon (AMZN) on the stock market today.
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Ahead of the opening bell, Dow Jones futures rose 0.2% vs. fair value. S&P 500 futures were up 0.5%, while tech-focused Nasdaq 100 futures added 0.4% in morning action.
Early Thursday, the 10-year Treasury yield ticked lower 4.06%. Oil prices jumped, with West Texas Intermediate futures trading around $78.40 a barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) was up 0.2%, while the SPDR S&P 500 ETF (SPY) gained 0.3% before the open.
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Stock Market Today: Jobless Claims
Ahead of Thursday’s stock market open, the Labor Department said that first-time jobless claims rose to 249,000, above estimates that called for a slight rise to 236,000. Jobless claims totaled 235,000 the previous week.
In other economic news, the Purchasing Managers’ manufacturing index is due out at 9:45 a.m. ET. It is expected to fall to 49.5 in July, down from June’s 51.6 reading. Finally, the Institute for Supply Management’s manufacturing index, out at 10 a.m., is anticipated to tick higher to 48.8 in July vs. 48.5 in June.
Meta Platforms surged nearly 9% in premarket action Thursday after the company reported second-quarter earnings that easily exceeded analyst expectations. But Arm stock plunged more than 11% despite beating analyst estimates for its fiscal first quarter. The British chipmaker’s earnings outlook came up short of views.
Other key earnings movers Thursday include Carvana (CVNA), eBay (EBAY), Garmin (GRMN), Qualcomm (QCOM)
Carvana shares soared 11%, while eBay stock sank 0.5%. Garmin shares rose 0.7%, as Qualcomm stock lost 2.4% in premarket trading.
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Dow Jones Rises
On Wednesday, the Dow Jones Industrial Average moved up 0.2%, while the S&P 500 gained 1.6%. The tech-heavy Nasdaq composite jumped 2.6%.
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 Badger Meter (BMI), GE Aerospace (GE), ServiceNow (NOW) and Spotify (SPOT).
Also on the list are Dow Jones components Amazon, American Express (AXP), Apple, IBM (IBM) and Microsoft (MSFT).
IBD MarketSurge‘s Breaking Out Today list included Dycom Industries (DY), which topped a 184.15 cup-with-handle buy point in premarket trades. Shares climbed 0.8% Thursday morning.
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.
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Dow Jones: American Express, IBM
Among Dow components, payments giant American Express moved further above a flat base’s 244.41 entry following Wednesday’s gains, according to MarketSurge pattern recognition. Shares ticked up 0.3% premarket Thursday.
Meanwhile, IBM added to last week’s breakout gains Wednesday, higher above a 189.47 cup-with-handle entry. IBM stock was up 0.2% early Thursday.
Outside the Dow Jones index, Badger Meter regained a 202.81 entry in a flat base on Wednesday. Shares fell 0.6% Thursday morning.
GE stock’s recent breakout past a 170.80 buy point remains under pressure and is below the entry. Shares rose 0.5% early Thursday.
ServiceNow surged last week on second-quarter earnings results, topping a 806.52 handle entry but is just above that buy trigger. ServiceNow added 0.1% early Thursday.
Finally, music streaming platform Spotify closed above a flat base’s 331.08 buy point following a recent breakout move. And on Thursday morning, Spotify stock tacked on 0.3%.
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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 |
|---|---|---|---|
| Tenet Healthcare | (THC) | 142.35 | Flat base |
| KB Home | (KBH) | 74.66 | Flat base |
| ServiceNow | (NOW) | 806.52 | Handle entry |
| Newmont | (NEM) | 44.59 | Flat base |
Source: IBD Data as of July 25
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Magnificent Seven Stocks: Nvidia, Tesla
Magnificent Seven stocks Nvidia (NVDA) pared earlier gains and was up 0.9%, while Tesla (TSLA) fell 1% in premarket trading.
Nvidia stock, an IBD Leaderboard name, surged nearly 13%, but still closed below its key 50-day moving average line. A decisive retake would be bullish for the stock’s immediate prospects.
Tesla stock rallied 4.2% Wednesday, recovering the entirety of Tuesday’s slide. Shares continue to hold above their 50-day line.
Dow Jones Leaders: Amazon, Apple
Among Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft traded higher ahead of Thursday’s stock market open.
Amazon triggered the 7% loss rule last week after falling well below a 191.70 buy point in a flat base. Now, shares are trying to regain their 50-day line, a key level to watch. Amazon stock rose 1.6% Thursday. Its second-quarter results are due after the close.
Apple stock rebounded 1.5% Wednesday, but still it remains squarely off its record high, which was set on July 15. Shares gained 1% Thursday, with its earnings also due after the close.
Finally, Microsoft slipped 1.1% Wednesday after the company’s earnings report. Shares fell further below their 50-day line. And on Thursday, the stock bounced 0.5%.
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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