Sat. Feb 24th, 2024

Dow Jones futures dropped early Thursday ahead of initial jobless claims and third-quarter GDP data. Meanwhile, Meta Platforms (META) sold off despite strong results. And Amazon (AMZN) earnings are on deck.




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The Labor Department’s first-time unemployment claims are expected to rise to 208,000 vs. 198,000 in the previous week. Also, third-quarter GDP from the Commerce Department is expected to accelerate to 4.2% vs. second-quarter growth of 2.1%. Both readings are due at 8:30 a.m. ET.

Meta stock tumbled nearly 4% Thursday morning after the company warned of weakening advertising demand. Shares initially jumped late Wednesday after the company beat Wall Street’s estimates.

Elsewhere on the earnings front, Align Technology (ALGN), Baker Hughes (BKR), Bristol-Myers (BMY) and IBM (IBM) were key movers Thursday. They were joined by Mastercard (MA), Merck (MRK), Mobileye (MBLY), Nextracker (NXT) and ServiceNow (NOW).

Align shares plummeted 24%, while Baker Hughes stock was mostly unchanged. BMY shares tumbled nearly 5%, as IBM stock moved up more than 1%.

Mastercard dipped 0.5% with earnings due out shortly, while MRK stock rose 0.6% in early action. MBLY raced nearly 2% higher, as Nextracker rose 2.5%. Finally, ServiceNow shares jumped 3.5% in premarket trade.

Looking ahead, Amazon will report after the market close.

Dow Jones Today: Oil Prices, Treasury Yields

Ahead of Thursday’s opening bell, Dow Jones futures dropped 0.5% vs. fair value, while S&P 500 futures lost 0.9%. Tech-heavy Nasdaq 100 futures sold off 1.2% vs. fair value.

Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) dropped 1.2%, while the SPDR S&P 500 ETF (SPY) moved down 0.9% early Thursday.

The yield on the 10-year U.S. Treasury bond ticked higher to 4.97% Thursday morning. On Wednesday, the benchmark settled at 4.95%.

Oil prices were sharply lower Thursday, erasing Wednesday’s rebound. West Texas Intermediate futures traded below $84 a barrel.

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Stock Market Correction

Thursday’s market action was in line with Wednesday’s, which saw the Dow Jones Industrial Average drop 0.3% by the session’s close. The S&P 500 ended the day down 1.4% while the tech-heavy Nasdaq composite sold off 2.4%.

Wednesday’s Big Picture column commented, “The Nasdaq composite, at 12,821, is now down for the fourth quarter. It’s also coming close to a key test of institutional support at the long-term 200-day moving average, which rose to 12,767 on Wednesday.”

Now is an important time to read IBD’s The Big Picture column, with the current outlook back in market correction status. Be sure to read how to handle changing market forces.

Learn How To Time The Market With IBD’s ETF Market Strategy

Stock Market Today

Electric-vehicle giant Tesla (TSLA) tumbled 2.7% early Thursday, as Nvidia (NVDA) lost 2.4%. Meanwhile, Dow Jones tech icons Apple (AAPL) and Microsoft (MSFT) traded lower ahead of today’s stock market open.

IBD Leaderboard member Arista Networks (ANET), Lululemon Athletica (LULU), Meta Platforms and Light & Wonder (LNW) — as well as Dow Jones stocks Walmart (WMT) and Salesforce (CRM) — are among the best stocks to buy and watch in the new stock market correction.

Light & Wonder is a recent IBD Stock Of The Day.

Dow Jones Stocks: Walmart, Salesforce

Dow Jones retail giant Walmart is tracing a cup base with a 165.85 buy point, according to IBD MarketSmith chart analysis. This week, shares regained their key 50-day line and are about 2% away from their latest entry. WMT stock inched lower Thursday.

Software leader Salesforce is battling for support around its long-term 200-day line. CRM stock dropped 0.7% Thursday morning.

4 Top Growth Stocks To Watch In The Stock Market Correction

Stocks To Buy And Watch: Light & Wonder Eyes Buy Point

Arista slipped 2.3% Wednesday, closing back below the 50-day line and about 6% away from a 198.70 buy point in a flat base. The company reports third-quarter results Oct. 30. ANET stock dived more than 5% early Thursday.

Lululemon dropped 1.65% Wednesday, still below a flat base’s 406.94 buy point, according to IBD MarketSmith pattern recognition. Wait for another sustained move past that entry as a buy signal. LULU stock was down 1% Thursday morning.

Facebook-parent Meta Platforms tumbled below its 50-day line during the session’s 4.2% decline Wednesday. Then Meta shares jumped after the close on earnings, but lost nearly another 4% Thursday.

Casino games maker Light & Wonder reversed lower Wednesday, down more than 5%. Shares continue to trace a flat base with a 79.97 buy point. But the market is in a correction, increasing risk. LNW stock was unchanged early Thursday.

Best Stocks In Today’s Stock Market Action

These are four best stocks to watch in today’s stock market, including a Dow Jones leader.

Company Name
Symbol
Correct Buy Point
Type Of Buy Point

Meta Platforms
(META)
312.87
Handle entry

Salesforce
(CRM)
228.79
Double bottom

Lululemon
(LULU)
406.94
Flat base

Arista Networks
(ANET)
198.70
Flat base

Source: IBD Data As Of Oct. 24, 2023

Join IBD experts as they analyze leading stocks in the current stock market correction on IBD Live

Tesla Stock

Tesla stock skidded 1.9% Wednesday, finishing back under the 200-day line and ending a two-day rally. Shares are trying to find support around that long-term level, and are nearly 30% off their 52-week high.

Shares moved down nearly 3% early Thursday, threatening to add to Wednesday’s losses.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks, Apple lost 1.35% Wednesday, still holding above potential support around the 200-day line. Apple delivers its fiscal fourth-quarter report on Nov. 2. Shares dropped 1% early Thursday.

Microsoft stock gained 3.1% Wednesday, as shares moved above two earlier entries — a 336.14 buy point and a 340.86 buy trigger. But on Thursday morning, MSFT stock fell 0.9% in early trade.

Be sure to follow Scott Lehtonen on X/Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.

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