Dow Jones Rebounds on Jobless Claims and Strong GDP; Cathie Wood is selling $7 million in Tesla stock

The Dow Jones Industrial Average rose on Thursday after a surprise drop in initial jobless claims and strong first-quarter GDP data. Meanwhile, two of Cathie Wood's ARK Invest ETFs sold more than $7 million worth of Tesla shares.




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The Labor Department's initial jobless claims fell unexpectedly to 239,000 from 264,000 the previous week. It was expected to increase to 270,000. In addition, the Commerce Department's third estimate of GDP for the first quarter rose to 2.0%, ahead of the expected estimate of 1.4%.

early Thursday, Micron technology (MU), McCormick (MKC), Paychex (PAYX) and Just good food (SMPL) are important revenue drivers. The Dow Jones is now a giant Nike (NKE) will report after market close.

Micron shares were down 5% in morning trade, while McCormick was down 2.5%. Paychex stock was down slightly and SMPL stock was up almost 4%.

stock market today

Giant for electric vehicles Tesla (TSLA) was down 0.3% on Thursday morning on stock selling in Cathie Woods Ark Invest ETFs. This month, Wood has sold more than 500,000 shares of EV stock.

Dow Jones tech giants Apple (AAPL) and Microsoft (MSFT) were mixed after the market open today.

Other stock market leaders in the stock market rally include: alphabet (GOOGL) and Meta platforms (META). Alphabet shares fell 1.2%, while META shares fell 0.5%.

Chipotle Mexican Grill (CMG), McKesson (MCK), MongoDB (MDB) and Lam Research (LRCX) – as well as Dow Jones shares JPMorgan Chase (JPM), Merck (MRK) and Foreclosure (CRM) – are among the stocks best to keep an eye on as the stock market continues to decline.

Tesla is an IBD Leaderboard stock, Floor & Decor remains an IBD SwingTrader stock, while MongoDB is featured in this week's “Stocks Near A Buy Zone” column.


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Dow Jones today: oil prices, government bond yields

After Thursday's opening bell, the Dow Jones Industrial Average rose 0.6%, while the S&P 500 edged higher. The tech-heavy Nasdaq Composite lost 0.2% in morning trade.

Among US exchange-traded funds, Nasdaq 100-tracker Invesco QQQ Trust (QQQ) was down 0.4%, while the SPDR S&P 500 ETF (SPY) was up 0.1% early Thursday.

The 10-year US Treasury yield rose to 3.82%. The yield recently fluctuated in a range between 3.57% and 3.85%. On Wednesday, the price was higher at 3.71%.

Oil prices eased slightly Thursday morning and have remained near their recent lows. West Texas Intermediate futures traded below $70 a barrel, virtually unchanged for the week and less than 4% off their June 21 peak.

stock market action

On Wednesday, the Dow Jones Industrial Average fell 0.2% while the S&P 500 declined slightly. The tech-heavy Nasdaq Composite rose 0.3%.

Wednesday's Big Picture column said: “Of course, the relatively tight ranges in stock indices could have a lot to do with portfolio managers and trading desks waiting for another salvo of key inflation data on the US economy. Expect fireworks ahead of Friday's opening after the latest report on the Personal Consumption Spending Index, one of the Federal Reserve's most closely monitored price indicators.”

Now is an important time to read IBD's The Big Picture column as the stock market remains on the uptrend but is pulling back.


The five best Dow Jones stocks to buy and watch right now


Dow Jones stocks to watch: JPMorgan, Merck, Salesforce

Dow Jones banking leader JPMorgan rose more than 1% early Thursday after positive results from the Federal Reserve's bank stress test. JPM stock is down about 3% from a flat base buy point of 143.37 after Wednesday's slight decline. The shares are right on their 50-day moving average.

Pharma giant Merck forms a flat base with a buy point of 119.65 as the stock fell 0.8% on Wednesday, further falling below the 50-day moving average. MRK stock slipped slightly on Thursday.

Salesforce was able to stabilize after the slump in earnings that followed. Support at the 50-day moving average is currently being tested. According to IBD leaderboard analysis, the megacap technology sector previously surmounted two alternative entries at 194.01 and 200.10.

For the past few weeks, shares have hit the 20 percent gain zone with an entry at 178.94 cups with handles. CRM stock fell 0.2% Thursday morning.


4 top growth stocks to buy and watch in the stock market rally


Best stocks to buy and watch: Chipotle, McKesson, MongoDB, Lam Research

IBD Leaderboard Watchlist stock Chipotle rebounded from support at its 10-week moving average and is forming a flat base with a buy point of 2139.88, according to pattern recognition by IBD MarketSmith. An early entry at 2,092.51 is also in play due to a trend line. Chipotle was an IBD Stock of the Day recently. CMG shares rose a fraction Thursday morning.

IBD SwingTrader stock McKesson is in buy territory after a 401.53 cup with handle entry. The 5% buy zone goes to 421.61. Shares fell 0.2% on Thursday.

MongoDB is trading tight after its recent profitable surge and offers a fresh entry. The 3-week tight formation shows a buy point at 398.89 while aggressive investors could use a trendline entry around 386. MDB shares rose 0.4% on Thursday morning.

Lam Research moved above an early buy point of 615.80 and a 3 week tight pattern with an entry of 630.72 during this week's gains. LRCX stock fell slightly on Thursday.


Learn how to drive the market with IBD's ETF market strategy


The best stocks to buy and watch as the stock market rallies

These are the top four stocks to buy and keep an eye on in today's stock market, including a Dow Jones leader.

Company Name symbol Right buying point Type of purchase point
ASML (ASML) 683.18 Cup with handle
Foreclosure (CRM) 200.00 consolidation
cloud flare (NETWORK) 66.20 Double bottom
roku (ROKU) 75.45 Cup with handle
Source: IBD data as of June 28, 2023

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


Tesla stock

IBD leaderboard stock Tesla surged for the second straight day, up 2.4%. Despite the recent losses, Tesla shares remain well outside the buy range beyond the 207.79 buy point as a double bottom.

TSLA stock appeared to add to Wednesday's gains but was slightly down on Thursday.

Dow Jones leaders: Apple, Microsoft

Among Dow Jones stocks, Apple shares hit another record high on Wednesday, trading at 189.90. Shares continue to hold well above a buy point of 157.38. Early Thursday, AAPL shares were up 0.1%.

Microsoft shares rose 0.4% on Wednesday, gaining for the second straight session. On June 16, MSFT stock hit an all-time high of 351.47. Over the past few weeks, the stock has entered 20% to 25% profitability from a flat base buy point of 276.76, allowing investors to take at least some profits there. And as of Thursday morning, Microsoft shares were down 0.6%.

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

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