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Dow Jones, S&P 500 Rise While Nasdaq Reverses Higher After Jobless Claims Fall

The Dow Jones Industrial Average traded higher in today’s market and closed near its highs of the day. Meanwhile, the S&P 500 also continued higher, while the Nasdaq composite lagged but eventually reversed higher and closed in the green.




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Dow Jones In The Stock Market Today

At the close, the Nasdaq held a gain of 0.1%. The S&P 500 traded 0.5% higher. Meanwhile, the Dow Jones industrials held a gain of 0.4%. The small-cap Russell 2000 index rose 0.9%, leading on the upside. Volume was running lower on the NYSE and on the Nasdaq vs. the close on Wednesday, according to early data.

Early Thursday, stocks were boosted by the release of stronger-than-expected economic data. According to the Labor Department, claims for jobless benefits fell 51,000 to 364,000 last week, a fresh pandemic low. The four-week moving average fell by 6,000 from the previous week, another pandemic low. Jobless claims still remain above pre-pandemic levels.

Meanwhile, the ISM Manufacturing index came in at 60.6, pretty much in line with the consensus estimate of 61.

Oil stocks outperformed on Thursday as the Energy Select Sector SPDR ETF (XLE) jumped nearly 2% and remains 4% from new highs. U.S. crude oil prices rose more than 2% to just above $75 a barrel for the first time since October 2018. The OPEC+ group is meeting to decide how to meet rapidly increasing demand for oil amid the ongoing economic recovery. Saudi Arabia and Russia have a tentative agreement to raise output by 2 million barrels a day.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 34633.27 +130.76 +0.38
S&P 500 (0S&P5) 4319.81 +22.31 +0.52
Nasdaq (0NDQC ) 14522.38 +18.43 +0.13
Russell 2000 (IWM) 231.45 +2.08 +0.91
IBD 50 (FFTY) 45.63 -0.72 -1.55
Last Update: 4:20 PM ET 7/1/2021

Elsewhere, stocks outperforming in the Dow Jones on Thursday included Chevron (CVX), up 1.4%. The stock was pushed higher after Truist Securities maintained a buy rating and raised Chevron’s price target to 144 from 130. Shares gapped up and held above their 50-day line on Thursday.

Nike (NKE) was also among top gainers, rising 2.3%. Shares rose over 20% last week after better-than-expected earnings. Nike stock is now slightly extended from the buy zone of a consolidation 148.05 buy point.

Meanwhile, Apple (AAPL) remains barely below the buy zone of a cup base with a buy point of 137.17, according to MarketSmith chart analysis. The stock broke out on Wednesday and briefly traded in the buy zone, but closed below this area. In recent weeks, shares reclaimed their 50-day line, a bullish sign. The stock’s RS line poses a red flag, however, as it remains well off its recent highs.

Stocks In The News

As for growth stocks, the Innovator IBD 50 ETF (FFTY) held a loss of 1.6% as shares tested support at the 50-day line. Stocks leading the downside in the index included Novocure (NVCR), which declined nearly 15% in heavy volume after the company announced trial results of its Hepanova liver cancer treatment. Novocure triggered a sell signal on Thursday after shares fell more than 8% from the recent 220.58 buy point.

Additionally, several IPO stocks in the IBD 50 weighed down the index, including Figs (FIGS) and Global-E Online (GLBE).

On Thursday, a few stocks broke out and traded inside buy zones. Tempur Sealy (TPX) held a gain of nearly 6% after breaking out from a flat base with a 41.13 buy point. Shares closed within the buy range, which tops out at 43.18. The stock has an 98 Composite Rating. Tempur Sealy’s performance in recent weeks has grown stronger, though, earning the stock an 86 RS Rating.

Meanwhile, oil and gas exploration firm Cimarex Energy (XEC) broke out from a consolidation and traded above the buy zone from a 75.02 entry. Despite shares closing nearly 2% higher, the stock remains just below the key 5% buy zone.

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