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Dow Jones futures dropped Thursday amid jobless claims numbers and other key economic data. On deck, the Labor Department’s pivotal jobs report is due out Friday morning.
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First-time jobless claims held steady at 217,000, below estimates that called for a rise to 222,000. Meanwhile, the U.S. Services Purchasing Managers’ Index, or PMI, is due at 9:45 a.m. ET, with an expected 46.6 reading. Lastly, the ISM services index that measures non-manufacturing services activity is expected to fall to 55.4 vs. a previous reading of 56.7.
Friday’s Labor Department jobs report is expected to show that the U.S. economy added 210,000 jobs in the month of October, down from September’s 263,000 jobs added.
Key earnings movers Thursday were Albemarle (ALB), APA (APA), IBD Leaderboard stock Cheniere Energy (LNG), CF Industries (CF) and ConocoPhillips (COP). Others on the move included Etsy (ETSY), Fortinet (FTNT), Qualcomm (QCOM), Regeneron Pharmaceuticals (REGN), Roku (ROKU) and World Wrestling Entertainment (WWE).
Albemarle shares declined 5% in early morning trade, while APA stock slipped around 1%. Cheniere inched lower, as CF Industries dropped 7%. Conoco moved up almost 1%, while Etsy stock jumped 10% and Fortinet tumbled 13%. Qualcomm dived 8%, while REGN stock dipped in early trade. ROKU stock plunged almost 20%, as WWE stock moved slightly higher.
Electric-vehicle giant Tesla (TSLA) traded down 1% Thursday morning, while Dow Jones tech leaders Apple (AAPL) and Microsoft (MSFT) were also squarely lower ahead of today’s stock market open.
Among the top stocks to buy and watch are Dycom (DY), IBD SwingTrader stock Dollar General (DG) and Pure Storage (PSTG) — as well as Dow Jones stocks Chevron (CVX) and UnitedHealth (UNH). Keep in mind that the now-struggling stock market rally is a reason for investors to play more defense.
Dollar General is an IBD SwingTrader stock. Pure Storage was featured in this week’s Stocks Near A Buy Zone column, along with three other top stock ideas. Pure Storage was also an IBD Stock Of The Day on Friday.
Dow Jones Today: Treasury Yields, Oil Prices
Ahead of Thursday’s opening bell, the Dow Jones futures lost 0.7%, while S&P 500 futures moved down 1% vs. fair value. Nasdaq 100 futures sold off 1.2% in morning action.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) traded down 1.2%, and the SPDR S&P 500 ETF (SPY) lost 1%.
The 10-year Treasury yield jumped to 4.19% Thursday morning. Meanwhile, U.S. oil prices traded down more than 1%, set to snap a two-day win streak. West Texas Intermediate futures are riding support at their 50-day moving average, trading above $88 a barrel.
Stock Market Rally Struggles
On Thursday, the stock market dived in the wake of Fed Chair Jerome Powell’s hawkish comments. The Dow Jones Industrial Average sold off 1.55%, while the S&P 500 declined 2.5%. The tech-heavy Nasdaq composite plunged 3.4%.
Wednesday’s The Big Picture cautioned, “As seen in the accompanying Market Pulse, the actual number of distribution days, or bouts of pronounced selling, remains low. But at 10,524, the Nasdaq effectively gutted all of its mild gains since a follow-through day took place on Oct. 21.”
Now is an important time to read IBD’s The Big Picture column. Following recent selling, investors should be more focused on playing defense than buying breakouts.
Five Dow Jones Stocks To Buy And Watch Now
Dow Jones Stocks To Buy And Watch: Merck, UnitedHealth
Dow Jones member and IBD 50 stock Merck is out of buy range past a double-bottom base’s 93.12 buy point, according to IBD MarketSmith pattern recognition. Merck shares inched lower Thursday.
Health care giant UnitedHealth is trying to break out past a cup with handle’s 553.23 buy point, according to IBD MarketSmith. Shares declined 0.7% Wednesday, falling further below their latest entry. UNH stock traded a fraction lower Thursday morning.
4 Top Growth Stocks To Watch In The Current Stock Market Rally
Top Stocks To Watch: Dollar General, Dycom, Pure Storage
Dollar General fell further below a 259.75 buy point in a cup base, as DG shares lost 1.75% Wednesday, falling for a third straight day. If the stock retakes this critical level, the 5% chase zone will go up to 272.74. DG shares were unchanged early Thursday.
Dycom is trying to break out past a cup base’s 120.55 buy point. Shares slid 3.3% Wednesday, once again falling back under the buy point. If the stock is able to regain the entry, the 5% buy zone that goes up to 126.58. Dycom shares were flat Thursday,
Friday’s IBD Stock Of The Day, Pure Storage, broke out Tuesday past a 31.62 buy point, but gave up that entry during Wednesday’s 2.4% decline. The stock was inactive Thursday.
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla Stock
Tesla stock skidded 5.6% Wednesday, giving up the bulk of its recent gains and heading back towards its recent lows. Shares are about 48% off their 52-week high and sharply below their 50- and 200-day moving average lines.
Shares of the EV giant moved down 1% Thursday morning.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares sold off 3.7% Wednesday, falling sharply for a third straight day. Now, shares are back below their 50-day line. Apple stock traded down 1.3% Thursday.
Microsoft fell 3.5% Wednesday, closing just off its 52-week low price. The software giant is about 37% off its 52-week high. Microsoft shares lost 0.5% 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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