The Dow Jones Industrial Average rallied 200 points, as jobless claims dropped below 500,000. Apple looked to find support at a key level, while Tesla stock reversed lower in morning trade. PayPal jumped on earnings before slashing gains.
XAmong the Dow Jones leaders, Apple (AAPL) rose 0.65% Thursday, while Microsoft (MSFT) moved up 0.7% in today's stock market. Goldman Sachs (GS) is attempting to break out past a new buy point.
Tesla (TSLA) reversed 1% lower Thursday morning, on pace to add to a three-day losing streak. PayPal (PYPL) reported strong earnings results late Wednesday.
Among the top stocks to buy and watch, Deere (DE) and Rio Tinto (RIO) are near new buy zones.
Microsoft and PayPal are IBD Leaderboard stocks. Deere was Wednesday's IBD 50 Stocks To Watch pick, while Rio Tinto was Wednesday's IBD Stock Of The Day. Apple and Goldman Sachs were featured in this week's Stocks Near A Buy Zone column.
Dow Jones Today: Jobless Claims
The Dow Jones Industrial Average traded up 0.55% Thursday midday, while the S&P 500 was up 0.4%. The tech-heavy Nasdaq composite turned slightly positive after reversing from sharp losses.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 34224.74 | -5.60 | -0.02 |
| S&P 500 | (0S&P5) | 4151.80 | -15.79 | -0.38 |
| Nasdaq | (0NDQC ) | 13454.14 | -128.29 | -0.94 |
| Russell 2000 | (IWM) | 219.55 | -2.85 | -1.28 |
| IBD 50 | (FFTY) | 44.65 | -1.33 | -2.89 |
Last Update: 10:28 AM ET 5/6/2021 |
||||
Early Thursday, the Labor Department reported initial jobless claims of 498,000 in the week ended May 1, beating forecasts for a decline to 533,000 claims. That was also down from the prior week's 590,000 claims, and the first week of fewer than 500,000 claims since the start of the pandemic.
Among exchange traded funds, the Innovator IBD 50 (FFTY) declined 2.5% Thursday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) traded down 0.5%. Meanwhile, the SPDR S&P 500 ETF (SPY) lost 0.4%.
Stock Market Rally: Dow Jones Hits Highs
Tuesday's sell-off clouded the quality of the current stock market uptrend, as the tech-heavy Nasdaq backed further away from record highs. Meanwhile, the Dow Jones Industrial Average hit new highs on Wednesday and early Thursday.
Wednesday's Big Picture column commented, "A day after the stock market outlook weakened, indexes showed they weren't ready to bounce right back. The Nasdaq reversed lower and closed near session lows, off 0.4% on the day. There was one reason for hope: The Nasdaq held above the important 50-day moving average."
For more stock market commentary, check out IBD's The Big Picture.
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Dow Jones Stocks: Goldman Sachs
Dow Jones investment bank Goldman Sachs is breaking out past a flat base's 356.95 buy point, according to IBD MarketSmith chart analysis. Shares closed Wednesday just above the buy point and in the 5% buy zone that goes up to 374.80. The stock reversed early gains Thursday morning, dipping 0.3%.
The latest base is a second-stage formation, indicating the stock could still be in the earlier part of a long-term price advance.
The investment banking giant is on a tear in 2021, already up more than 35% year to date.
Stock Market Earnings: PayPal
IBD Leaderboard stock PayPal reported March-quarter earnings, revenue and total payment volume that topped analyst estimates. PayPal stock climbed as Bitcoin transactions and government economic stimulus payments to consumers boosted the top line.
PayPal stock reversed nearly 1% lower after jumping at the stock market open. Shares are still building a cup with handle with a 277.96 buy point.
Stocks To Buy And Watch: Deere, Rio
Wednesday's IBD 50 Stocks To Watch pick, Deere, is rapidly approaching a 392.52 buy point in a flat base, according to IBD MarketSmith chart analysis. Shares gained nearly 1% in morning trade.
According to IBD Stock Checkup, Deere stock shows a solid 93 out of a perfect 99 IBD Composite Rating. The IBD Composite Rating helps investors easily measure the quality of a stock's fundamental and technical metrics.
Wednesday's IBD Stock Of The Day, Rio Tinto, is breaking out past an 88.39 buy point in a cup with handle. Shares closed in the 5% buy area Wednesday, as the stock broke out past the entry.
Shares rallied 0.3% Thursday and are still in buy range.
IBD Live: A New Tool For Daily Stock Market Analysis
Tesla Stock
Tesla stock reversed 1% lower Thursday, looking to add to a three-day losing streak that brought the stock below its key 50-day moving average. If Tesla is unable to recover back above this key level, it could signal further weakness.
The EV giant is forming a new cup with handle, offering a 780.89 buy point. But it is a late-stage base.
On Jan. 25, Tesla stock hit a record high at 900.40, after climbing as much as 93% from a 466 buy point in a cup with handle.
Dow Jones Leaders: Apple, Microsoft
Among the top Dow Jones stocks, Apple rose 0.65% Thursday, as the stock continues to look for support at its 50-day moving average. Shares are about 5% away from a cup with handle's 135.63 buy point following a short-lived breakout on April 29.
Software giant Microsoft gained 0.5% Thursday, on pace to snap a six-day losing streak. Shares are just above above a flat base's 246.23 buy point, according to IBD MarketSmith chart analysis.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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