The Dow Jones Industrial Average reversed upwards Thursday following a surprising jump in weekly unemployment claims from the Labor Department. The Dow Jones Industrial Average reversed higher Thursday after a surprise jump in the Labor Department's weekly jobless claims.
In the final round of unemployment claims, which will be presented to the Federal Reserve at its rate-setting meeting next week, the number of applications jumped from 232,000 the week before to 261,000. Econoday predicted that they would rise to 235,000. The number of claims has reached its highest level since October 2020.
GameStop fired CEO Matt Furlong late Wednesday and announced that the company's per-share losses had narrowed down to 14 cents while its sales fell to $1.34billion.
Smartsheet (SMAR), Toro (TTC) and other key companies have also released earnings reports.
Smartsheet, a software company for enterprise applications, beat Wall Street targets in its first fiscal quarter but was disappointed by its sales forecast. SMAR's stock dropped 20% in the early morning trading. Toro shares also fell more than 4% following their earnings.
Stock Market Today
Tesla, the electric-vehicle company, has been up for nine consecutive days. It rose by more than 1% on Thursday morning. Apple (AAPL), and Microsoft (MSFT), two Dow Jones tech giants, traded modestly higher following today's opening of the stock market.
Dexcom, Fortinet, Kinsale Capital and Taiwan Semiconductor are some of the best stocks in the current stock market trend to watch or buy.
This week's IBD Leaderboard featured McDonald's and Tesla.
Dow Jones Today: Oil prices, Treasury Yields
The Dow Jones Industrial Average was up 0.2% after Thursday's opening, while the S&P 500 gained 0.15%. In morning trading, the Nasdaq Composite Index, which is dominated by technology companies and stocks rose 0.15%.
The Nasdaq-100 tracker Invesco QQQ Trust, (QQQ), traded at a 0.2% gain, while the SPDR S&P500 ETF, (SPY), edged higher early on Thursday.
On Thursday, the 10-year U.S. Treasury rate fell to 3.77%. The 10-year yield was up for four consecutive sessions on Wednesday. It closed just short of its highs from late May.
U.S. crude oil prices continued their gains from Wednesday morning Thursday. West Texas Intermediate futures increased nearly 1% on Thursday, rising above $73 per barrel.
Stock Market Action
The Dow Jones Industrial Average rose by 0.3% on Wednesday, while the S&P 500 fell 0.4%. The Nasdaq Composite, which is dominated by tech stocks, fell 1.3%.
Mutual funds, hedge fund, banks, pension funds and others took a lot of profits in this session. The Nasdaq saw a 10% increase in volume, while the NYSE's turnover increased by 14% compared to last year. Tuesday."
Dow Jones Stocks to Buy and Watch: Cisco McDonald's Salesforce
Cisco Systems, a Dow Jones networking company, is forming a cup-base with a buy point of 52.56. Watch for the potential handle that is just a few days away. This would indicate an earlier entry. CSCO shares fell slightly on Thursday.
McDonald's, the Dow Jones restaurant chain, has dropped below its 10-week moving median. This is a sign of a downward trend. The stock is trying hard to hold the 281.67 buying point that was a breakout from two months ago. The gains are rapidly fading.
While the stock may be nearing a point where it is a good buy, its current action indicates that you should not purchase at this time. Before buying shares, wait for a bullish recovery. MCD's stock rose 0.2% in the early hours of Thursday.
According to Leaderboard's analysis, Salesforce has rallied in recent weeks past alternative entries of 193,91 and 200.00. Shares reached the 20% profit area last week from a cup-with handle entry at 178.94, but have since pulled back. The stock is preparing for a major test of its 50 day line. The CRM stock fell slightly Thursday morning.
Dexcom, Fortinet Kinsale TSMC
According to IBD MarketSmith's pattern recognition, Dexcom is still forming a flat bottom with a buy point of 126.44, despite Wednesday's decline of 4.5%. DXCM shares lost 0.4% Thursday.
Kinsale Capital, a leader in insurance, closed on Wednesday at the 5% Buy Area past a buy point of 345.75. The zone of buy-in extends up to 363,04. KNSL shares dipped Thursday.
Fortinet, the IBD Stock of the Day for Monday, lost its flat-base buy point of 69.07 during Wednesday's 3.6% decline. Stocks gained nearly 1% on Thursday.
Taiwan Semiconductor, a chip foundry, rose 0.5% on Wednesday in the buy zone from a 95.82 point of repurchase. The 5% buying area extends up to 100.72. TSM's stock fell 1.6% on Thursday morning.
Stocks to Buy and Watch in Stock Market Rally
Here are the four best stocks in today's market to watch and buy, including one Dow Jones leader.
Fortinet 69.07 flat base
Source: IBD Data As Of June 6, 2023
IBD Leaderboard's stock Tesla rose 1.5% on Wednesday, moving out of the buy range past a double bottom's buy point of 207.79. The shares closed Wednesday at a 29% discount to their 52-week peak.
TSLA's stock rose 1.5% on Thursday morning, continuing its winning streak. The stock is on track for a fourth consecutive weekly gain.
Apple, a Dow Jones stock, extended its losing streak to three days, falling 0.8% on Wednesday. On Monday, shares reached a new high of 184.95. The stock is still holding strongly above the 157.38 purchase point, and has moved out of the range where it was trading up to 165.35. AAPL rose 0.4% during early trading on Thursday.
Microsoft shares fell 3.1% on Wednesday, reaching their lowest closing level since May 24, a drop of over 3%. Investors could have made some profit earlier this week when MSFT reached the 20%-25% zone at a flat-base purchase point of 276.76. MSFT's stock rose 0.4% on Thursday morning.