Futures Dip Ahead Of GDP, Jobless Claims


The Dow Jones Industrial Average rose Thursday, as Wall Street reacted to a stronger-than-expected GDP reading for the fourth quarter. Meanwhile, tech titan Apple (AAPL) dropped on the stock market today after an analyst downgrade.

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The Dow Jones Industrial Average moved up 0.1% in morning action, as did the S&P 500. The tech-heavy Nasdaq composite climbed 0.1% after the opening bell. Investors were trying to process the Commerce Department’s third estimate of fourth-quarter GDP. The gauge showed a climb of 3.4%, stronger than the 3.2% Econoday estimate.

The 10-year Treasury yield ticked higher to 4.22%. Further, oil prices gained 1.5%, as West Texas Intermediate futures traded around $82.60 a barrel.

Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was up 0.1%, while the SPDR S&P 500 ETF (SPY) inched higher.

Apple stock moved down 1.3% Thursday morning after DZ Bank downgraded the iPhone maker from buy to hold, lowering the price target from 210 to 180. Shares remain sharply below their long-term 200-day moving average.

Stock Market Today And Q1 Performance

Set to wrap up the first quarter of 2024 Thursday, the S&P 500 is up about 10%, on pace for its best Q1 gain since 2019. The Dow Jones Industrial Average is up 5.5% for the period, heading for its strongest first-quarter performance since 2021. Finally, the Nasdaq is up 9.3% since Jan. 1.

Other economic data due Thursday could play a role in how the quarter finishes. First-time jobless claims from the Labor Department were unchanged at 210,000. They were expected to rise to 213,000 vs. 210,000 in the previous week.

Lastly, consumer sentiment numbers from the University of Michigan are expected out at 10 a.m. ET Economists expect the index to remain unchanged at 76.5. They see year-ahead inflation expectations remaining steady at 3.0%.

Meanwhile, key earnings movers Thursday include Braze (BRZE), Jefferies (JEF), RH (RH) and Walgreens Boots Alliance (WBA).

Braze shares tumbled more than 14%, while Jefferies stock inched higher. RH jumped more than 11%. And Walgreens shares gained 1.5% in morning trading.

Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.

Dow Jones Rallies

On Wednesday, the Dow Jones Industrial Average rallied 1.2% and the S&P 500 gained 0.9%. The tech-heavy Nasdaq composite climbed 0.5%.

Wednesday’s Big Picture column commented, “The Nasdaq, the clear leader in 2023’s huge stock market rebound, is not so clear a leader among equity indexes today. Yet for the long investor, the confirmed market uptrend, while slowing in its pace, remains intact.”

Now is an important time to read IBD’s The Big Picture column amid the continuing stock market rally. Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.

Learn How To Time The Stock Market With IBD’s ETF Market Strategy

Best Stocks To Watch On Stock Market Today

Alphabet (GOOGL), Arista Networks (ANET), DraftKings (DKNG) and ServiceNow (NOW) — plus Dow Jones components Disney (DIS), IBM (IBM) and Verizon Communications (VZ) — are among the best companies to watch on the stock market today.

Google and DraftKings were featured in this Stocks Near A Buy Zone column.

An essential resource for daily breakouts is IBD MarketSurge’s “Breaking Out Today” list. It shows MarketSurge Growth 250 stocks that are breaking out past new buy points. There were three new breakouts Wednesday, including Forestar (FOR). Shares topped a 38.29 cup-with-handle buy point, and added another 0.6% Thursday morning.

Meanwhile, the MarketSurge “Near Pivot” list shows stocks nearing buy points in bases.

Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard

Dow Jones: Disney, IBM, Verizon

Disney is extended past a big cup-with-handle base’s 112.92 buy point, according to IBD MarketSurge chart analysis. And shares closed further out of buy range, with a 0.9% gain Wednesday. Shares added 0.6% Thursday morning.

IBM stock remains below a flat base’s 196.90 buy point, despite a 1.2% gain Wednesday. Shares were up 0.3% in Thursday’s morning trading.

Telecom giant Verizon is building a flat base with a 43.21 entry, as the stock rebounds from support at its key 50-day moving average. Verizon shares ticked up 0.5% Thursday.

4 Top Growth Stocks To Watch In The Stock Market Rally

Stock Market Today: Google Nears Breakout

Google-parent Alphabet is rapidly nearing a consolidation’s 153.78 buy point, as the stock gained 0.1% Wednesday. Google stock fell 0.4% Thursday.

Arista shares declined 3.2% Wednesday, falling below a 292.66 flat-base buy point, according to MarketSurge charts. Wait for a decisive retake of that entry before considering a purchase. And Arista stock was 0.6% lower early Thursday.

DraftKings tumbled below its 46.52 buy point in a short consolidation, with a 6.8% dive Wednesday. And on Thursday morning, the sports-betting giant rebounded 0.4%.

Finally, ServiceNow slipped 2.5% Wednesday, falling below its 50-day line. Shares are building a flat base with a 815.32 entry. ServiceNow stock edged down Thursday.

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Stocks To Watch

These are four stocks in or near buy zones in today’s stock market.

Company Name
Symbol
Correct Buy Point
Type Of Buy Point

Disney
(DIS)
112.92
Cup with handle

Arista Networks
(ANET)
292.66
Flat base

DraftKings
(DKNG)
45.62
Consolidation

ServiceNow
(NOW)
815.32
Flat base

Source: IBD Data As Of March 27, 2024

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Magnificent Seven Stocks: Nvidia, Tesla

Magnificent Seven stocks Nvidia (NVDA) rose 0.9%, while Tesla (TSLA) fell 1.7% in Thursday’s early action.

Nvidia slid another 2.5% Wednesday, falling sharply for a second-straight day. Shares are about 7% off their record highs. Nvidia is an IBD Leaderboard stock.

Tesla shares rallied 1.2% Wednesday, extending a win streak to three sessions and testing their 50-day line, which is a key resistance level to watch. Shares remain about 40% off their 52-week high.

Dow Jones Leaders: Microsoft

Among Dow Jones stocks in the Magnificent Seven, Microsoft (MSFT) traded lower after Thursday’s stock market open.

Microsoft shares found support at the 50-day line in recent weeks, sending them to new highs. But shares have retreated over the current four-day losing streak. And the stock fell 0.3% early Thursday.

Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.

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This article was originally published by a www.investors.com . Read the Original article here. .