Dow Jones Rises After Surprise Jobs Data, GDP Reading; Warren Buffett Loads Up On Oil Stock

In the first hour of Thursday's trading, the Dow Jones Industrial Average increased 0.6%. The stock market had a mixed day.

The market digested the data which showed an economy that was resilient.

The number of first-time claims for unemployment fell from 264,000 to 239,000 in the week ending June 24. The Bureau of Economic Analysis also released the final reading of the first quarter GDP. It was revised up to 2% growth from the previous reading of 1.3%. Exports and consumer expenditures were higher than previous estimates.

Econoday reports that Pending Home Sales declined by 2.7% in May.

The economic reports helped to send the yield on 10-year Treasury notes, the benchmark note, jumping 13 basis points at 3.84%.

At 10:30 a.m., the Nasdaq dropped 0.2% and the S&P 500 gained 0.1%. ET.

The volume on the NYSE was higher than the same time Wednesday.

Crude oil increased by more than 1% to $70.34 per barrel.

The Russell 2000 small-cap index soared by 1.3%, while the Innovator 50 ETF (FFTY), rose by 0.6%.

Big Banks Pass Fed Stress test

The Fed's annual Stress Test was passed by more than 20 large banks. JPMorgan Chase, the Dow Jones leader (JPM), Citigroup and Bank of America all showed capital buffers that were well above required minimum. According to IBD MarketSmith's chart analysis, JPMorgan is nearing a 143.37 mark again. BAC has retaken the 50-day average.

Stocks Moving Today Outside Dow Jones

Occidental Petroleum's (OXY), rose by 1.2%. Warren Buffett’s Berkshire Hathaway bought 2.1 millions shares of the oil explorer from June 26 to June 28 according to a SEC filing. The shares are still in a consolidation phase and have not yet cleared the 50-day downward-sloping line.

Overstock.com, which has acquired Bed Bath & Beyond intellectual property and will be changing its name to reflect the bankruptcy of Bed Bath & Beyond, is changing the name of its website. Overstock soared by nearly 15% at the opening of trading.

KeyBanc analysts reduced the price target for Disney (DIS) from 85 to sector weight.

Rite Aid's (RAD) stock rose 1% following earnings, but it remains low. Paychex (PAYX), a payments company, reversed lower after it encountered resistance at its 200-day moving median following a generally positive report on earnings.

Freyr Battery's (FREY), a company that manufactures batteries, has risen from its 50-day line following an upgrade by Morgan Stanley. The firm upgraded the stock to overweight weight from equal with a 13 cent price target.

Joby Aviation (JOBY), which had gained 40% on Wednesday, added another 20%. SK Telecom invested $100 million in the EV air taxi business. The company received a flight test permit on Wednesday. A commercial launch is expected to take place in 2025.

Virgin Galactic shares (SPCE), meanwhile, rose by 1.4% after the company completed its first commercial spaceflight.

EV leader Tesla fell before its expected announcement of record Q2 delivery over the weekend. Ark Invest funds managed by Cathie Wood sold Tesla shares in two of its funds this week.

Medpace (MEDP), with a value of 231.63, is breaking free of a cup handle. The volume is low and the handle is deep.

Chipotle Mexican Grill is approaching a buy-point of 2,139.88 on a flat basis. IBD Leaderboard Watchlist includes the fast-casual stock.

Nike (NKE), a Dow component, will release earnings after the close of today. The stock is consolidating after retaking its 200-day line.