Reacting to new unemployment data, the Dow Jones Industrial Average and other major stock indexes dropped Thursday. Two early movers on the stock market today were Nvidia (NVDA) and Tesla (TSLA).
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Stocks Hold Firm Despite Mideast Caution; Vertex, BRO, SCCO In Focus
Ahead of the opening bell, Dow Jones futures fell 0.4% vs. fair value, while S&P 500 futures eased by 0.3%. Tech-heavy Nasdaq 100 futures moved down 0.5% in early trading.
Early Thursday, the 10-year Treasury yield climbed to 3.82%. Oil prices extended their gains, with West Texas Intermediate futures trading around $71.85 per barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) lost 0.4%, while the SPDR S&P 500 ETF (SPY) fell 0.3% ahead of the open.
Nvidia, Apple And Tesla Highlight How To Handle This Market
Stock Market Today: Nvidia, Tesla
The U.S. Labor Department released its initial unemployment claims Thursday morning. Claims rose to 225,000, in line with Econoday estimates, vs. 218,000 in the previous week.
Nvidia stock rallied 2.1% Thursday, further rebounding from its 50-day moving average. The stock has a 131.26 buy point from an irregular handle. Investors also could use the Sept. 12 high of 120.79 as a much smaller handle and an early buy trigger, but the stock is back below that level.
Tesla shares skidded 1.4% Thursday morning, threatening to extend a losing streak to three sessions. Shares appear to be adding a handle to a cup base, which would move the buy point to 264.86.
Broadcom Pulls Past Tesla As Amazon Locks Heads With Google
Best Stocks To Watch
On Wednesday, the Dow Jones Industrial Average rose 0.1%, while the S&P 500 edged higher. The tech-heavy Nasdaq composite inched up 0.1%.
During Wednesday’s IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the new stock market volatility.
Among the best companies to watch on the stock market today are Arista Networks (ANET), Spotify (SPOT), Texas Roadhouse (TXRH), Toast (TOST) and Wingstop (WING).
Notable Dow Jones components are Amazon.com (AMZN), Apple (AAPL), Home Depot (HD) and Microsoft (MSFT).
Amazon and Tesla featured in this Stocks Near A Buy Zone column.
There was one new stock on IBD MarketSurge‘s “Breaking Out Today” list Wednesday. Notably, Vertex (VERX) broke out past a flat base’s 40.05 entry. Check for more names on the site’s “Near Pivot” list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
Close, But No ‘Perfect’ Cigar For Nvidia, Broadcom. But Kudos To These 22 Gems.
Dow Jones: Home Depot Extended
Dow Jones retailer Home Depot is out of buy range past a handle buy point at 378.58 and hitting new highs, according to MarketSurge pattern recognition. Shares were down 0.3% early Thursday.
Outside the Dow Jones index, Arista Networks is in a buy zone past a 376.50 buy point in a consolidation. Shares fell 0.6% Thursday morning.
Spotify shares are in buy range above a consolidation’s 359.38 entry. The music streaming platform was down 0.2% Thursday.
Texas Roadhouse is back at a 177.72 flat-base entry following a three-day win streak. Shares slipped 2.6% Thursday.
Restaurant software provider Toast gave up its 27.88 buy point during Wednesday’s slide. The stock fell another 0.7% early Thursday.
Finally, Wingstop topped a 431.03 entry last week, but is still below it despite three days of gains. The stock was flat in morning action Thursday.
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Stock Market Today: Companies To Watch
These are four stocks in or near buy zones in today’s stock market.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Ferrari | (RACE) | 442.80 | Flat base |
| Taiwan Semiconductor | (TSM) | 175.45 | Cup with handle |
| ServiceNow | (NOW) | 850.33 | Flat base |
| Uber Technologies | (UBER) | 75.40 | Double bottom |
Source: IBD Data as of Sept. 30
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Magnificent Seven Stocks: Alphabet, Meta
Among Magnificent Seven stocks, Alphabet (GOOGL) dipped 0.6% while Meta Platforms (META) lost 0.5% Thursday.
Google stock is back above its 50-day line after recent gains, but has yet to offer a new buy point.
Meta stock hit a new high this week, further above a 544.23 alternate entry.
Dow Jones Leaders: Amazon, Apple, Microsoft Eye Buy Points
Among Dow Jones components in the Magnificent Seven, Amazon shares are nearing a 195.37 buy point in a cup with handle. The stock lost 0.8% Thursday.
Apple is close to a V-shaped cup with handle that shows a 232.92 entry. Shares fell another 0.7% Thursday morning.
Microsoft shares are testing support at their 50-day line and are near a 441.85 buy point in a cup with handle. And on Thursday morning, the stock inched higher.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
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