The Dow Jones Industrial Average fell on Thursday as Wall Street reacted to more important inflation data, including the early release of the Agriculture Price Index (PPI). Leading the way in the stock market today was Nvidia (NVDA), which is looking to reclaim a key resistance level.
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Rate Cuts Looming: Investor Implications Ahead of September Fed Meeting
After the open, the Dow Jones Industrial Average was down 0.4%, while the S&P 500 was down 0.2%. The tech-heavy Nasdaq Composite Index was down slightly in early trading.
Early Thursday, the yield on the 10-year Treasury note rose to 3.67%. Crude oil prices continued to rebound from the Sept. 10 lows, rising 1.8% to around $68.50 a barrel for West Texas Intermediate oil futures.
Among exchange-traded funds, the Invesco QQQ Trust (QQQ) was down slightly, and the SPDR S&P 500 ETF (SPY) was down 0.2% after the open.
Nvidia shares were down 0.3% early Thursday, just hitting its 50-day line, a key resistance level to watch. A decisive recapture of this area would strengthen the stock’s near-term prospects, but stronger resistance would likely mean the artificial intelligence giant needs more time to stabilize its shares.
As Netflix tries to stop buffering, Apple asks for help
Stock Market Today: PPI Report, Jobless Claims
Early Thursday, the Labor Department’s producer price index rose 0.2% in August, bringing it up 1.7% from a year earlier. It had been expected to rise 0.2% for the month, and up 1.8% from a year earlier. The core wholesale price index rose 0.3% from a month earlier, slightly above EconoDay’s forecast of 0.2%. The core producer price index rose 2.4% from a year earlier.
In addition, the number of weekly unemployment insurance claims, also announced by the Department of Labor, increased to 230,000 from 227,000 the previous week, as expected.
The main mover in earnings Thursday morning was supermarket chain Kroger (KR), whose shares were up 1.6% in morning trading.
Nvidia Stumbles, Tesla Plummets, While These Mag 7 Stocks Are Ripe for a Breakout
Dow Jones Rising
On Wednesday, the Dow Jones Industrial Average rose 0.3%, while the S&P 500 added 1.1%. The tech-heavy Nasdaq Composite Index rose 2.2%.
On Wednesday’s IBD Live show, the IBD Live team discussed the current trading situation and how investors should approach today’s stock market.
As market action continues, now is an important time to read “The Big Picture” column, and be sure to read about how IBD’s new exposure levels can help you adapt to changing market conditions.
Nvidia loses to Apple and Microsoft. Tesla overtakes Broadcom.
Stock Market Today: Best Stocks to Watch
Companies to watch in the stock market today include Costco Wholesale (COST), DoorDash (DASH), Netflix (NFLX), Taiwan Semiconductor Manufacturing (TSM), and Uber Technologies (UBER).
The Dow Jones stocks to watch are Amazon.com (AMZN), Apple (AAPL), Home Depot (HD), and Microsoft (MSFT).
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Dow Jones: Home Depot eyeing buy point
Among Dow Jones Industrial Average components, Home Depot is approaching a new buy point at 378.58, according to MarketSurge Pattern Recognition. Shares were up 0.7% early Thursday.
Outside the Dow Jones index, retail giant Costco is eyeing an entry of $896.67 on a cup basis. The stock was down slightly on Thursday morning.
DoorDash closed Wednesday just 1% from a cup-with-handle buy point at 131.21, and shares were trading slightly lower early Thursday.
Streaming giant Netflix remains below a late cup-based buy point of 697.49 following a recent sell-off. Netflix shares were up 0.4% on Thursday.
And Taiwan Semiconductor Manufacturing Co. (TSMC), which makes cups with handles, entered at $175.45 and was up slightly on Thursday morning.
Finally, Uber shares are about 5% away from a double bottom entry at 75.40. Uber shares were up 0.4% early Thursday morning.
Find the best stocks to buy and watch with IBD Stock Screener and IBD Screen of the Day
Stock Market Today: Companies to Watch
These are four stocks that are in or near the buy zone on the stock market today.
Company Name Symbol Correct Buy Point Type of Buy Point Ferrari (RACE) 442.80 Flat Base Taiwan Semiconductor (TSM) 175.45 Cup with Handle ServiceNow (NOW) 850.33 Flat Base Uber Technologies (UBER) 75.40 Double Bottom Source: IBD Data, as of September 10
Watch IBD Live as IBD experts break down the biggest stocks on the stock market today.
7 Great Stocks: Tesla, Alphabet
Among the Magnificent Seven stocks, Alphabet (GOOGL) and Tesla (TSLA) rose at the open.
Google parent Alphabet lost support near its 200-day line in recent trading, and its shares were up 1.5% at the start of trading on Thursday after turning higher on Wednesday.
And Tesla Inc. is on track to end a three-day winning streak, up 0.2% on Thursday morning, as the electric-vehicle giant continues to recover above its 50-day mark.
Dow Jones Leaders: Amazon, Microsoft
Among the Dow Jones “Magnificent Seven” stocks, Amazon, Apple and Microsoft were the biggest losers after the stock market opened on Thursday.
Amazon shares bullishly reclaimed their 50-day line on Wednesday’s uptrend, and the stock was trading slightly higher on Thursday morning.
Apple shares have formed a V-shaped cup with a buy point at 232.92. The stock was down 1.2% early Thursday morning.
Microsoft shares are approaching resistance at their 50-day line, and shares were down 0.6% on Thursday morning.
For more on growth stocks, the Dow Jones Industrial Average and today’s stock market, follow Scott Lehtonen on X @IBD_SLehtonen.
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