Dow Jones futures rose Thursday morning after first-time jobless claims data. Up next, investors await Friday’s highly anticipated July jobs report.
Key earnings movers Thursday include Albemarle (ALB), Alibaba (BABA), APA (APA), IBD Leaderboard stocks Cheniere Energy (LNG) and Quanta Services (PWR), ELF Beauty (ELF), eBay (EBAY) and Fortinet (FTNT).
Albemarle shares jumped 5% on strong earnings results. Alibaba rallied 4%. APA shares inched up 0.2%. Cheniere rallied 3%. Quanta shares traded flat. ELF stock gained more than 3%. eBay edged higher. Fortinet tumbled more than 7%.
Tesla (TSLA) traded up about 1% early Thursday. Elsewhere, Dow Jones tech leaders Apple (AAPL) and Microsoft (MSFT) were effectively flat before today’s stock market open. And Walmart (WMT) lost a fraction after the Wall Street Journal reported the company is laying off hundreds of workers in a restructuring effort due to falling profits.
In the strengthening stock market environment, Dow Jones stocks Chevron (CVX) and UnitedHealth (UNH) — as well as Equinor (EQNR), Exxon Mobil (XOM) and Vertex Pharmaceuticals (VRTX) — are among the stocks to watch. Keep in mind that ongoing stock market volatility is a reason to stay more conservative despite recent signs of strength.
Dow Jones Today: Treasury Yields, Oil Prices, Jobless Claims
Futures traded cautiously higher Thursday after the jobs data. Dow Jones futures gained 0.1% and S&P 500 futures rose 0.15%. Nasdaq 100 futures climbed 0.25% vs. fair value. Remember that premarket action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
The 10-year Treasury yield ticked lower to 2.67% Thursday morning, on pace to snap a two-day win streak. The 10-year Treasury yield is trying to rebound after hitting its lowest level since early April. Meanwhile, U.S. oil prices rose, as West Texas Intermediate futures traded around $91 a barrel.
First-time jobless claims came out at 8:30 a.m. ET. Initial unemployment claims rose to 260,000 vs. 256,000 in the previous week, in line with Econoday estimates. On Friday morning, the Labor Department’s July jobs report is set for release. The U.S. economy is expected to have added 250,000 jobs in July with an unemployment rate of 3.6%.
Stock Market Rally
Wednesday’s bullish session saw gains of 2.6% on the Nasdaq, 1.3% by the Dow Jones Industrial Average, 1.4% by the Russell 2000 and 1.6% by the large-cap S&P 500.
Wednesday’s The Big Picture column commented, “Volume bulged 19% higher on the Nasdaq vs. the prior day. That’s bullish. You want to see institutions accumulating shares with abandon, especially during strong days such as Wednesday.”
If you’re new to IBD, consider taking a look at its stock trading system and CAN SLIM basics. Recognizing chart patterns is one key to the investment guidelines. IBD offers a broad range of growth stock lists, such as Leaderboard and SwingTrader.
Dow Jones Stocks To Watch: Chevron, UnitedHealth
Dow Jones energy giant Chevron is building the right side of a cup base that has a 182.50 buy point. Be on the lookout for a potential handle to offer a lower entry. Chevron stock traded up 0.4% Thursday.
Health insurance giant and IBD Leaderboard stock UnitedHealth remains in buy range above its double-bottom-with-handle base’s 518.80 buy point amid Wednesday’s 1% gain, according to IBD MarketSmith chart analysis. Shares edged higher Thursday.
UNH stock shows a solid 94 out of a perfect 99 IBD Composite Rating, per the IBD Stock Checkup. Investors can use the IBD Composite Rating to easily gauge the quality of a stock’s fundamental and technical metrics.
Top Stocks To Watch: Equinor, Exxon, Vertex
IBD Leaderboard watchlist stock Equinor is trading just shy of a double bottom’s 38.80 buy point following Wednesday’s 1.9% decline. Shares gained 0.1% Thursday morning.
Friday’s IBD Stock Of The Day Exxon Mobil reclaimed the 50-day line last week and topped an aggressive early entry around 93.24. But the energy giant gave up those two key levels Wednesday, sliding 3.2%. Meanwhile, a cup-base entry at 105.67 is also in play. XOM stock traded up 0.3% early Thursday.
Vertex Pharmaceuticals continues to trade under its cup-with-handle’s 279.23 buy point and 50-day line within a recent skid. The company will report earnings late Thursday. Vertex shares added 0.7% early.
Tesla stock rose another 2.3% Wednesday, extending a win streak to six sessions. Shares are at their highest level since early May but are still trying to decisively clear resistance around their 200-day line, which is a key level to watch.
Shares rose around 1% Thursday morning.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares rallied 3.8% Wednesday, moving further up the right side of a new base. The stock rose 0.1% Thursday morning.
Microsoft gained 2.8% Wednesday, as the stock recovered from two straight days of losses. The software giant is still ranging below its long-term 200-day line. The stock closed about 20% off its 52-week high. Microsoft moved down 0.2% early Thursday.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
YOU MAY ALSO LIKE: