The Dow Jones Industrial Average and other major indexes traded higher Thursday after a surprise drop in the Labor Department’s weekly jobless claims. An early loser on the stock market today was Tesla (TSLA), which reversed lower after reporting weak fourth-quarter deliveries ahead of the open.
Ahead of the opening bell, Dow Jones futures rose 0.7% vs. fair value, as S&P 500 futures moved up 0.8%. Tech-heavy Nasdaq 100 futures advanced 0.9% in morning trades.
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Early Thursday, the 10-year Treasury yield ticked lower to 4.52%. Oil prices rose to their highest levels since October, with West Texas Intermediate futures trading around $72.80 per barrel ahead of oil supplies data due later this morning.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) gained 0.9%, as the SPDR S&P 500 ETF (SPY) moved up 0.8% ahead of the open.
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Stock Market Today: Tesla Deliveries, Jobless Claims
Tesla reported fourth-quarter and full-year deliveries and production figures ahead of the market open Thursday. The company said it has 495,570 deliveries in the fourth quarter, missing estimates. Analysts had expected Tesla to report record Q4 deliveries of 500,000 or slightly more. Elon Musk, on the Q3 earnings call, predicted full-year deliveries would slightly top 2024’s 1,808,591. To do that, the EV giant must reach 514,925 in Q4.
Tesla stock reversed from premarket gains to slide 3.3% Thursday, threatening to extend a four-day losing streak. Shares are more than 17% off their all-time high, which was set on Dec.18.
Elsewhere, the Labor Department’s first-time unemployment claims unexpectedly dropped to 211,000 vs. 219,000 in the previous week. They were expected to rise to 225,000, per Econoday.
Meanwhile, the Purchasing Managers’ Manufacturing index (PMI) is expected to hold steady at 48.3 for December, unchanged from the flash estimate, according to Econoday. That’s down from November’s 49.7 reading. That’s on tap for 9:45 a.m. ET.
Weekly oil inventories data are due from the Energy Information Administration at 11 a.m. ET. Preliminary numbers released by the American Petroleum Institute on Tuesday showed a sixth straight week of supply declines.
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Dow Jones Extends Losses
On Tuesday, the Dow Jones Industrial Average edged lower, extending a losing streak to three sessions. The S&P 500 made it four straight down days, with a 0.4% decline. The Nasdaq lost 0.9%, nearing support at the 50-day line. Both the S&P 500 and the Nasdaq have broken important levels of technical support in recent sessions, making this a good time to be tracking IBD’s Market Pulse market status indicator.
Among the best companies to watch on the stock market today are BlackRock (BLK), Fortinet (FTNT), Interactive Brokers (IBKR) and Taiwan Semiconductor Manufacturing (TSM).
Dow Jones components making notable moves were Amazon.com (AMZN), Apple (AAPL), Honeywell (HON), Microsoft (MSFT) and Nvidia (NVDA).
Fortinet and Nvidia 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: Honeywell Shows Buy Point
Dow Jones component Honeywell is building a flat base that offers a 242.77 buy point, according to MarketSurge pattern recognition. Shares rose 0.9% Thursday.
Outside the Dow Jones index, BlackRock is just under a 1,068.34 buy point in a four-weeks-tight pattern as it again looks for support at its 50-day moving average. BlackRock stock advanced 0.9% in premarket trading Thursday.
Cybersecurity leader Fortinet is approaching a flat base’s 100.59 buy point. Shares moved up 1.7% Thursday morning.
Interactive Brokers fell 1.3% Tuesday, now forming a flat base that shows a 193.42 entry. The stock gained 1.1% Thursday.
AI chipmaker Taiwan Semiconductor, better known as TSMC, broke out last week, moving past a 205.63 cup-with-handle buy point. But shares closed further below their buy point following Tuesday’s decline. TSMC was a recent IBD Stock Of The Day. Shares rose 0.5% 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 |
| Fortinet | (FTNT) | 100.59 | Flat base |
Source: IBD Data as of Dec. 31
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Nvidia Stock
Nvidia sold off 2.3% Tuesday, continuing to see stout resistance around the 50-day line, a key level to monitor. Shares of the artificial intelligence giant are building a double-bottom base that offers a 146.54 buy point. Meanwhile, a decisive retake of the 50-day line around 140 would mark an aggressive buy trigger.
Nvidia stock rebounded 1.3% Thursday morning.
Dow Jones Leaders: Amazon, Apple, Microsoft
Besides Nvidia, another Dow Jones component in the Magnificent Seven is Amazon stock, which dropped 0.9% Tuesday. Amid its recent move into new highs in mid-December, the e-commerce giant is sharply extended above a 201.20 buy point. It rose 1.5% in premarket trading Thursday.
Shares of Apple are just out of buy range above a flat base’s 237.49 entry after they hit a new high last week. They slipped 0.7% Tuesday and edged higher Thursday morning.
Microsoft shares rose 1.3% Thursday morning, as they failed to find support around their 50-day line this week. 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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