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Dow Jones rises on jobless claims; Inflation data Next; Tesla shares fall near 2022 trough

The Dow Jones Industrial Average rose Thursday morning as energy stocks and China-exposed issues boosted early trading. The Ministry of Labour’s weekly data for unemployment claims turned out to be higher than expected. And Tesla shares fell nearly 3% after Bloomberg reported that the company has shortened Shanghai factory shifts and delayed new hires due to slowing demand in the Chinese auto market.


Initial jobless claims rose to 230,000 from 225,000 last week, the Labor Department said. It was above the economist’s estimate of 228,000. On Friday, wholesale inflation data comes out with the producer price index, or PPI.

Chevron (CVX) led the Dow Jones Industrials, up 2% as oil prices rebounded. It also announced a 25% increase in 2023 investments. Exxon Mobil ( XOM ) plowed nearly 3% higher on extended earnings guidance and after ramping up its share buyback program to $50 billion.

Meanwhile, Respect (CIEN) and GameStop (GME) reported earnings ahead of Thursday’s market opening. Ciena rose more than 16%. GME shares rose 1.5% after reporting a quarterly decline in sales and a narrower loss compared with a year ago.

Electric vehicle giant Tesla (TSLA) traded down 2.8% on Thursday. Dow Jones Technology Leaders apple (AAPL) and Microsoft (MSFT) was mixed after today’s stock market opening.

Celsius (CELH), IBD Leaderboard stock Dexcom (DXCM), CLOTHES (KLAC) and Trane Technologies (TT) – as well as Dow Jones names larva (CAT), Chevron and Home Depot (HD)—is among the best stocks to buy and watch.

Dexcom and Trane are IBD Leaderboard stocks. Caterpillar and Home Depot were featured in this week’s Stocks Near a Buy Zone column. Celsius was a recent IBD 50 Stocks To Watch pick and a New America stock. Caterpillar was a recent IBD Stock Of The Day.

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 rose 0.3%, while the S&P 500 rose 0.1%. The tech-heavy Nasdaq Composite was down 0.15% in morning action as China-based stocks crowded the top of the chart.

Among exchange-traded funds, Nasdaq 100 tracker Invesco QQQ Trust ( QQQ ) lost 0.2% and the SPDR S&P 500 ETF ( SPY ) rose 0.1% early Thursday.

The 10-year government yield ticked up to 3.48% on Thursday morning. On Wednesday, the 10-year Treasury yield fell to 3.4%, the lowest close since September 12.

Meanwhile, U.S. oil prices rebounded after four big losses in a row, sending West Texas Intermediate futures to a new low in 2022. WTI futures traded up 2% to just above $74 a barrel early Thursday.

Stock market rally

On Wednesday, the tech-heavy Nasdaq composite fell for a fourth straight session, while the S&P 500 extended a losing streak to five sessions. The Dow Jones Industrials edged higher to snap a three-day losing streak.

Wednesday’s The Big Picture column commented: “Bull markets need increased participation to survive. That hasn’t happened in the latest rally attempt, at least so far, so a more defensive stance may be necessary. The inverted yield curve appears to support this view, predicts weaker economic conditions in 2023.”

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: Caterpillar, Home Depot, Chevron

Dow Jones member Caterpillar continues to drift further away from a cupbase’s 238 buy point, according to IBD MarketSmith pattern recognition, following Wednesday’s 0.3% gain. CAT shares rose 0.8% on Thursday.

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

Energy giant Chevron rose 0.3 percent Wednesday, still just below a 182.50 buy point in a consolidation base. Shares are trying to stem their current slide around their 50-day line. CVX shares climbed 2% Thursday morning as oil prices rebounded amid this week’s slump.

The home improvement store Home Depot was closed Wednesday about. 5% below a cup base’s 333.08 buy point. Shares are close to adding a handle to the cup base, which would lower the correct buy point to 329.77. The HD share traded up 0.1% on Thursday.

4 top growth stocks to watch right nowra stock market rally

Top stocks to buy and watch: Celsius, Dexcom, KLA, Trane

Energy drink maker Celsius triggered the 7%-8% loss trigger from a cup-base buy point of 118.29 during Wednesday’s slide. While the stock could add a handle to its cup base, investors who bought during Friday’s breakout move should reduce exposure. The share was up 2.4 percent on Thursday.

IBD Leaderboard stock Dexcom is nearing a flat-base entry of 123.46 and is about 4% away from this buy point after Wednesday 0.9 percent increase. Dexcom shares rose 3.5% early Thursday.

Chip leader KLA ended Wednesday just below a 392.60 buy point, according to IBD MarketSmith chart analysis. A key technical strength is the share’s strong RS line, which hit yet another high during Wednesday’s action. The KLA share was up 0.6 percent on Thursday.

Trane Technologies ended Wednesday approx. 3% below a 181.72 buy point in a cup with handle after the session’s 1.2% gain. The stock fell slightly on Thursday morning.

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

Tesla shares

Tesla shares skidded another 3.2% Wednesday, falling sharply for a third session in a row. Shares are already down more than 10% this week.

Despite the losses, the stock remains above its 52-week low, set in mid-November. Shares are about 57% off their 52-week high. Meanwhile, the stock appears to be seeing some resistance around the 200 price level, which is a key area to see if the stock is capable of making another rally attempt. For now, it looks like the stock is on its way back to the 2022 low.

Shares were down nearly 3% Thursday morning at around 169.50 a share, just a few points above their 52-week low of 166.19.

Dow Jones Leaders: Apple, Microsoft

Among the Dow Jones shares, Apple shares sold 1.4 percent Wednesday, hitting a recent low and falling further below the 50-day mark. The stock is about 23% off its 52-week high. Apple shares rose 0.7 percent on Thursday.

Microsoft fell 0.3 percent Wednesday, as stocks continue to tread water above the 50-day mark. The software giant is still about 30% off its 52-week high. Microsoft shares gave up 0.2 percent early Thursday.

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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