The Dow Jones Industrial Average fell 350 points on Thursday after the strong monthly employment report. Meanwhile, Cathie Wood’s ETF sold more Tesla shares while buying Meta platforms (meta) Involved.
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A flood of economic data hit the markets on Thursday. First, ADP’s national employment report for June showed an increase of 497,000 jobs against estimates for an increase of 235,000. ADP showed an increase of 278,000 jobs in May. The ADP report provides a preview of the June payroll report from the Department of Labor.
But the Labor Department revealed first-time claims for unemployment assistance on Thursday, showing a rise to 248,000 from 239,000 in the previous week.
Elsewhere, the S&P Global Services Purchasing Managers’ Index rose to 54.4, above the estimate of 54.1. Moreover, the Institute for Supply Management services index for June is expected to rise to 50.8 from 50.3 in May.
Finally, the Labor Department’s JOLTS report is expected to show that job vacancies fell to 9.9 million for the month of May from 10.1 million in April.
Stock market today: Cathy Wood buys Meta shares
electric car giant Tesla (TSLA) fell 2.7% Thursday as Cathie Wood’s Ark Invest ETF sold nearly $8 million in shares of the Elon Musk-led company, according to Ark’s daily trading update.
Meanwhile, META stock lost 0.3%. On Wednesday, Wood bought about $1.6 million worth of shares from the social media giant. Late Wednesday, Meta launched a competing Twitter site, called Thread.
Dow Jones Tech Giants apple (AAPL) And Microsoft (MSFT) were down after the stock market opened today.
Chipotle Mexican Grill (CMG), Dynatrace (DT), MongoDB (mdb), L Research (LRCX) And nvidia (NVDA) – as well as Dow Jones shares c. B. Morgan Chase (JPM), visa (Fifth) And sales force (CRM) – Among the top stocks to watch in the ongoing stock market progression.
Tesla is an IBD Leaderboard stock, Lam Research remains an IBD SwingTrader stock, while Nvidia was featured this week in the Stocks Near A Buy Zone column. Dynatrace was one of the last IBD stocks for the day.
Dow jones today: oil prices and treasury yields
After the opening bell on Thursday, the Dow Jones Industrial Average fell 1.05%, while the S&P 500 fell 1%. The heavy Nasdaq Composite fell 1.25% in the morning move.
Among the US ETFs, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ(down 1%, SPDR S&P 500 ETF traded)spy) lost 0.9% early Thursday.
The 10-year US Treasury yield rose to 4.02%, surpassing the recent highs hit in late May. The yield settled higher on Monday, at 3.94%.
Oil prices fell slightly on Thursday morning, after strong gains on Wednesday. West Texas Intermediate futures traded down about 0.5%, to less than $72 a barrel.
Stock market action
Major indices were quiet again on Wednesday. The S&P 500 and Nasdaq Composite fell about 0.2%. The Nasdaq 100, which accounts for some of the largest stocks in the composite, was roughly flat.
Meanwhile, the Dow Jones Industrial Average fell 0.4%.
The Big Picture column commented on Wednesday, “The Russell 2000 is down 1.3% and appears to be hitting resistance around the 1,900 level. Wednesday’s loss snapped a six-day winning streak for the small-cap index, the longest since January. The strength in the Russell has helped the stock extend its lead, Therefore, any new decline in the index may affect the market breadth.
Now is an important time to read IBD’s Big Picture column as the stock market is holding near its highs for the year.
Top five Dow stocks to buy and watch right now
Dow stocks to watch: JPMorgan, Salesforce, Visa
JP Morgan, the Dow’s banking leader, remains above 143.37 a firm buy despite Wednesday’s drop. The buy zone rises by 5% to 150.54. JPM stock fell 1.3% Thursday morning.
Salesforce has managed to stabilize itself after the following earnings slump. It is now testing the support at the 50-day line and the decisive bounce will create a new buying opportunity. The megacap tech previously surpassed a pair of alt entries at 194.01 and 200.10, according to IBD Leaderboard analysis.
In recent weeks, the shares have reached 20% gain territory of 178.94 cups with an entry handle. CRM stock fell 0.7% Thursday morning.
Payments leader Visa also closed above 235.57 BBBs on Wednesday, up 0.6%. The buy range reaches 247.35. V shares fell 0.2% early Thursday.
And American Express (AXP) near 177.04 points to buy the base of a cup with a handle.
4 growth stocks to buy and watch Stock market rise
Best stocks to buy and watch: Chipotle, Dynatrace
IBD Leaderboard Chipotle stock is trying to clear the 2139.88 buy point of the flat bottom, according to IBD MarketSmith pattern recognition. Early entry at 2,092.51 was also available due to the trend line. Chipotle was the latest IBD stock of the day. CMG stock is down nearly 1% Thursday morning.
Software maker Dynatrace has formed a narrowing pattern on the three-week chart, representing a short consolidation in which institutional investors pause buying. The shares are about 3% off their last entry at 52.99. DT shares fell 1.5% Thursday morning.
IBD SwingTrader’s Lam Research stock moved above 615.80 early buy and narrow three-week pattern with 630.72 entry during last week’s gains. LRCX stock was trading down 1.4% early Thursday.
MongoDB traded tightly after the recent earnings-supported jump, which provided a new entry. Shares are above the narrow three-week formation that showed a buy point at 398.89, while aggressive investors could have used a trend line around 386. Bank MDB stock fell 2.6% Thursday morning.
After the May 25 earnings-supported gap, Nvidia shares have been steadily trending higher. Amidst a decline since June 20, the stock offers another opportunity to buy shares. It formed a trend line entry at 418 after the stock found support at its 21-day exponential moving average. Nvidia is the IBD stock leaderboard. The shares lost 1.3% Thursday.
Learn how to time the market with IBD’s ETF market strategy
Best stocks to buy and watch the stock market rise
These are the top four stocks to buy and watch in the stock market today, including leader Dow Jones.
| Company Name | Code | The right point of purchase | Point of purchase type |
|---|---|---|---|
| ASML | (ASML) | 683.18 | mug with handle |
| sales force | (CRM) | 200.00 | merge |
| Cloud Flair | (network) | 66.20 | Double bottom |
| Rocco | (ROKU) | 75.45 | mug with handle |
Source: IBD data as of July 5, 2023
Join IBD experts as they analyze the leading stocks of the current stock market rally on IBD Live
Tesla stock
IBD Leaderboard Tesla stock extended its winning streak to six sessions on Monday, with a gain of 0.95%. Amid recent gains, Tesla shares remain sharply off-bought after the 207.79 double-bottom buy point.
TSLA stock threatened to erase Wednesday’s gains, down 2.7% on Thursday.
Dow Jones leaders: Apple and Microsoft
Among Dow Jones stocks, Apple stock extended its decline off Friday’s high of 194.48, down 0.6% on Wednesday. Stocks continue to stabilize sharply above 157.38 buying points. Early Thursday, shares lost 0.6% in morning trade.
Shares of Microsoft were up slightly on Wednesday, gaining about 4% off their June 16 high of 351.47.
In recent weeks, the stock has hit 20%-25% gain territory from 276.76 flat-base buy points, so investors could have taken at least some profit there. On Thursday morning, Microsoft shares were down 0.1%.
Be sure to follow Scott Lehtonen on Twitter at @employee Learn more about developing stocks and the Dow Jones Industrial Average.
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