The Dow Jones Industrial Average fell on Thursday morning after the first jobless claims data. Investors now await the highly anticipated July jobs report on Friday.
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Key earnings drivers on Thursday included Albemarle ( ALB ), Alibaba ( BABA ) and APA ( APA ). Also moving were IBD Leaderboard stocks Cheniere Energy ( LNG ), Quanta Services ( PWR ), ELF Beauty ( ELF ), eBay ( EBAY ) and Fortinet ( FTNT ).
Albemarle shares jumped nearly 4% on strong earnings results. Alibaba rose 6%. APA shares were down 3.5%. Cheniere lost 1%. Quanta shares were trading down more than 1%. ELF shares rose more than 4%. eBay fell 4%. Fortinet plunged more than 10%.
Tesla ( TSLA ) was trading up about 1% early Thursday. Elsewhere, Dow Jones technology leaders Apple ( AAPL ) and Microsoft ( MSFT ) were slightly lower ahead of today’s open. And Walmart ( WMT ) lost a bit after the Wall Street Journal reported that the company is laying off hundreds of workers in a restructuring effort due to falling profits.
In a strengthening Dow Jones stock market environment, shares of Chevron ( CVX ) and UnitedHealth ( UNH ) — as well as Equinor ( EQNR ), Exxon Mobil ( XOM ), and Vertex Pharmaceuticals ( VRTX ) — are among the stocks to watch. Note that continued volatility in the stock market is reason to remain more conservative despite recent signs of strength.
Quanta, UnitedHealth and Vertex are IBD’s top-ranked stocks. Chevron and Exxon were featured in this week’s Stocks Near Buy Zone column. Exxon Mobil was Friday’s IBD Stock of the Day.
Dow Jones today: Treasury yields, oil prices, jobless claims
The Dow Jones Industrial Average lost 0.1 percent, while the S&P 500 edged lower. The tech Nasdaq composite gained 0.3% in morning trade.
Among exchange-traded funds, Nasdaq 100 tracker Invesco QQQ Trust ( QQQ ) rose 0.3%. And the SPDR S&P 500 ETF ( SPY ) lost less than 0.1%.
The yield on the 10-year Treasury fell to 2.71% on Thursday morning, about to snap a two-day winning streak. The 10-year Treasury yield is trying to recover after hitting its lowest level since early April. Meanwhile, US oil prices fell as West Texas Intermediate futures traded below $90 a barrel.
Jobless claims first came out at 8:30 a.m. ET. Initial jobless claims rose to 260,000 from 256,000 in the previous week, in line with Econoday estimates. On Friday morning, the Labor Department’s July jobs report will be released. The US economy is expected to have added 250,000 jobs in July with the unemployment rate at 3.6%.
Stock market rallies
Wednesday’s bullish session saw the Nasdaq rise 2.6%, the Dow Jones Industrial Average 1.3%, the Russell 2000 1.4% and the large-cap S&P 500 1.6%.
Wednesday’s The Big Picture column commented: “Volume is up 19% on the Nasdaq from the previous day. It’s ascending. You want to see institutions piling up stocks with abandon, especially during strong days like Wednesday.”
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Five Dow Jones Stocks to Watch Now
Dow Jones stocks to watch: Chevron, UnitedHealth
Energy giant Dow Jones Chevron is building the right side of the base of the cup, which has a 182.50 buy point. Be on the lookout for a potential manipulator to offer a lower entry. Shares of Chevron were trading down 0.2% on Thursday.
Shares of health insurance giant and IBD Leaderboard UnitedHealth remain in buy range above a 518.80 buy point based on the double bottom with a handle amid a 1% gain on Wednesday, according to IBD MarketSmith chart analysis. Shares were lower on Thursday.
UNH stock sports a solid 94 out of a perfect 99 IBD Composite Rating, according to IBD Stock Checkup. Investors can use the IBD Composite Rating to easily gauge the quality of a stock’s fundamental and technical indicators.
4 Biggest Growth Stocks to Watch in the Current Stock Market Rally
Top stocks to watch: Equinor, Exxon, Vertex
IBD Leaderboard Watch List Equinor shares are trading just below the double bottom of a 38.80 buy point after Wednesday’s 1.9% decline. Shares were down 2% Thursday morning.
IBD Stock of the Day Friday Exxon Mobil retook the 50-day line last week and made an aggressive early entry around 93.24. But the energy giant gave up those two key levels on Wednesday, sliding 3.2%. Meanwhile, an entry into the cup base at 105.67 is also in play. Shares of XOM were trading down 1% early Thursday.
Vertex Pharmaceuticals continues to trade below the buy point of the 279.23 cup handle and the 50-day line within a recent decline. The company will report earnings late Thursday. Vertex shares added 1% early.
Join IBD’s experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla stock
Tesla shares rose another 2.3% on Wednesday, extending its winning streak to six sessions. The stock is at its highest level since early May, but is still trying hard to break through resistance around its 200-day line, which is a key level to watch.
Shares were up about 1% Thursday morning.
Dow Jones Leaders: Apple, Microsoft
Among the Dow Jones stocks, Apple shares rose 3.8% on Wednesday, moving higher to the right of a new base. Shares were down 0.2% Thursday morning.
Microsoft gained 2.8% on Wednesday as the stock rebounded from two straight days of losses. The software giant is still hovering below its long-term 200-day line. The stock closed about 20% off its 52-week high. Microsoft was down 0.4% early Thursday.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on stock growth and the Dow Jones Industrial Average.
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