Dow Jones futures fell on Thursday along with the other major stock indexes as “Magnificent Seven” players Metaplatforms (META) plunged on first quarter earnings results. Wall Street also reacted to the weak GDP data for the first quarter. Next comes Google Parent alphabet (GOOGL) and Microsoft (MSFT) will report after the market closes today.
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Dow Jones futures fell 1.1% premarket from fair value, or more than 400 points, while S&P 500 futures lost 1.2%. Technology-focused Nasdaq 100 futures sold off 1.5% before the opening bell.
Early Thursday, the 10-year Treasury yield rose to 4.68%. Additionally, oil prices rose 0.2% as West Texas Intermediate futures traded at around $83 a barrel.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) lost 1.4%, while the SPDR S&P 500 ETF (SPY) lost 1%.
Stock market today: meta stock dives
Late Wednesday, Meta beat both analysts’ revenue and profit expectations, but company executives gave lower-than-expected revenue guidance for the current quarter. This caused Meta shares to plunge nearly 15% premarket.
Other key profit drivers on Thursday include: Caterpillar (CAT), Chipotle Mexican Grill (CMG), Ford engine (F) and IBM (IBM), together with Lam research (LRCX) and service now (NOW).
Caterpillar shares fell 4% in early trading, while Chipotle shares rose 3.4%. Ford shares rose nearly 2% while IBM shares fell nearly 9%. Shares of Lam Research fell slightly, while shares of ServiceNow fell more than 4%.
GDP, unemployment claims
Also early Thursday, investors will receive the first quarterly GDP growth numbers and weekly jobless claims. The GDP report will include the core personal consumption expenditure price index, providing a preview of March PCE price data due on Friday.
GDP slowed to a rate of 1.6% in the first quarter from 3.4% growth in the fourth quarter, well below the 2.3% expected.
Additionally, the Labor Department’s jobless claims fell to 207,000. According to Econoday estimates, an increase to 215,000 is expected from 212,000 the previous week.
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Dow Jones falls
On Wednesday, the Nasdaq outperformed other benchmarks, rising 0.3%. In contrast, the S&P 500 rose slightly and the Russell 2000 fell 0.4%. The Dow Jones Industrial Average fell 0.1%.
Wednesday’s “The Big Picture” column said: “As of now, the outlook for stocks remains extremely fragile today. And big waves of quarterly results over the next few weeks could lead to even more difficult trading conditions.”
Now is an important time to read Investor’s Business Daily’s “The Big Picture” column amid the ongoing stock market activity. Be sure to read about how IBD’s new exposure levels can help you adapt to changing market conditions.
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The best stocks to watch in the stock market today
Alphabet, Dexcom (DXCM), While holding (ONON) and Tradeweb Markets – plus Dow Jones component American Express (AXP) – are one of the best companies to keep an eye on on the stock market today.
Alphabet and Tradeweb 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 breaking out past new buy points. Additionally, the MarketSurge Near Pivot list displays stocks that are near buy points in the 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.
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Dow Jones: American Express
According to MarketSurge charts, American Express is rebounding from support around its 50-day moving average with heavy volume. A rebound took the software leader into new buy territory as shares climbed above a 231.69 entry in a brief consolidation. The shares fell slightly on Thursday morning. Remember that market risk is currently high.
The 4 top growth stocks to keep an eye on Stock market correction
Outside the Dow Jones Index, Google stock is above a 153.78 buy point, according to MarketSurge charts, and its relative strength line is at its highest level since January. Shares lost nearly 3% on Thursday.
Dexcom regained its flat base entry of 132.03 during this week’s gains and found support at its key 50-day line. Dexcom shares rose 1% early Thursday.
Retail leader On Holding is trying to reclaim its 50-day line and a decisive move beyond that level would be positive for the stock’s prospects. Shares of On Holding fell 0.7% early Thursday.
Tradeweb is below its 50-day moving average as it forms a flat base with a 108.04 buy point. Shares fell 0.9% after the company reported mixed first-quarter results early Thursday.
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Stock market today: Companies to watch
These are four stocks that are in or near buy zones in today’s stock market.
| Company Name | symbol | Right buying point | Type of buy point |
|---|---|---|---|
| American Express | (AXP) | 231.69 | Consolidation |
| alphabet | (GOOGL) | 153.78 | Consolidation |
| Dexcom | (DXCM) | 132.03 | Flat base |
| Tradeweb Markets | (TW) | 108.04 | Flat base |
Source: IBD data as of April 22, 2024
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The seven great stocks: Nvidia, Tesla
Magnificent Seven stock Nvidia (NVDA) and Tesla (TSLA) rose 0.4% and 0.8% in premarket trading on Thursday.
Nvidia shares fell 3.3% on Wednesday, hitting stiff resistance around its 50-day line and falling further below that level.
On Wednesday, Tesla rose 11.9% after the company reported first-quarter results. However, the stock is still more than 45% below its 52-week high.
Dow Jones leaders: Apple, Microsoft
Among the Dow Jones stocks in the Magnificent Seven are Apple (AAPL) and Microsoft traded mixed ahead of Thursday’s open.
Apple shares rose 1.4% on Wednesday, extending their winning streak to three sessions. Shares are still about 15% below their 52-week high. The stock was up a fraction on Thursday morning.
Microsoft shares rose 0.4% on Tuesday and are still below their 50-day line after last week’s losses. The stock fell 2% early 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.
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