The Dow Jones Industrial Average and other major stock indexes traded lower Thursday after an early inflation report, with Federal Reserve Chairman Jerome Powell set to speak later in the day. An early winner was Walt Disney (DIS), which jumped on strong earnings results.
After the opening bell, the Dow Jones Industrial Average fell 0.1%, as did the S&P 500. The tech-heavy Nasdaq composite also traded down 0.1% in morning trading.
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Early Thursday, the 10-year Treasury yield ticked lower to 4.43%. Oil prices rose, as West Texas Intermediate futures traded around $69.15 per barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) fell 0.1%, as did the SPDR S&P 500 ETF (SPY) after the open.
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Stock Market Today: Disney Stock Soars After The Bell
Disney stock surged 10% in morning action Thursday after the company reported strong fiscal fourth-quarter results. The entertainment giant reported a 39% increase in earnings to $1.14 per share adjusted.
Revenue increased 6% to $22.57 billion. FactSet expected a 34% increase in earnings to $1.10 per share on $22.48 billion in revenue.
Shares regained their long-term 200-day line this week and are moving up the right side of a deep base that spans back to early April.
Other key earnings movers Thursday morning include Cisco Systems (CSCO), JD.com (JD) and Nu Holdings (NU)
Cisco stock sold off 1.8%, while JD.com slipped 2.3%. Shares of Nu Holdings tumbled 10% in early trading.
PPI Report, Powell Speech
Early Thursday, the Labor Department released the Producer Price Index inflation data for October.
The PPI rose 0.2% for the month, which matched estimates, with an annual increase of 2.4%, hotter than the 2.3% Econoday estimate. The core PPI, excluding food and energy, increased 0.3%, in line with estimates.
On Wednesday, the Consumer Price Index showed October inflation numbers came in as expected.
Fed Chair Powell’s speech at the Dallas Regional Chamber is set for 3 p.m. ET. The talk could offer further insight into future policy.
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Dow Jones Holds Off Highs
On Wednesday, the Dow Jones Industrial Average rose 0.1%, while the S&P 500 inched higher. And the tech-heavy Nasdaq dropped 0.3%.
During Friday’s IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market action.
Among the best companies to watch on the stock market today are Broadcom (AVGO), Costco Wholesale (COST), Deckers Brands (DECK) and FanDuel parent Flutter Entertainment (FLUT).
Dow Jones components making notable moves are Amazon.com (AMZN), Apple (AAPL), Microsoft (MSFT) and Salesforce (CRM).
Amazon was featured in this Stocks Near A Buy Zone column.
There was one new stock on IBD MarketSurge‘s “Breaking Out Today” list Wednesday, namely Heico (HEI), which rallied past a 269.38 buy point in a flat base. 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: Salesforce Tops Buy Point
Dow Jones software leader Salesforce continues to hold just off its new highs, still extended beyond a 318.71 buy point, according to MarketSurge pattern recognition. Shares rose 0.1% on Thursday.
Outside the Dow Jones index, artificial intelligence giant Broadcom is searching for support around its 50-day line, as it holds near a 186.42 alternative entry. Broadcom shares gained 0.9% Thursday.
Costco is finding support at its flat base’s 923.83 buy point. Costco is a recent options trade idea. Shares fell 0.7% early Thursday.
Deckers stock is in buy range past a 172.57 buy point in a cup-with-handle base amid an eight-day win streak. Shares were down 0.4% Thursday.
Shares of Flutter jumped past a 252.84 buy point in a flat base, with a 7% rally Wednesday, as it was named the IBD Stock Of The Day. The stock fell 0.6% Thursday morning.
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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) | 498.23 | Flat base |
| Costco Wholesale | (COST) | 923.83 | Flat base |
| Broadcom | (AVGO) | 186.42 | Handle entry |
| Deckers Brands | (DECK) | 172.57 | Handle entry |
Source: IBD Data as of Nov. 12
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Magnificent Seven Stocks: Alphabet, Meta, Tesla
Among Magnificent Seven stocks, Alphabet (GOOGL) fell 0.5% in morning trading. Shares are trying to top a 182.02 buy point in a cup with handle.
Meta Platforms (META) is trading near a flat base’s 602.95 buy point. Shares dipped 0.7% Thursday.
Tesla (TSLA) rose 0.5% Wednesday, still near the week’s lows. Shares threatened to give back Wednesday’s gains as they lost 1.3% in early trading Thursday.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon stock rallied to more new highs Wednesday and added 0.4% in morning trading Thursday. Amazon shares are above a consolidation’s 201.20 buy point.
Chip giant Nvidia (NVDA) held near recent highs Wednesday, and moved up 0.4% Thursday. Nvidia is the only Magnificent Seven name that has not yet reported results from its most recent quarter. It is scheduled to report earnings Nov. 20.
Shares of Apple gave up their 50-day line this week, but gained 0.4% Thursday morning.
Microsoft shares rose 0.3% Thursday morning. The stock is moving back above its 50-day line, a key level to watch.
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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