The Dow Jones industrial average rose on Thursday after a surprise improvement in the Labor Department’s weekly jobless claims. came as Stop the game (GME) took a dive after the company fired its chief executive and promoted Ryan Cohen to executive chairman.
X
The final round of initial jobless claims ahead of the Federal Reserve’s interest rate policy meeting next week rose to 232,000 versus 261,000 from the previous week. According to Econode, they were expected to rise to 235,000. Claims have reached their highest level since October 2021.
Meanwhile, GME stock fell 22% Thursday morning. Late Wednesday, GameStop CEO Matt Furlong has been terminated And its loss per share narrowed to 14 cents, while sales fell to $1.34 billion.
Other key earnings reports include: Smartsheet (Greece) and Tour (TTC)
Enterprise software company Smartsheet beat Wall Street’s targets for its fiscal first quarter, but disappointed in its sales outlook. SMAR stock fell 20% in early trading. Finally, Toro shares fell more than 4% after their earnings results.
Stock market today
Electric car company Tesla, already on its ninth straight day of gains, was up more than 1% on Thursday morning. Dow Jones is a tech giant Apple (APL) and Microsoft (MSFT) traded moderately higher after today’s stock market opened.
Dexcom (DXCM), Fortinet (FTNT), Kinsale is the capital (KNSL) and Taiwan Semiconductor (TSM) — as well as Dow Jones stocks Cisco systems (CSCO), McDonald’s (MCD) and Salesforce (CRM) — is one of the best stocks to buy or watch in a stock market boom.
Tesla is an IBD Leaderboard stock, while McDonald’s was featured in this week’s Stocks Near a Buy Zone column.
Dow Jones today: Oil prices, Treasury yields
After Thursday’s opening bell, the Dow Jones industrial average was up 0.2%, while the S&P 500 was up 0.15%. The tech-heavy Nasdaq composite was lower in morning action.
Among U.S. exchange-traded funds, Nasdaq 100 tracker Invesco QQQ Trust (QQQtraded up 0.2%, while the SPDR S&P 500 ETF (espionage) rose early Thursday.
The 10-year US Treasury yield fell to 3.77% on Thursday. On Wednesday, the 10-year yield extended a winning streak to four sessions, closing just shy of its peak in late May.
US oil prices extended Wednesday’s gains on Thursday morning. West Texas Intermediate futures rose 1% on Thursday, going above $73 a barrel.
Stock market activity
The Dow Jones industrial average rose 0.3% on Wednesday, while the S&P 500 fell 0.4%. The tech-heavy Nasdaq composite was off 1.3%.
Wednesday’s Big Picture column reads, “Amidst a confirmed stock market rally, you’d like to see indices rally higher versus the previous session and lower turnover. Wednesday’s case? It turned out to be a session of mutual gains. Funds, hedge funds, banks, pension plans and more . The Nasdaq rose 10% in volume, while the NYSE gained nearly 14% in turnover versus Tuesday.”
Now is an important time to read IBD’s The Big Picture column after recent volatility in the market’s outlook.
Five Best Dow Jones Stocks to Buy and Watch Now
Dow Jones stocks to buy and watch: Cisco, McDonald’s, Salesforce
Dow Jones networking giant Cisco Systems is forming a cup base with a buy point of 52.56. Note the potential handle, which takes a few trading days to form. It will show the previous record. CSCO shares fell on Thursday.
Dow Jones restaurant chain McDonald’s fell below its 10-week moving average. The stock is trying to hold above the 281.67 buy point from the breakout two months ago. Gains quickly diminish.
When the stock is near the buy point, its action suggests avoiding buying now. Before considering buying stocks, look for a more bullish recovery. MCD stock was trading up 0.2% in early Thursday trading.
According to Leaderboard analysis, Salesforce has rallied past exchange entries at 193.91 and 200.00 in recent weeks. Last week, shares hit a 20% profit zone from a 178.94 cup-with-handle entry, but are now retreating. The stock is setting a key test of its 50-day line. CRM stock fell on Thursday morning.
4 Best Growth Stocks to Watch Stock market rally
Best stocks to buy and watch: Dexcom, Fortinet, Kinsale, TSMC
After Wednesday’s 4.5% slide, Dexcom continues to form a stable base with a 126.44 buy point, according to the IBD MarketSmith model consensus. Shares of DXCM lost 0.4% on Thursday.
Insurance leader Kinsale Capital crossed a 345.75 buy point in 5% buy territory on Wednesday. The buying zone runs up to 363.04. Shares of KNSL fell on Thursday.
Monday’s IBD Stock Of The Day, Fortinet, gave up its flat base of 69.07 buy point during Wednesday’s 3.6% decline. Shares rose nearly 1% on Thursday.
Chip foundry Taiwan Semiconductor rose 0.5% on Wednesday, from a double-bottom 95.82 buy point in buy range. A 5% buy area runs up to 100.72. DSM shares were down 1.6% Thursday morning.
Learn how to time the market with IBD’s ETF Market Strategy
Best stocks to buy and watch in the stock market
These are four of the best stocks to buy and watch in today’s stock market, including the Dow Jones leader.
| Name of the company | Symbol | Perfect buying point | Type of point of purchase |
|---|---|---|---|
| ASML | (ASML) | 683.18 | Cup with handle |
| Salesforce | (CRM) | 200.00 | Integration |
| Cloudflare | (net) | 66.20 | Double bottom |
| Fortinet | (FTNT) | 69.07 | Flat base |
Source: IBD data as of June 6, 2023
Join IBD experts as they analyze the leading stocks in the current stock market rally on IBD Live
Tesla stock
IBD Leaderboard shares Tesla rallied 1.5% on Wednesday, and moved beyond a double-bottom 207.79 buy point from buy range. Shares closed Wednesday 29% off their 52-week high.
TSLA stock rose 1.5% Thursday morning, looking to extend its winning streak. The stock is working on its fourth straight weekly advance.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares extended losses for three sessions, falling 0.8% on Wednesday. Shares hit an all-time high of 184.95 on Monday. The stock continues to hold sharply above the 157.38 buy point and is outside the buy range running up to 165.35. AAPL shares rose 0.4% in early trading Thursday.
Microsoft shares fell 3.1% on Wednesday, closing at their lowest since May 24. Earlier this week, MSFT shares reached the 20%-25% profit zone from a flat-base buy point of 276.76, so investors may have taken at least some profits. there. On Thursday morning, MSFT stock was up 0.4%.
Don’t forget to follow Scott Lehtonen on Twitter @IBD_SLehtonen Learn more about growth stocks and the Dow Jones Industrial Average.
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