The Dow Jones Industrial Average rose 300 points Thursday after initial jobless claims data from the Labor Department beat estimates. Tesla stock rose as Morgan Stanley reiterated its overweight rating with a discount price target.
Weekly unemployment figures showed that first-time claims rose to 225,000 versus 216,000 the previous week, higher than Econoday’s estimate of 222,000. Claims have gone up and down in recent weeks, but are generally trending lower since the mid-November high of 241,000.
On the earnings front, the chicken egg distribution giant Cal Maine Foods (calm) reported Wed after closing. Shares fell more than 4% in morning trading. CALM stock ended Wednesday below the level of 62.74 Point purchase After two days of losses.
electric car leader Tesla (TSLA) rose nearly 7% Thursday as Morgan Stanley reaffirmed its Overvalued rating on the stock, despite lowering its price target. Technology pioneers at Dow Jones an Apple (AAPL) And the Microsoft (MSFT) has been trading higher yet stock market today Open.
Cardinal health (CAH), midpiece (MEDP), IBD Leaderboard stock Neurobiological Sciences (nbix) And the Texas Roadhouse (TXRH) – as well as the names of the Dow Jones Amgen (AMGN), Larva (Cat) And the chevron (CVX) – among the top stocks to consider on investor watchlists. Keep in mind that recent market weakness should keep investors on the sidelines.
Dow jones today: oil prices and treasury yields
After Thursday’s opening bell, the Dow Jones Industrial Average rose 0.9%, and the S&P 500 rose 1.4%. The heavy Nasdaq Composite Index rose 1.8% in the morning move.
The 10-year Treasury yield fell to 3.86% Thursday morning, with the yield moving further above the 50-day line after three days of gains.
Meanwhile, US oil prices traded down nearly 2% on Thursday, as West Texas Intermediate crude futures pulled back from resistance just above $79 a barrel, after a two-week advance. The Energy Information Administration will provide weekly information on oil inventories at 11 a.m. ET.
stock market correction
On Wednesday, the Dow Jones Industrial Average sold 1.1%, while the S&P 500 fell 1.2%. The tech-heavy Nasdaq Composite was the hardest hit, falling 1.35%.
Wed column big picture He commented: “Perhaps more importantly, amid expected generally quiet trading for the rest of the year, price has been significant lately. 21 October follow-up day It means that it is still very difficult to make money for a long time.”
Dow stocks to watch: Amgen, Caterpillar, Chevron
Pharmaceutical maker Amgen continues to track a flat base amid a three-week losing streak. Stocks fell more than the 50-day line after more losses on Wednesday. At the moment, the correct buy point is 296.77, but the stock needs to retake 50 days decisively first. AMGN stock is up more than 16% in the year through Wednesday. Shares traded up 0.5% on Thursday.
Caterpillar member Dow Jones finished the lowest buy point of 239.95 on a firm base Wednesday, to me IBD MarketSmith Pattern Recognition. If the stock re-enters, the buy zone goes up to 251.95. To the upside, the stock’s RSI line, a major technical indicator, reached new highs. CAT stock posted an annual gain of about 16%. Shares rose 0.5% Thursday.
Energy giant Chevron is testing the 50-day line amid Wednesday’s decline of 1.5%, as the stock continues to track to the right side of the flat bottom containing 189.78 Buy. CVX stock is the Dow’s overall leader, up more than 50%. Stocks fell slightly on Thursday morning, amid weakness in oil prices.
Top stocks to watch: Cardinal Health, Medpace, Texas Roadhouse
cardinal health, Today’s stock from IBD, holding near 81.67 buy points in a flat base. Shares fell 0.7% on Wednesday. CAH shares rose 0.3% on Thursday.
Medpace rebounded sharply from the 50-day line last week, with a gain of 3.3%. But the stock gave up much of those gains during Tuesday’s 2% drop and is once again trying to find support. For now, the correct buy point is looming at 235.82, but early entry at 220.09 is also in play. MEDP stock rose 1.5% on Thursday.
Texas Roadhouse is showing a new buy point at 101.85 in a flat base, but is now consolidating below the 50 day line. The restaurant leader will look to regain this key benchmark over the coming sessions, but two consecutive days of sharp losses is not a positive. TXRH stock rose 0.1% Thursday morning.
IBD Leaderboard Neurocrine stock fell 0.2% on Wednesday, once again testing support around the 50-day level. The recent bounce off the 50-day line was bullish for the stock’s outlook, but stocks are now back in that key territory. NBIX stock rose 0.3% on Thursday.
Stocks to watch
These are the top six stocks to watch in the stock market today, including three Dow leaders.
|The Company’s name||Code||The right point of purchase||base type|
|Cardinal health||(CAH)||81.67||Flat base|
|Texas Roadhouse||(TXRH)||101.85||Flat base|
Source: IBD data as of December 28, 2022
Tesla stock Snapping a seven-day losing streak on Wednesday, it rebounded and rose 3.3% after hitting a 52-week low of 108.76. The shares closed about 72% from their 52-week high.
Stocks looked set to continue their rally Thursday morning, racing about 7% higher.
Late Wednesday, Morgan Stanley analyst Adam Jonas lowered the company’s price target from 330 to 250, while maintaining an overweight on TSLA stock. He believes that 2023 is “shaping up to be a ‘reset’ year for the electric vehicle market,” and that Tesla is in a position to cement its lead over the competition.
Dow Jones leaders: Apple and Microsoft
in between Dow Jones stockApple shares fell 3.1% on Wednesday, down to 125.87, their lowest since June 2021. The stock is down about 32% from its 52-week high and is down 29% since the start of the year. Shares rose 1.7% Thursday morning, as share prices rose The Wall Street Journal reported That iPhone production in China was increasing after the Covid-19 issues.
Microsoft stock fell 1% on Wednesday, falling further below the 50-day line. The software giant is about 32% off its 52-week high with a year-to-date loss of more than 30%. MSFT stock rose 0.8% early Thursday.
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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