Future Prospects Rise Ahead of Jobless Claims - Latest Global News

Future Prospects Rise Ahead of Jobless Claims

Stock futures continued to rise Thursday after jobless claims data was released, a day after the Dow Jones Industrial Average and other major indexes set new records. The retail giant was one of the first winners Walmart (WMT), which rose on the stock market today following strong earnings results, while GameStop (GME) extended Wednesday’s losses.


Before the market, Dow Jones futures rose slightly relative to fair value, as did S&P 500 futures. Technology-focused Nasdaq 100 futures rose less than 0.1% before the opening bell.

Early Thursday, the 10-year Treasury yield fell to 4.33%. Additionally, oil prices rose as West Texas Intermediate futures traded at around $78.75 per barrel.

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

The meme stock craze continued to subside on Thursday as GameStop and AMC Entertainment (AMC) extended Wednesday’s declines. GameStop shares fell another 13% in the morning, while AMC shares lost 7%.

Stock Market Today: Jobless Claims, Walmart Profits

Walmart shares rose nearly 6% Thursday morning after the discount retailer reported strong earnings and sales results. Walmart also raised its full-year profit and revenue outlook.

Meanwhile, the Labor Department said initial jobless claims fell to 222,000, down from 231,000 the previous week. According to Econoday estimates, the number should fall to 220,000.

Additionally, housing starts and building permits in April were below Econoday’s estimates. Starts rose to 1.36 million in April from 1.321 million in March, while approvals fell to 1.44 million in April from 1.458 million in March.

Finally, the Philadelphia Fed’s manufacturing index fell to 4.5 in May from 15.5 in April. According to Econoday, a decline to 7.8 was expected.

Be sure to read about how IBD’s new exposure levels can help you adapt to changing market conditions.

There were important profit drivers on the markets on Thursday before the trading session Baidu (BIDU) and JD.com (JD).

Baidu shares rose 0.5% in premarket trading, while JD shares rose 4%.

Dow Jones is rising

On Wednesday, the Dow Jones Industrial Average gained 0.9% and the S&P 500 gained 1.2%. The tech-heavy Nasdaq Composite gained 1.4%. All three major stock indices reached all-time highs.

Investor’s Business Daily’s Big Picture column said on Wednesday: “The stock market showed winners on the NYSE outperforming losers by a margin of about 5-2. This is again bullish for the long positions. On the Nasdaq, winners outnumbered losers by nearly 5-5. 3 ratio.”

During Wednesday’s IBD Live show, the IBD Live team discussed current trading conditions, with the Nasdaq and S&P 500 hitting record highs on sluggish inflation and other economic data.

Now is an important time to read The Big Picture column amid the ongoing stock market moves. Also, be sure to read about how IBD’s new exposure levels can help you adapt to changing market conditions.

Learn how to time the stock market with IBD’s ETF market strategy

Stock Market Today: The Best Stocks to Watch

NetApp (NTAP), PDD (PDD), Taiwan Semiconductor Manufacturing (TSM) and Tradeweb Markets (TW) – plus Dow Jones components JPMorgan Chase (JPM) and Merck (MRK) – are one of the best companies to keep an eye on on the stock market today.

JPMorgan and Taiwan Semi are 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 breaking out past new buy points. Above all, Great brothers (TOL) broke out above a 130.63 buy point in a cup base. Check out MarketSurge’s Near Pivot list, which shows stocks nearing buy points in bases.

For more stock ideas, check out IBD stock lists like IBD 50, Big Cap 20, and Stocks Near a Buy Zone. These features identify bullish patterns and buy points and can be checked daily.

Get real-time buy and sell alerts on stock market leaders with IBD Leaderboard

Dow Jones: JPMorgan, Merck

JPMorgan is breaking out above the flat base of 200.94 after strong gains in recent weeks. Shares fell slightly on the stock market today.

Meanwhile, pharmaceutical giant Merck is rapidly approaching zero at 133.10. Merck shares rose 0.3% on Thursday.

The 4 top growth stocks to keep an eye on Stock market today

Outside the Dow Jones Index, NetApp is trading in a buy range above a 108.82 buy point in a double bottom, according to IBD MarketSurge. NetApp shares fell 0.3% before Thursday’s open.

Temu parent company’s PDD is just below a cup-handled buy point of 142.32 after Wednesday’s 1.9 percent rally. Shares rose 0.4% on Thursday.

Chipmaker Taiwan Semiconductor is on a double bottom base following strong recent gains in buy range above a 148.43 buy point. The stock fell 0.8% on Thursday.

Tradeweb is at the top of its buy range, up 1.3% on Wednesday, beyond the 108.04 buy point as a flat base. The stock remained unchanged on Thursday.

Find the best stocks to buy and watch with the IBD Stock Screener and IBD Screen Of The Day

Stock market today: Companies to watch

These are four stocks in or near the buy zone of today’s stock market.

Company Name symbol Right buy point Type of buy point
American Express (AXP) 231.69 Consolidation
Texas Roadhouse (TXRH) 157.12 Flat base
Chipotle (CMG) 3,023.98 Consolidation
Tradeweb Markets (TW) 108.04 Flat base
Source: IBD data as of May 6, 2024

Join IBD experts as they analyze the stock market’s leading stocks today on IBD Live

The seven great stocks: Nvidia, Tesla

Among the Magnificent Seven stocks are Nvidia (NVDA) and Tesla (TSLA) rose 0.3% and 0.1%, respectively, on Thursday morning.

Nvidia shares rose 3.6% on Wednesday, breaking through 922.20. The leader in artificial intelligence is an IBD leaderboard.

Tesla shares slipped 2% on Wednesday, ending a two-day winning streak but still holding above their 50-day line.

Dow Jones leaders: Apple, Microsoft

Among the Dow Jones stocks in the Magnificent Seven are Apple (AAPL) and Microsoft (MSFT) traded higher before the open on Thursday.

Apple shares rose 1.2% on Wednesday to close at their highest level since late January. Shares are forming a cup base with a 199.62 buy point, but look for a possible handle that offers a lower entry. The stock was up 0.2% on Thursday morning.

Microsoft shares rose 1.6% on Wednesday, well below their 50-day line. The software giant is building a flat base that has a 430.82 buy point and is in close proximity to the buy trigger. And Microsoft shares rose slightly on Thursday.

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


Check out IBD’s new exposure levels so you can keep up with the market trend

Top Growth Stocks to Buy and Watch

Learn how to navigate the market with IBD’s ETF market strategy

Find the best long-term investments with IBD Long-Term Leaders

Identify buy points and sell signals with MarketSurge pattern recognition

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