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Dow Jones dives 400 points on cool inflation data; Salesforce plummets in revenue

The Dow Jones Industrial Average sold off Thursday morning after key inflation data. Tech leaders Okta, Splunk and Snowflake posted big earnings-related moves, and Dow Jones stock Salesforce plunged after its quarterly results. Meanwhile, Chinese electric car stocks Li Auto and Nio reported record car sales.


Inflation data, unemployment claims, income movers

The Commerce Department’s PCE price index, the Federal Reserve’s preferred measure of inflation, came out Thursday morning. The index showed an increase of 0.3% for the month of October, cooler than estimates, giving a 6% increase year-on-year, which was in line with estimates. Personal income rose 0.7% in October, topping the 0.4% Econoday estimate.

The PCE price index tracks the change in the prices of goods and services purchased by consumers throughout the economy.

Meanwhile, first-time registered unemployed from the Ministry of Labor fell to 225,000 compared to 240,000 last week. They were expected to drop to 238,000.

Companies that reported earnings include Box (BOX), Dollar General (DG), Five under (FIVE), Clean storage (PSTG), the Dow Jones software stock Salesforce (CRM), Snowflake (SNOW) and Splunk (SPLK).

BOX stock lost nearly 1% early, while Dollar General stock fell nearly 7%. Five Below shares rose more than 11%, while Pure Storage gained more than 4%. Salesforce fell 8%, while Snowflake climbed 3%. Splunk jumped more than 12% in morning trading.

Chinese electric car stocks Li Auto (LI) and Nine (NIO) reported their monthly auto sales early Thursday. Li Auto shares fell 1.3%, and Nio fell 3.3%.

Electric vehicle giant Tesla ( TSLA ) traded up 0.3% Thursday morning. Dow Jones Technology Leaders apple (AAPL) and Microsoft (MSFT) was lower after today’s market opening.

IPO manager Array Technologies (ARRY), IBD Leaderboard stock Arista Networks (A WEB), Celsius (CELH) and Chubb (CB) – as well as Dow Jones names Boeing (BA), larva (CAT) and Chevron (CVX) — is among the best stocks to buy and watch.

Arista Networks is an IBD Leaderboard stock and was a recent IBD Stock Of The Day. Boeing is an IBD SwingTrader stock and was one of four managers featured in this week’s Stocks Near a Buy Zone column. Celsius was Monday’s IBD 50 Stocks To Watch pick.

IBD’s latest newsletter MarketDiem brings you actionable ideas for stocks, options and crypto straight to your inbox.

Dow Jones today: Oil prices, Treasury yields

After Thursday’s opening bell, the Dow Jones Industrial Average lost 1.15%, while the S&P 500 fell 0.5%. The tech-heavy Nasdaq composite was down 0.5% in morning action.

Among exchange-traded funds, Nasdaq 100 tracker Invesco QQQ Trust ( QQQ ) lost 0.5% early Thursday, and the SPDR S&P 500 ETF ( SPY ) fell 0.55%.

The 10-year Treasury yield fell to 3.58% on Thursday morning, hitting its lowest level since October 4. Meanwhile, U.S. oil prices rose another 1%, setting a three-day gain after touching their lowest level since December 2021 on Monday. West Texas Intermediate futures traded above $81 a barrel.

Stock market rally

On Wednesday, the stock market posted strong action, as the technology-heavy Nasdaq Composite rose 4.4%. The Dow Jones Industrial Average rose 2.2 percent, while the S&P 500 rose 3.1 percent.

Wednesday’s The Big Picture commented, “Stock market indices rose strongly on Wednesday after Fed Chair Jerome Powell told a gathering at the Brookings Institute that it ‘makes sense’ to moderate the pace of rate hikes. However, he still expects interest rates to rise to ‘a sufficiently restrictive level .”

Now is an important time to read IBD’s The Big Picture column amid ongoing stock market volatility.

Five Dow Jones Stocks to Buy and Watch Now

Dow Jones stocks to buy and watch: Boeing, Caterpillar, Chevron

Aerospace giant Boeing rose 2% on Wednesday, moving further above a Cupbase buy point of 173.95. The 5% buy range goes up to 182.65. Boeing shares rose on Thursday.

Dow Jones member Caterpillar finished just shy of the cup base’s 238 buy points, according to IBD MarketSmith pattern recognition, following Wednesday’s 0.55% gain. CAT shares lost 0.1% on Thursday.

CAT stock has a solid 94 out of a perfect 99 IBD Composite Rating, according to IBD Stock Checkup.

Energy giant Chevron rose another 1.3% on Wednesday, reclaiming a 182.50 buy point in a consolidation base. CVX shares rose 0.6% Thursday morning, as oil prices extended recent gains.

4 top growth stocks to watch right nowra stock market rally

Top stocks to buy and watch: Array, Arista, Celsius, Chubb

Solar leader and IPO Array Technologies fell further below its 22.40 buy point in a cup with handles during Wednesday’s weak decline, triggering a 7%-8% loss trigger, according to IBD MarketSmith pattern recognition. Clearly, the stock’s breakout attempt is not working, and investors should act accordingly. ARRY stock fell 1.2% Thursday morning.

IBD Leaderboard stock Arista Networks moved out of buy territory above a choppy base buy point of 132.97 amid Wednesday’s 4.2% advance. The ANET share fell 0.1 percent on Thursday.

Energy drink maker Celsius rose more than 8% on Wednesday as the stock continues to form a cup base with a buy point at 118.29. Monday’s reversal will potentially result in a handle that will offer a lower entry, but it is too early to be sure. The share rose 0.6 percent on Thursday.

Chubb is trading further above a cup-with-handle 216.10 buy point on Wednesday after the session’s 1.3% gain. The 5% buy range tops out at 226.91. The insurance giant traded up 0.2% on Thursday morning.

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

Tesla shares

Tesla shares rose 7.7% higher on Wednesday, closing at their highest level since November 11. On November 22, the stock hit a 52-week low of 166.19. Shares are around 52% of 52-week highs and sharply below the 50- and 200-day moving average lines.

The electric car giant traded up 0.3% on Thursday morning.

Dow Jones Leaders: Apple, Microsoft

Among the Dow Jones stocks, Apple shares rose 4.9% on Wednesday, snapping a three-day losing streak and retracing its key 50-day line. The stock is around 20% lower than its 52-week high. Apple shares fell 0.2 percent on Thursday.

Microsoft rose 6.2% on Wednesday, ending a three-day losing streak and hitting its highest level since Sept. 13. The software giant is still approx. 26% lower than the 52-week high. Microsoft shares fell 0.1 percent on Thursday morning.

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


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