The Dow Jones Industrial Average and other major indexes were lower Thursday, as Wall Street reacted to better-than-expected weekly unemployment data. An early name to watch on the stock market today is Nvidia (NVDA), which hit a new buy point Tuesday.
Ahead of the opening bell, Dow Jones futures fell 0.4% vs. fair value, as S&P 500 futures moved down 0.3%. Tech-heavy Nasdaq 100 futures fell 0.4% as well in morning trades.
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Early Thursday, the 10-year Treasury yield ticked up to 4.63%. Oil prices rose, as West Texas Intermediate futures traded around $70.55 per barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) lost 0.4%, while the SPDR S&P 500 ETF (SPY) dipped 0.3% ahead of the open.
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Stock Market Today: Nvidia Hits Buy Point
Nvidia moved up 0.4% Tuesday, extending a win streak to four sessions and closing just above its 50-day line, a key level to monitor. That placed the artificial intelligence giant at an early entry. Meanwhile, Nvidia stock will form a double-bottom base that offers a 146.54 entry at the conclusion of this week.
Shares are actionable above the 50-day line as well as clearing a short downward-sloping trendline from the record high of 152.89, as noted in the IBD Stock Of The Day. Nvidia stock declined 0.6% Thursday morning.
Ahead of the market open Thursday, the Labor Department’s jobless claims unexpectedly fell to 219,000 vs. 220,000 in the previous week. They were expected to rise to 223,000, per Econoday.
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Dow Jones Rebounds
On Tuesday, the Dow Jones Industrial Average rallied 0.9%, while the S&P 500 climbed 1.1% and the Nasdaq advanced 1.4%. The S&P 500 and Nasdaq are again approaching new highs.
Among the best companies to watch on the stock market today are BlackRock (BLK), Burlington Stores (BURL), Interactive Brokers (IBKR) and Taiwan Semiconductor Manufacturing (TSM).
Dow Jones components making notable moves were Amazon.com (AMZN), Apple (AAPL), Walt Disney (DIS) and Microsoft (MSFT).
Disney and Burlington are featured in this Stocks Near A Buy Zone column.
Check out IBD MarketSurge‘s “Breaking Out Today” list for top growth stocks that are moving above correct buy points. Check for potential breakouts on the “Near Pivot” list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones: Disney Nears Buy Point
Dow Jones component Disney is approaching a 118.63 buy point in a cup with handle, according to MarketSurge pattern recognition. Shares gave back 0.4% Thursday.
Outside the Dow Jones index, BlackRock is just under a 1,068.34 buy point in a four-weeks-tight pattern as it finds support at its 50-day moving average. BlackRock stock was down 1.1% in premarket trading Thursday.
Burlington Stores is in buy range above its 279.51 buy point in a cup with handle despite recent losses. Shares edged lower Thursday morning.
Interactive Brokers rallied 1% Tuesday, bouncing further from support at the 50-day line, offering an early entry around 172.50. The stock inched higher Thursday.
AI chip maker Taiwan Semiconductor, better known as TSMC, broke out Monday, moving past a 205.63 cup-with-handle buy point and closing in the 5% buy area that runs up to 215.91. TSMC was a recent IBD Stock Of The Day. Shares lost 0.1% premarket 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, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| BlackRock | (BLK) | 1,068.34 | Tight area |
| Disney | (DIS) | 118.63 | Cup with handle |
| TSMC | (TSM) | 205.63 | Cup with handle |
| Burlington Stores | (BURL) | 279.51 | Cup with handle |
Source: IBD Data as of Dec. 24
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Tesla Stock Extends Rebound
Electric-vehicle giant Tesla (TSLA) surged 7.4% Tuesday, adding to Monday’s gains. Last week, shares rallied as much as 84% above a 264.86 buy point in a cup with handle and they are about 5% off those highs.
Tesla stock wavered in premarket action Thursday and was up 1.3% in recent action.
Dow Jones Leaders: Amazon, Apple, Microsoft
Besides Nvidia, another Dow Jones component in the Magnificent Seven is Amazon stock, which rose 1.8% Tuesday. Amid that gain, the e-commerce giant is still extended above a 201.20 buy point after hitting new highs earlier in the week. It lost 0.3% in premarket trading Thursday.
Shares of Apple are out of buy range above a flat base’s 237.49 entry, as they hit new highs Tuesday. The stock dipped 0.2% Thursday morning.
Microsoft shares fell 0.2% Thursday morning, as they looked for support around their 50-day line. The software giant is building a cup with handle that has a 456.16 buy point.
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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