The Dow Jones Industrial Average rallied greater than 350 points Thursday after the discharge of the Labor Department’s CPI data, definitely one in all the Federal Reserve’s most closely watched inflation gauges. Meanwhile, Disney stock rose after the company announced one other round of price increases.
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Consumer prices in July met estimates, rising 0.2% from June, and three.2% from July 2022 — the latter coming in cooler than the three.3% estimate. Core prices, excluding food and energy, moved up 0.2% from June, with a 4.8% year-over-year jump, each based on estimates.
Meanwhile, first-time unemployment claims from the Labor Department rose to 248,000 vs. 227,000 throughout the previous week. They were expected to edge higher to 229,000.
Early Thursday, Alibaba (BABA) Disney (DIS), Trade Desk (TTD), Wynn Resorts (WYNN) and Yeti (YETI) were key earnings movers.
Alibaba shares jumped 3% in morning motion, while Trade Desk stock lost around 2%. WYNN stock advanced 2%, as Yeti shares surged greater than 15%.
Finally, Disney posted mixed results for its fiscal third quarter late Wednesday since it struggles with slowed streaming growth and high content costs. Nevertheless, the company announced its second set of major price increases in lower than a 12 months. Amongst those hikes were greater than 20% increases to the value of the ad-free versions of Disney+ and Hulu. Disney shares rallied nearly 4% in early trade.
Stock Market Today
Electric-vehicle giant Tesla (TSLA) traded up 1% early Thursday. Dow Jones tech icons Apple (AAPL) and Microsoft (MSFT) were higher after today’s stock market open.
Other stock market leaders include Alphabet (GOOGL) and Meta Platforms (META). GOOGL stock rose 0.9%, while Meta shares gained 0.8% in early motion.
SLB (SLB), Skechers (SKX), MercadoLibre (MELI) and Interactive Brokers (IBKR) — along with Dow Jones stocks Boeing (BA) and Intel (INTC) — are amongst top-of-the-line stocks to take a look at since the market’s uptrend comes under increasing pressure.
Tesla is an IBD Leaderboard stock, while Boeing and SLB were recent IBD Stocks Of The Day. MercadoLibre is featured throughout the Stocks Near A Buy Zone column. And Interactive Brokers is an IBD SwingTrader stock.
Dow Jones Today: Oil Prices, Treasury Yields
After Thursday’s opening bell, the Dow Jones Industrial Average rose 1.05%, while the S&P 500 gained 1.1%. The tech-heavy Nasdaq composite moved up 1.2% in morning motion. with China based PDD Holdings (PDD), Trip.com (TCOM) and Baidu (BIDU) leading the index.
Amongst U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) was up 0.8%, while the SPDR S&P 500 ETF (SPY) rose 0.65% early Thursday.
The ten-year U.S. Treasury yield ticked lower to 4% on the CPI inflation data, after settling at 4.01% on Wednesday.
West Texas Intermediate oil prices remain at their highest level of the 12 months, whilst WTI futures pulled back modestly to trade barely below $84 a barrel.
Stock Market Motion
On Wednesday, the S&P 500 fell 0.7%, barely worse than the 0.5% drop by the Dow Jones Industrial Average. One other selloff in leading tech stocks led to an almost 1.2% drop for the Nasdaq composite on Wednesday.
Wednesday’s Big Picture column commented, “Pointless to say, Wednesday’s drop in higher volume follows the bearish script of a stock market that displayed signs of an uptrend under notable pressure. This variation in the current outlook for stocks took place exactly every week ago, on Aug. 2.”
Now’s an important time to read IBD’s The Big Picture column since the stock market pulls back from this 12 months’s highs.
Five Best Dow Jones Stocks To Buy And Watch Now
Dow Jones Stocks: Boeing, Intel
Aerospace giant Boeing broke out last week, topping a 223.91 flat-base entry. Shares briefly fell back into the 5% buy area that went as much as 235.11 before Monday’s 3% rally sent them back out of the buy zone. BA stock moved up 0.8% Thursday morning.
Chip giant Intel continues to etch a handle onto a cup base, offering a 37.19 buy point, in response to IBD MarketSmith pattern recognition. Shares are about 5% away from their latest entry. INTC stock was up 1.3% Thursday morning.
4 Top Growth Stocks To Buy And Watch In The Stock Market Rally
Stocks To Watch: SLB, MercadoLibre, Skechers, Interactive Brokers
SLB, formerly often generally known as Schlumberger, is breaking out past a 58.70 buy point in a cup with handle, in response to IBD MarketSmith pattern recognition. Shares are throughout the buy area. SLB stock gained 0.3% Thursday morning.
MercadoLibre surged Monday, breaking out past a cup base’s 1,365.64 buy point. But two straight days of sharp losses place the e-commerce leader below that entry. MELI stock rose 2.4% early Thursday.
Skechers broke out in recent weeks when it surged above a 54.77 buy point after the company’s strong quarterly results. Shares dropped 1.4% Wednesday, about 2% below the buy point. SKX stock was up 1.1% Thursday.
IBD SwingTrader stock Interactive Brokers broke out last week past a 90.19 buy point in a consolidation, nevertheless the stock is back below that buy trigger. Shares rose 0.6% Thursday morning.
Learn How To Time The Market With IBD’s ETF Market Strategy
Best Stocks In Stock Market Rally
These are 4 best stocks to buy and watch in today’s stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| SLB | (SLB) | 58.70 | Cup with handle |
| Salesforce | (CRM) | 225.00 | Flat base |
| Broadcom | (AVGO) | 921.78 | Consolidation |
| Skechers | (SKX) | 54.77 | Flat base |
Source: IBD Data As Of Aug. 10, 2023
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla Stock
IBD Leaderboard stock Tesla skidded one other 3% Wednesday, extending a losing streak to 4 sessions and falling further below its 50-day line. A rebound from here might be a positive for the stock’s near-term prospects, and would eventually end in a recent buy point. However the continued weakness means the stock requires more time to consolidate before a recent entry.
TSLA stock looked to snap its losing streak, rising 1% Thursday morning.
Dow Jones Leaders: Apple, Microsoft
Amongst Dow Jones stocks, Apple stock dropped 0.9% Wednesday, heading back to its recent lows. Shares are sharply below their 50-day line. While AAPL stock continues to be above its 157.38 buy point, recent weakness was a sell signal, which suggests investors should lock in gains. Shares climbed 0.8% early Thursday.
Microsoft shares hit one other recent recent low Wednesday, falling 1.2%. With shares squarely below their 50-day line, the stock needs more time to consolidate before a recent buy point emerges. And on Thursday morning, Microsoft shares were up 1.2%.
Make certain you follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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