The Dow Jones Industrial Average fell on Thursday after the release of key economic data – the first jobless claims and the Philadelphia Fed’s manufacturing index. Bed bath and beyond (Bbby), or BBBY stock, dived Thursday morning.
BBBY stock looked set to end its torrid winning streak on Thursday, following renewed interest in the meme stock. Shares plunged 28% in morning trading after GameStop (EMG)) RC ventures of President Ryan Cohen has disclosed a plan to sell shares. Bed Bath & Beyond, a struggling retailer with big losses, jumped 560% from a low of 4.54 on July 27 to a high on Wednesday at 30:00.
Key earnings drivers on Thursday include Wholesale BJ’s (bj), Canadian Solar (CSIQ), Dow Jones Stock Cisco Systems (CSCO), key sight (Keys), Kohls (KSS), Company Quimica Y Minra (M²) and Synopsis (SNPS).
BJ’s Wholesale jumped 9% while Canadian Solar stock jumped 7.5%. Cisco actions Rallied 6% while Keysight’s stock won 4.5% and Kohls dropped by 9%. Synopsys beats estimates At the top and bottom, triggering an increase of 1%. And SQM Actions decreased by 5%.
Leader in electric vehicles You’re here (TSLA) exchanged 0.3% Thursday morning. Somewhere else, Dow Jones Tech Leaders Apple (AAPL) and Microsoft (MSFT) The two were abandoned after Today’s stock market open.
In the current healthy market environment, Dow Jones stocks Coca Cola (KO) and Merck (M.K.R.) – as good as Albemarle (ALB), Costco (COST), Monolithic power systems (MPWR) and Ollie’s Bargain Outlet (OLI) – are among the best stocks to buy and watch.
Albemarle and Costco were presented in this week’s Stocks Near A Buy Zone column. A stock costco was added to IBD classification and Swing Trader following Tuesday’s breakout movement. Albemarle was a Stock IBD of the day.
Dow Jones Today: Treasury Yields, Oil Prices
Early Thursday, the Dow Jones Industrial Average fell 0.3%, while the S&P 500 fell 0.15%. And the tech-heavy Nasdaq composite traded down 0.25% in morning trading.
The 10-year Treasury yield fell to 2.86% early Thursday, after Wednesday’s jump to 2.89%. The 10-year Treasury yield is rebounding after hitting its lowest level since early April in recent weeks.
Meanwhile, US oil prices appeared to be rebounding from this week’s losses that fell to their lowest level since January. West Texas Intermediate futures rose 1% to just above $89 a barrel.
Unemployment Insurance Claims, Philly Fed Index, Home Sales
First-time jobless claims fell to 250,000, lower than estimates which called for an increase to 265,000 from 262,000 the previous week.
The Philadelphia Fed’s manufacturing index rebounded to 6.2, well above estimates that had expected a negative 5.0. This index missed expectations in July at minus 12.3 for its second consecutive negative reading.
Sales of existing houses should fall at 4.85 million in July against 5.12 million in June. National Association of Realtors July report set for release at 10 a.m. ET
Stock market rally
On Wednesday, the Nasdaq led the stock market lower, down 1.25%. The Dow Jones Industrials and S&P 500 followed with losses of 0.5% and 0.7%, respectively.
Wednesday is the large image column said: “Dummer is supposed to be a sleepy moment for shares in shares. But Wednesday gave stock participants many news to digest. In the end, Wall Street Bulls needed a well-deserved rest. “”
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Dow Jones Earnings: Cisco Systems
The networking and Dow Jones Stock Cisco Systems reported its Results of the second quarter profits After the fence on Wednesday. Shares of Cisco jumped 6% after its fiscal 2023 revenue outlook beat expectations, while fiscal fourth-quarter 2022 results beat Wall Street estimates.
Shares of Cisco ended Wednesday about 27% off their 52-week high.
Dow Jones stocks to watch: Coca-Cola, Merck
Soda giant Dow Jones, Coca-Cola, builds a flat base that has a buy point of 67.30. A handle entry at 65.14 is also in play. Stocks rebound from their 50-day line and attempt to break above the handle entry. The stock rose slightly early on Thursday.
Merck is also building a flat base, a pattern that shows a buy point of 95.82. Stocks are trying to hold above their 50-day line, according to IBD MarketSmith graphical analysis. Merck shares rose nearly 1% on Thursday.
MRK Stock shows a solid 94 over a perfect 99 IBD Composite Assessment, speak IBD inventory check. Investors can use the IBD Composite Rating to easily assess the quality of a stock’s fundamental and technical metrics.
Top stocks to watch: Albemarle, Costco, Monolithic, Ollie’s
The producer of Lithium Albemarle remains in a purchase range after an escape from Friday after 273.78 point of purchase In a large cup base with-Manche. The 5% buy zone rises to 287.47. Earlier last week, shares broke above a smaller cup with a handle with a buy point of 250.25. Shares were down 1.1% on Wednesday, falling for a second straight day. The title was slightly up Thursday morning.
IBD classification Costco stock exceeds a mug with handle with a buy point of 552.81. The stock rose 0.6% on Wednesday, advancing into the 5% buy zone. Shares rose 1% early Thursday.
Recent IBD stock of the day Monolithic Power Systems added a handful to a cup base last week, moving the correct buy point from 580.10 to 541.49. Meanwhile, stocks remain above an entry of 514.80. The stock was up 1.3% on Thursday.
Ollie’s Bargain Outlet is bouncing back from its 10 week line – a critical support level – placing the leading discount retailer in a new buy zone. Equities also carve out a handle after a large cup base, putting the last buy point at 72.37. The current price action is around 11% from this entry. Shares rose 0.3% on Thursday morning.
Tesla stock lost 0.8% on Wednesday, extending Tuesday’s losses. Shares of the electric vehicle giant rose 0.3% on Thursday morning.
This week, the stock closed at its highest level since May 4. Stocks are once again trying to decisively break above resistance around their 200-day line, which is a key level to watch. Tesla is about 27% off its 52-week high. Its 3-for-1 stock split is scheduled for August 24.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones StocksApple shares joined 0.9% on Wednesday because the action is continue to build the right side of a cup base which has a buy point of 179.71. Another interpretation could be a large double bottom that dates back to January. Either way, the point of purchase is the same. Keep an eye out for a potential grip forming and offer a lower entry.
On the upside, the stock’s relative strength line is already reaching new highs, indicating strong stock market outperformance. Shares fell 0.55% on Thursday morning.
Microsoft fell 0.5% on Tuesday, ending just short of the 200-day long-term line, which is a key resistance area to watch. The stock lost 0.5% early Thursday.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen to learn more about growth stocks and the Dow Jones Industrial Average.
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