The Dow Jones Industrial Average experienced another decline, while the other major stock indexes saw gains on Thursday as investors processed an unexpected decrease in jobless claims. Tesla (TSLA) emerged as a significant earnings winner in today’s stock market.
Following the opening bell, the Dow Jones Industrial Average declined by 0.3%, whereas the S&P 500 increased by 0.2%. The Nasdaq composite, which is tech-heavy, rose by 0.5% in early trading.
Early on Thursday, the 10-year Treasury yield slightly dropped to 4.19%. Oil prices saw an increase, with West Texas Intermediate futures trading around $71.20 per barrel.
In terms of exchange-traded funds, the Invesco QQQ Trust (QQQ) saw a 0.5% increase, while the SPDR S&P 500 ETF (SPY) gained 0.2% after the market opened.
Unexpectedly, the Labor Department reported that first-time jobless claims decreased to 227,000 compared to 241,000 in the previous week. It was anticipated that claims would rise to 247,000 due to the expected increase in filings following recent hurricanes.
Tesla Stock Soars
Tesla, the electric-vehicle giant, experienced a surge of over 17% on Thursday morning following the company’s third-quarter earnings report. The shares are expected to surpass their 50-day line within a cup with handle formation that has a 264.86 buy point.
Late on Wednesday, Tesla announced a surprising gain in third-quarter earnings, with quarterly profit growing by 9%, concluding a significant month of announcements for the electric-vehicle giant. However, revenue fell short of expectations.
During the Tesla earnings call, Chief Executive Elon Musk expressed optimism. Musk discussed various topics such as full self-driving, vehicle deliveries, and storage, among others.
Stock Market Today
Other companies that made moves based on earnings reports on Thursday morning include American Airlines (AAL), IBM (IBM), ServiceNow (NOW), and United Parcel Service (UPS).
American Airlines saw a 2.6% increase in morning trading, while IBM experienced a 6% decline. ServiceNow gained 6.5%, and UPS stock jumped nearly 7%.
In other news, Boeing (BA) faced a 1.9% decline after Boeing workers rejected a labor deal that would have increased pay by 35% over four years. This decision means that the work stoppage will continue for the Dow Jones aerospace giant.
Best Stocks To Watch On The Stock Market Today
On Wednesday, the Dow Jones Industrial Average dropped by 1%, the S&P 500 lost 0.9%, and the Nasdaq composite experienced a 1.6% decline.
During Wednesday’s IBD Live show, the IBD Live team discussed the current market conditions and provided insights on how investors should navigate the stock market activity.
Some of the best companies to watch on the stock market today include MercadoLibre (MELI), Texas Roadhouse (TXRH), Uber Technologies (UBER), and United Therapeutics (UTHR).
Notable components of the Dow Jones index include Amazon.com (AMZN), Apple (AAPL), JPMorgan Chase (JPM), and Microsoft (MSFT).
JPMorgan Nears Buy Point
JPMorgan, a financial leader in the Dow Jones index, closed below a flat base’s 225.48 buy point, according to MarketSurge pattern recognition. Shares saw a slight increase on Thursday.
Outside of the Dow Jones index, Texas Roadhouse decisively reclaimed a 177.72 flat-base entry during last week’s gains. Shares climbed by 0.1% on Thursday.
Retail giant MercadoLibre is currently working on a flat base with a 2,161.73 buy point. The stock is also finding support along the 50-day moving average. Shares experienced a slight decrease on Thursday.
Uber Technologies has fallen significantly below an 82.14 buy point in a consolidation amid recent losses. Following a drop on Wednesday, Uber stock declined by 2.5% on Thursday.
Lastly, United Therapeutics fell below a 366.08 buy point during Wednesday’s nearly 5% drop. Shares saw a slight increase of 0.5% on Thursday.
Companies To Watch
Here are four stocks in or near buy zones in today’s stock market:
Ferrari (RACE) with a correct buy point of 498.23 in a flat base.
Taiwan Semiconductor (TSM) with a correct buy point of 175.45 in a cup with handle.
ServiceNow (NOW) with a correct buy point of 850.33 in a flat base.
Uber Technologies (UBER) with a correct buy point of 82.14 in a consolidation.
Source: IBD Data as of Oct. 14
Magnificent Seven Stocks: Alphabet, Meta, Nvidia
Among the Magnificent Seven stocks, Alphabet (GOOGL) experienced a 0.9% decline, while Meta Platforms (META) rose by 0.4% in morning trading on Thursday.
Google-parent Alphabet is currently holding above support around the 50-day moving average. The stock remains below previous highs. Meta stock reached a new high in recent weeks, rising above a 544.23 alternate entry, but is now pulling back towards its 50-day line.
Nvidia (NVDA) reached new highs on Tuesday before retracting on that day and into Wednesday. Shares slightly bounced by 0.2% on Thursday morning, comfortably above a 131.26 alternate entry. The stock also remained above a 140.76 conventional buy point.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among the Dow Jones components in the Magnificent Seven, Amazon shares are holding above their 50-day line, near a 195.37 buy point in a cup with handle. The stock saw a 0.3% increase on Thursday.
Apple stock broke out above a 233.09 cup-with-handle entry last week but has since fallen below that buy trigger. Shares declined by 0.8% on Thursday.
Microsoft shares successfully regained their 50-day line during Tuesday’s rally and are near a handle buy point at 441.85. On Thursday morning, the stock slightly decreased.
Follow Scott Lehtonen on X at @IBD_SLehtonen for more insights on growth stocks, the Dow Jones Industrial Average, and the stock market today.
YOU MAY ALSO LIKE:
Check Out IBD’s New Exposure Levels To Help You Stay In Step With The Market Trend
Top Growth Stocks To Buy And Watch On The Stock Market Today
Learn How To Time The Market With IBD’s ETF Market Strategy
Find The Best Long-Term Investments With IBD Long-Term Leaders
Spot Buy Points And Sell Signals With MarketSurge Pattern Recognition