The Dow Jones Industrial Average fell 100 points Thursday on a surprise jump in jobless claims. Social media giants Snap and Twitter are set to report their quarterly results after the stock market close.
Among Dow Jones leaders, Apple (AAPL) rallied 1.1% Thursday, while Microsoft (MSFT) moved up 1.4% in today’s stock market. Coca-Cola (KO) and McDonald’s (MCD) are near buy points. Dow Jones chip giant Intel (INTC) will report earnings after the stock market close.
Microsoft and Tesla are IBD Leaderboard stocks. BioNTech is an IBD SwingTrader stock. AMD was featured in this week’s Stocks Near A Buy Zone column, while AutoNation was Monday’s IBD Stock Of The Day.
Dow Jones Today: Jobless Claims
The Dow Jones Industrial Average trimmed its opening loss to 0.1% Thursday, while the S&P 500 improved to flat trade. The tech-heavy Nasdaq moved up 0.2% in morning trade.
Ahead of the market open, the Labor Department reported a surprise increase in initial jobless claims. New filings for unemployment totaled 419,000 last week, sharply above the 350,000 consensus estimate.
Among exchange traded funds, the Innovator IBD 50 (FFTY) lost 0.3% Thursday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) moved up 0.3%. Meanwhile, the SPDR S&P 500 ETF (SPY) shook off early losses and gained a fraction.
Stock Market Rebounds
The S&P 500 looked to extend a win streak to three sessions Thursday, as it continues to rebound from its key 50-day line. The Nasdaq also looked to make three straight up days. The Dow Jones industrials is back above its 50-day moving average after the two-day stock market rally.
Wednesday’s Big Picture column commented, “If the stock market was fearful of a Covid resurgence Monday, it wasn’t on Wednesday. Airlines, hotels, casinos, restaurants and travel booking industry groups climbed more than 3%. Those groups, all sensitive to pandemic restrictions, stumbled Monday.”
For more stock market commentary, check out IBD’s The Big Picture.
Dow Jones Stocks To Buy And Watch: Coke, McDonald’s
Dow Jones stock McDonald’s is trading just below a 238.28 buy point in a flat base, according to IBD MarketSmith chart analysis. Shares fell 0.2% in morning trade.
The stock reclaimed its key 50-day moving average during Tuesday’s rebound.
Dow Jones Earnings: Intel
Dow Jones stock Intel is set to report earnings after the close Thursday. Analysts expect the chip giant to earn $1.07 a share on sales of $17.8 billion.
Shares lost 0.3% in morning trade. The stock is trying to regain its key 50-day line, but is still nearly 20% from its 52-week high.
Stock Market Earnings: Snap, Twitter
Social media giants Snap and Twitter will report their quarterly results after the close Thursday.
Snap is expected to lose 18 cents per share on revenue of $845 million. Shares are tracing a cup-with-handle base with a 70.34 buy point. Snap stock moved down almost 1% Thursday morning.
Analysts expect Twitter to earn 7 cents a share on sales of $1.06 billion. The stock is building a double-bottom base with a handle that offers a 72.17 entry. Twitter shares gained 0.2% early Thursday.
Stocks To Buy And Watch: AMD, BioNTech, AutoNation
Chip giant Advanced Micro Devices is tracing a cup-with-handle base that shows a 95.54 buy point, according to IBD MarketSmith chart analysis. Shares lost 0.2% Thursday, on pace to snap a three-day win streak.
According to the IBD Stock Checkup, AMD stock shows a solid 93 out of a perfect 99 IBD Composite Rating. The IBD Composite Rating identifies stocks with a blend of strong fundamental and technical characteristics.
IBD Leaderboard stock BioNTech continues to rebound from its 50-day moving average, and is just past the buy range above a 252.88 buy point in a consolidation base. Per Leaderboard analysis, BioNTech cleared a trend line following a pullback near 222, offering a new entry at a similar price level as the 50-day line. Shares tacked on 3% Thursday morning.
BioNTech is also an IBD SwingTrader stock.
Monday’s IBD Stock Of The Day, AutoNation, is out of buy range past a 107.07 buy point following Tuesday’s 7.4% advance. The stock dropped over 1% Thursday morning, but remains extended.
Bullishly, the stock’s RS line is at new highs, indicating substantial stock market outperformance vs. the broad market. The RS line should hit a new high on the breakout day or shortly thereafter.
Tesla stock rallied 0.2% Thursday following Wednesday’s 0.8% decline. The electric-vehicle giant is again rebounding from key support around its long-term 200-day moving average. Another strong show of support at these levels would be bullish for the stock’s prospects.
On Jan. 25, Tesla stock hit a record high at 900.40, after climbing as much as 93% from a 466 buy point in a cup with handle.
Dow Jones Leaders: Apple, Microsoft
Among the top Dow Jones stocks, Apple rose 1.1% Thursday, on pace to recover from Wednesday’s 0.5% fall. The stock hit an all-time high last week at 150.
Apple stock is back out of the 5% buy zone from a 137.17 entry in a cup base, according to IBD MarketSmith chart analysis.
Microsoft continues to trade solidly above a cup base’s 263.29 buy point. Shares rose 1.4% Thursday. The stock is extended above the 5% buy zone, which goes up to 276.45.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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