Dow Jones Hits Session Highs After Jobs, GDP Data; Intel, Amazon rise ahead of earnings

The Dow Jones Industrial Average rose 1.7% to session highs in late trading Thursday. Technical leader Microsoft (MSFT) rose for a second day after strong earnings earlier this week. apple (AAPL) and Salesforce (CRM) also gained ground. Amazon (AMZN) pierced the 200-day moving average resistance.


The S&P 500 also traded at the day’s highs with a 2.0% rally at 3 p.m. ET. Big gains from IBD Leaderboard stocks Meta platforms (META), Amazon and Google parent Alphabet ( GOOGL ) lifted the Nasdaq nearly 2.5%. The small-cap Russell 2000’s gain was more modest, at 1.1%.

Volume on the NYSE and Nasdaq nearly matched Wednesday’s levels.

Crude oil rose nearly 1% to $74.84 a barrel. The interest rate on the benchmark index for 10-year government bonds rose by 9 basis points to 3.53%.

The initial GDP estimate for the first quarter was cut to 1.1% compared to the 2% consensus as businesses paused inventory building. However, the personal consumption expenditure index (PCE) component rose 4.2% year-on-year. Initial jobless claims for the week ending April 22 were lower than expected, at 230,000.

Stocks are moving today

Meta rose nearly 15% after strong earnings late Wednesday, thanks in part to aggressive cost-cutting. The Silicon Valley social media giant raised its guidance for the current quarter but lowered its spending plans.

In the Dow Jones, larva ( CAT ) fell below its 200-day line despite strong earnings. Among the healthcare system, Merck (MRK) pared early losses after earnings and rose 1% in late trade. Eli Lilly (LLY) rose above a buy point at 376.41.

Earnings card: The Dow Jones share in focus

Intel (INTC) tested support at the 50-day line ahead of earnings. The chip megacap has underperformed the stock market, earning a low 31 Relative Strength Rating, according to MarketSmith chart analysis. Declining PC demand and great competition from Advanced Micro Devices (AMD) is a headwind to growth for the industry clock.

In January, the Dow Jones leader predicted red ink this quarter as the Santa Clara, California giant lost market share to AMD in its data center segment.

First Solar (FSLR) is also testing support at the 50-day line ahead of earnings after the close. On Monday, Citi downgraded the solar stock to sell with a price target of 194.

E-commerce greatness Amazon (AMZN) is also on deck after the close today. AMZN stock clears the 200-day line in late afternoon trading. The Seattle giant shut down its Halo fitness and health tracking program ahead of earnings.

Cloudflare (NET) is approaching a 66.30 buy point ahead of earnings, also today. A test of the 50-day line for the network software stock is on watch.

Chevron (CVX) and Exxon (XOM) is on deck Friday. Shares of both oil and gas companies are hovering above their 50-day lines.

Please follow Ramakrishnan on Twitter for more news on the stock market today.


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