The Dow Jones Industrial Average fell more than 225 points Thursday morning after the Labor Department claimed unemployment for the first time. while, Netflix (NFLX) earnings accrued after market close, resulting in technology earnings in the fourth quarter.
Initial jobless claims fell to 190,000 vs. 205,000 in the previous week. Claims were expected to rise to 215,000, according to Econoday estimates.
Elsewhere on the economic front, new housing and permitting have been launched — along with the Philadelphia Fed Manufacturing Index. Home starts and permits for December fell to 1.382M and 1.330M respectively against expectations of 1.362M and 1.380M.
Also, the Philadelphia Fed index came in at -8.9 in January, better than the expected reading of -10.3 and higher compared to the reading of -13.8 in December.
Alcoa shares fell more than 3%, while Discover shares sold off more than 6%. Fastenal rose 1% after beating both the upper and lower bound estimates. P&G stock fell nearly 2% after earnings matched estimates and sales beat targets.
stock market today
IBD Leaderboard Inventory Fluor (FLR), Today’s latest stock from IBD midpiece (MEDP), monster drink (mnst) And Vertex Pharmaceuticals (VRTX) – as well as the names of the Dow Jones Amgen (AMGN), chevron (CVX) And Walmart (wmt) – Among the top stocks to buy and watch as the market tests new rising power.
Fluorine and Medpace are the two IBD Leaderboard Stores.
Dow jones today: oil prices and treasury yields
After Thursday’s opening bell, the Dow Jones Industrial Average fell 0.7%, and the S&P 500 lost 0.75%. The tech-heavy Nasdaq Composite fell 1%. nvidia (NVDA) driving the decline.
The 10-year Treasury yield rose to 3.39% Thursday morning, recovering a small portion of Wednesday’s drop to 3.37%.
Oil prices rebounded Thursday, with WTI futures back above $80 a barrel. On Wednesday, WTI futures ended an eight-day rally, falling after hitting its highest level since early December.
Stock market rise
On Wednesday, the Dow Jones Industrial Average sold 1.8%, and the Standard & Poor’s lost 1.6%. The Nasdaq Composite fell 1.2%, snapping a seven-day winning streak.
Wed column big picture He warned, “On a practical level, it’s time to get back into stocks. Exposure should remain 20% to 40%, although a lot depends on the success of the breakouts. While dozens of high-quality stocks have come off the bases, the MarketSmith’s recent listing shows a breakout below 10 still higher than 5% from Buy points. “
Now is an important time to read IBD’s The Big Picture column Amidst the continuous rise in the stock market.
Dow Jones stocks to buy and watch: Amgen, Chevron, Wal-Mart
Pharmaceutical giant Amgen is forming a flat base with 296.77 Buy points, according to IBD MarketSmith Pattern Recognition. First, Amgen shares must regain the 50-day line, which is a key resistance level to watch. AMGN shares were down 1% early Thursday.
Energy giant Chevron slipped back below the 50-day line during a 1.8% decline on Wednesday, still below the 189.78 buy point of the flat base. Chevron is scheduled to report fourth-quarter earnings on January 27. CVX shares lost 0.4% despite higher oil prices.
CVX stock It shows a hardness of 93 out of a perfect 99 IBD composite classificationfor every IBD stock check. The composite rating is designed to help investors easily find the highest growth stocks.
Retailer Wal-Mart fell more than its 50-day line after losing 2.5% Wednesday. Stocks are building a cup-by-handle base with 154.74 buy points. Wal-Mart shares rose 0.2% Thursday morning.
Top stocks to buy and watch: Fluor, Midpeace
IBD Stock Leaderboard Fluor is trying to break through 36.16 buy points for a flat base, but shares gave up their buy point during Tuesday’s 3.4% drop. If shares regain this entry, the 5% buy zone tops at 37.97. FLR stock fell 0.65% early Thursday.
Back story: Fluor manages large infrastructure projects in the fields of oil and gas, chemical industries, mining and transportation. This is a profit-turning play. The weak EPS rating reflects net losses in 2019 and 2020 and an expected earnings decline in 2022 to 86 cents per share. Still, analysts expect earnings to rise 95% next year to $1.68 per share.
Medpace rose slightly on Wednesday, approaching the 235.82 consolidation buy point. Last week, shares moved above the early entry at 220.09. The company’s earnings results are expected to be announced on February 13. Medpace shares fell 0.6% early Thursday.
Back story: Medpace is a Clinical Contract Resource Organization, or CRO. Helps drug makers conduct the clinical studies necessary to obtain approval for new drugs. In the third quarter, the company issued a bullish outlook for 2023, calling for sales growth of 18% in the middle of its guidance.
Monster, Vertex Trace Flat Bases
Monster Beverage is fighting for support around the 50-day line amid Wednesday’s decline of 1.4%. The shares follow a flat bottom at 104.75 buy points. MNST stock fell 0.3% on Thursday.
Back story: monster drink He commands a dual energy drink monopoly with his own rival, Red Bull. The company’s portfolio of energy drink brands includes Monster Energy, Reign, and NOS Energy.
Monster dominates energy drinks in the U.S. with 39% market share last year, according to Jefferies data, generating a record $5.5 billion in revenue for the company. Red Bull captured 37% of the US energy drink market in 2021. A rising competitor Celsius (CELH), Which is experiencing an impressive growth streakcaptured 4.9% of the market.
Today’s stock Wednesday IBD, Vertex Pharmaceuticals, is approaching 324.85 buy point in flat base after regaining bullish 50 day line this week. VRTX stock fell 0.8% on Thursday.
Back story: The company is best known for cystic fibrosis treatments – a market that Vertex estimates is 88,000 patients. Of those, 20,000 patients can still receive old-school oral treatments. But analysts are keeping an eye on what’s new from Vertex, including an updated regimen of three drugs that could strengthen Vertex’s position against a competitor. Apve (ABBV).
Stocks to buy and watch the stock market rise
These are the seven biggest stocks to buy and watch in the stock market today, including three Dow leaders.
|The Company’s name||Code||The right point of purchase||base type|
|Walmart||(wmt)||154.74||mug with handle|
Source: IBD data as of January 19, 2023
Tesla stock It slid 2.1% on Wednesday, giving up part of Tuesday’s 7.4% increase. Despite their recent rebound, stocks are still sharply below the 50- and 200-day lines. In early January, shares hit a 52-week low of 101.81. Tesla stock closed Wednesday up about 66% from its 52-week high. Tesla’s earnings release is scheduled for January 25th.
Shares of the electric vehicle giant appeared to recover from Wednesday’s losses, but fell about 1% Thursday morning.
Dow Jones leaders: Apple and Microsoft
in between Dow Jones stockApple shares fell 0.5% on Wednesday, closing at their highest level since Dec. 15. The stock is still near 24% from its 52-week high. Apple will report its quarterly earnings on February 2, with AAPL stock down 0.7% Thursday.
Microsoft stock fell 1.9% on Wednesday, snapping a seven-day winning streak. The software giant is about 25% off its 52-week high. MSFT’s earnings release is scheduled for January 24th. Shares fell 1.3% early Thursday.
Be sure to follow Scott Lehtonen on Twitter at @tweet Learn more about developing stocks and the Dow Jones Industrial Average.
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