Finance
Stock Market Today: Dow Jones Inverts on GDP and Inflation Data; Nvidia below the key level
Dow Jones futures and the other major stock indexes traded higher on Thursday as Wall Street digested the early release of a stronger-than-expected GDP reading along with data showing slowing inflation. Beautiful Seven player Nvidia (NVDA) began recovering from early losses in the stock market today, a day after falling below a key level.
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Techs lead market sell-off; Tenet Healthcare, Fiserv, Microsoft In Focus
Ahead of the opening bell, Dow Jones futures rose versus fair value, while S&P 500 futures were flat. Tech-focused Nasdaq 100 futures rose in premarket action. The moves came in the wake of a sharp decline for all three indexes on Wednesday.
Early Thursday, the yield on ten-year government bonds fell to 4.21%. Oil prices fell, with West Texas Intermediate futures trading around $76.10 per barrel.
Among exchange-traded funds, Invesco QQQ Trust (QQQ) was unchanged, while the SPDR S&P 500 ETF (SPY) went up before the opening.
Nvidia shares fell another 1% on the stock market at one point today, but followed the market’s upward tide and started moving into positive territory. Shares of the artificial intelligence titan fell 6.8% on Wednesday, closing below the 50-day mark for the first time since early May. Nvidia stock remains sharply above a split-adjusted alternative buy point at 97.40. The AI stock is an IBD Leaderboard name.
Stock market today: GDP, inflation data
The Department of Labor’s GDP estimate for the second quarter showed annual growth of 2.8%, higher than the 2% estimate and higher than the sluggish 1.4% in the first quarter. Meanwhile, the core price index for personal consumption expenditure rose 2.9% year-on-year in the second quarter, compared with 3.7% in both the previous quarter and the year-ago quarter.
In addition, initial unemployment claims from the Department of Labor fell to 235,000. The number of claims fell to 238,000, compared to 243,000 the previous week.
Service now (NOW) rose 7% on Thursday after the enterprise software maker delivered a strong second-quarter earnings report, outperforming on adjusted earnings, revenue and a key growth metric.
Other major profit makers include the Dow giant IBM (IBM), Chipotle Mexican Grill (CMG), CLA (KLAC), United Rentals (URI), Royal Caribbean Cruises (RCL) And Tradeweb Markets (TW).
IBM shares rose nearly 2% in early morning trading, while Chipotle lost 0.6%. KLA shares rose 2.1%, while United Rentals fell 0.1%. Royal Caribbean was flat in the early action. And Tradeweb fell 4.6% in premarket trades.
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Dow Jones slides
On Wednesday, the Dow Jones Industrial Average fell 1.3% and the S&P 500 fell 2.3%. The tech-heavy Nasdaq composite fell 3.6% to close below the 50-day line.
Investor’s Business Daily’s Big Picture column noted: “Active traders and investors would benefit from taking quick profits in some existing positions, limiting share losses and staying mostly on their hands “Be careful is the key. It will probably take time and patience for the very likely trade in new outbreaks to work out.”
During Wednesday’s IBD Live showthe IBD Live team discussed current trading conditions and how investors should interact with the stock market today.
This is an important time to read The Big Picture column amid the ongoing market action. Also learn how to adapt to changing market conditions, with IBD’s new exposure levels.
Learn how to time the stock market with IBD’s ETF market strategy
Stock market today: the best stocks to watch
Some of the best companies to watch in the stock market today include Badger meter (BMI), GE Aviation (GE), Palantir Technologies (PLTR) And Tenet healthcare (THC).
Also on the list are Dow Jones components Amazon (AMZN), American Express (AXP), Apple (AAPL), Goldman Sachs (GS) And Microsoft (MSFT).
New names on it IBD MarketSurges The “Breaking Out Today” list includes Fiserv (FI). The stock broke past a 159.99 buy point on a flat base on Wednesday. Shares moved higher on Thursday.
look at the MarketSurge List ‘Near Pivot Point’ for stocks that are basically approaching their buy points. For more stock ideas, check out IBD stock lists such as IBD50, Large hood 20 and stocks near a buy zone.
Get real-time buy and sell alerts on stock market leaders with the IBD Leaderboards
Dow Jones: American Express, Goldman Sachs
Among Dow components, payments giant American Express is back below 244.41 on a flat base, according to the figures. MarketSurge Pattern Recognition, after Wednesday’s losses. And Goldman is in buy range on the stock market today above a 471.48 flat-base entry.
Outside of the Dow Jones index, Badger Meter is trying to get past a score of 202.81 on a flat basis, but on Wednesday the index fell 1.6%. Shares were flat Thursday morning.
GE stock’s recent breakout past a 170.80 buy point came under pressure on Wednesday, when it fell 5.6%. Shares rose 0.7% early Thursday.
Palantir Technologies plunged 7.7% on Wednesday, falling below an entry of 27.50 and closing just above a handle buy trigger at 26.57. Palantir fell 1.9% early Thursday.
And Tenet Healthcare rose nearly 5% on Wednesday, in the buy range above 142.35 on a flat basis. Shares continued to rise 0.5% on Thursday.
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 in or near buy zones in today’s stock market.
| Company Name | Symbol | Correct purchase point | Purchase point type |
|---|---|---|---|
| Tenet healthcare | (THC) | 142.35 | Flat base |
| KB Home | (KBH) | 74.66 | Flat base |
| Palantir | (PLTR) | 26.57 | Handle entry |
| Nieuwmont | (NEM) | 44.59 | Flat base |
Source: IBD data as of July 24
Join IBD experts as they analyze the top stocks in the stock market today on IBD Live
Beautiful seven stocks: Tesla
Beautiful Seven stock Tesla (TSLA) rose 0.5% on the stock market in premarket trading today.
Tesla shares fell more than 13% on Wednesday following the company’s second-quarter earnings results. Shares closed at their lowest level since July 1.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among the Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft were trading mixed ahead of Thursday’s stock market open.
Amazon has given up its 191.70 buy point on a flat base amid recent losses and is facing resistance at the 50-day line. Shares of Amazon rose 1.3% on Thursday.
Apple shares sold off 2.9% on Wednesday to fall below the 21-day exponential moving average, a near-term support level. The stock has still expanded past a cup base entry of 199.62. Apple shares fell 0.2% early Thursday.
Microsoft shares fell 3.6% on Wednesday, giving up the 430.82 buy point from the flat base while giving up support around the 50-day mark. And early Thursday the stock was 0.2% higher.
Make sure you follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen to learn more about growth stocks, the Dow Jones Industrial Average, and the current stock market.
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