Stocks rose in Thursday morning trading, with the Dow Jones Industrial Average rising to nearly 40,000 points and other major indexes hitting record highs.Meanwhile, the Department of Labor releases its first unemployment insurance claims and social media platforms reddit (RDDT) is expected to debut on the stock market today.
X
The Dow Jones Industrial Average rose 0.7% in morning trading to just below $39,800, while the S&P 500 rose 0.6%. The tech-heavy Nasdaq Composite Index rose 0.7% after the opening bell.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) rose 0.7%, while the SPDR S&P 500 ETF (spy) rose 0.5%.
The 10-year US Treasury yield rose to 4.27%. Additionally, oil prices fell following Wednesday’s losses, as West Texas Intermediate futures fell slightly to trade around $81.20 per barrel.
Reddit’s initial public offering is expected to debut on Thursday after the company priced its IPO at the high end of a range of $31 to $34. Reddit’s IPO was valued at $6.4 billion, and the company raised $748 million. It will be traded on Reddit under the ticker “RDDT.”
Be sure to read how to adapt to changing market conditions with IBD’s new exposure levels.
Stock Market Today: Unemployment Claims
The Department of Labor has reported its first unemployment insurance claims, announcing that the number of claims has reached 210,000. Insurance claims were expected to remain flat at 209,000.
Additionally, the Philadelphia Fed’s Manufacturing Business Index fell from 5.2 in February to 3.2 in March. It was expected to drop to -5.0.
Meanwhile, the number of existing home sales unexpectedly increased to 4.38 million units in February, compared to 4 million units in January, according to Econoday estimates. The number of people was expected to decline to 3.92 million.
Thursday morning’s key earnings reports include: Academy Sports & Outdoors (yes), chewy (Chuwai) and Darden Restaurants (DRI).There were other reports Five Below (Five), KB Home (KBH) and micron technology (Mu).
Academy stock fell more than 11% in early morning trading, and Chewy stock fell more than 4%. Darden stock fell more than 4%, and Five Below plunged 11%. KB Home rose 1.6%. And Micron shares soared more than 14% in early morning trading.
dow jones rise
On Wednesday, the Dow Jones Industrial Average rose 1% and the S&P 500 rose 0.9%. The Nasdaq Composite Index, which has a high proportion of tech stocks, rose 1.3%.
Wednesday’s Big Picture column said, “Indeed, Wednesday’s move struck a bullish tone in this further way, with volumes actually increasing on both major exchanges and the accumulation by some of the biggest names in the investment world.” It shows,” he commented.
As the stock market continues to rise, now is an important time to read IBD’s The Big Picture column. Be sure to read how to adapt to changing market conditions with IBD’s new exposure levels.
Learn how to time the stock market with IBD’s ETF Market Strategy
Best stocks to buy and watch in the stock market today
Arista Networks (ANET), Duolingo (Duor), dexcom (DXCM) and draft kings (DKNG) — plus Dow Jones component disney (DIS), IBM (IBM) and procter and gamble (P.G.) — one of the best stocks to buy and watch in the stock market today.
Arista and Disney were featured in this “Stocks Near a Buy Zone” column.
Essential resources for daily breakouts include: IBD Market Surge “Today’s Breakout” list.it shows Rapid market growth 250 Stocks that are breaking through new buy points. There were three new breakouts on Wednesday, including Arista Networks.
Meanwhile, MarketSurge’s “Near Pivot” list shows stocks that are nearing buy points on a basis like Duolingo.
Get real-time buy and sell alerts on stock market leaders with IBD Leaderboard
Dow Jones Stocks: Disney in buy range
According to IBD MarketSurge chart analysis, Disney is breaking through the 112.92 buy point, which is the large threshold for cups with handles. And the stock was up 1.7%, even higher than Wednesday’s closing price. Disney stock rose 0.4% Thursday morning.
Even though IBM stock rose 0.2% on Wednesday, it remains below its flat-based buy point of 196.90. The stock fell 1% on Thursday.
Consumer goods giant Procter & Gamble edged higher on Wednesday, but remains above its cup-based buy point of 158.38. P&G stock fell slightly on Thursday.
4 Top Growth Stocks to Watch stock market rise
Arista stock breaks out
According to , Arista stock rose 3.2% on Wednesday, breaking above a flat-based buy point of 292.66. market surge chart. And on Thursday morning, Arista stock was up 0.4%.
IPO leader Duolingo is within touching distance of Cup with Handle’s 241.86 entry following Wednesday’s 3% rise. Duolingo stock rose 2% on Thursday.
Dexcom stock fell 1.2% on Wednesday, just above the entry of 132.03 on a flat basis. Dexcom stock rose 1.5% early Thursday.
Finally, DraftKings rose 5.7% on Wednesday, breaking through a buy point at 46.52 on a short consolidation. The stock was trading at 1.1% on Thursday morning.
Up-and-coming stock
These are four stocks in the buy zone or near the buy zone in today’s market.
| Company Name | symbol | correct purchase point | Types of purchase points |
|---|---|---|---|
| disney | (DIS) | 112.92 | cup with handle |
| Arista Networks | (ANET) | 292.66 | flat base |
| draft kings | (DKNG) | 45.62 | integration |
| Duolingo | (Duor) | 241.86 | cup with handle |
Source: IBD data as of March 19, 2024
IBD experts break down the top stocks in the current stock market rally on IBD Live.
Magnificent Seven stocks: Nvidia, Tesla
Magnificent Seven Stocks Nvidia (NVDA) rose 1.1%, but tesla (TSLA) fell 0.6% in Thursday morning action.
Nvidia stock rose 1.1% on Wednesday, extending its winning streak to three sessions. Nvidia is his IBD leaderboard stock.
Tesla stock rose 2.5% Wednesday, its highest level since March 12. Still, the stock is well below its 50-day moving average and 200-day moving average, and more than 40% off its 52-week high.
Dow Jones Leader: Apple, Microsoft
Among the Dow Jones stocks in the Magnificent Seven are: apple (AAPL) and microsoft (MSFT) Stocks traded mixed after the market opened on Thursday.
On Wednesday, Apple shares rose 1.5% to close at their highest since March 1st. The stock price remains well below its long-term 200-day line. Apple fell 1.3% on Thursday after reports that the Department of Justice will file iPhone-related antitrust charges against the iPhone maker as soon as Thursday.
The lawsuit will accuse Apple of blocking rival companies from accessing the iPhone’s hardware and software features, Bloomberg News reported Wednesday night.
Microsoft stock hit a new high last week with support at its 50-day line. This brings the software giant into a new purchasing arena. Microsoft stock rose 0.8% on the stock market that day.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter. @IBD_SLehtonen Learn more about growth stocks, the Dow Jones Industrial Average, and today’s stock market.
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