The Dow Jones Industrial Average rose more than 350 points on Thursday, as the markets digested initial unemployment claims that were higher than expected. Palantir Technologies' (PLTR) stock soared 21% after strong demand for artificial-intelligence pushed its quarterly results beyond expectations. Apple's earnings will be released after the close.
The U.S. Labor Department reported that first-time claims for unemployment rose to 217,000, up from 210,000 the week before. It was expected that they would rise to 213,000.
Palantir's stock rose after the company announced Thursday that its adjusted third-quarter results came in at seven cents per share. This was a penny above estimates, and a significant increase from the 1 cent reported in the previous quarter. The $558 million revenue was also higher than the $556 million estimate.
Airbnb (ABNB), CF Industries, DoorDash, ELF Beauty, Etsy and Super Micro Computer were also among the top earners. Marathon Oil (MRO), MercadoLibre(MELI), PayPal(PYPL), Qualcomm(QCOM), and Roku (ROKU) were also among the top earners.
ABNB shares fell 3% during morning trading, while CF stocks declined 2.2%. DASH shares jumped by 17% while ELF shares climbed 3%. Etsy shares fell 2% while SMCI stocks plunged 9%.
MELI shares rose 2.8%, while Marathon shares fell more than 4%. PYPL shares surged by nearly 7% while Qualcomm shares rose 5%. ROKU's stock soared by 21% during morning trading.
Dow Jones Today: Oil prices, Treasury Yields
The Dow Jones Industrial Average gained 1.1% after Thursday's opening, while the S&P 500 rose by 1.3%. In morning trading, the tech-heavy Nasdaq Composite gained 1.25%.
The SPDR S&P500 ETF (SPY), which tracks the Nasdaq, rose 1% on Thursday morning.
The yield of the 10-year U.S. Treasury Bond ticked down to 4.64% on Thursday. The benchmark was 4.78% on Wednesday.
Stock Market Rally
The Dow Jones Industrial Average rose 0.7% on Wednesday, while S&P 500 climbed 1.05%. The Nasdaq composite, which is dominated by tech stocks, advanced 1.6%. This extended a winning streak of four sessions.
The Big Picture column on Wednesday stated, "As highlighted by the panelists of IBD Live, the daily show that focuses on investing, a follow-through is only as successful as the quantity and quality of growth stocks which help to lead the way for excellent upward movements."
The Big Picture IBD column is important to read now
Stock Market Today: What Stocks Should You Watch?
IBD Leaderboard stocks Amazon (AMZN), Lululemon Athletica(LULU), Arista Networks(ANET)and Tradeweb Markets (TW), as well as Dow Jones Stocks Walmart (WMT), and UnitedHealth (UNH), are among the best to watch during the current market rally.
In this Stocks Near A Buy Zone article, Lululemon as well as Walmart were both featured.
Dow Jones Stocks To Watch
According to IBD MarketSmith's chart analysis, Dow Jones retail giant Walmart has traced a cup with handle base that has a 164.33 purchase point. This week, shares found support near the 50-day moving median. WMT shares fell slightly on Thursday.
UnitedHealth, the healthcare giant, has added a handle to an enormous consolidation and is showing a new purchase point of 546.78. UNH's stock dropped Thursday morning.
Amazon hits the Buy Point: Stocks to Buy and Watch
Amazon has made a bullish return above its 50-day mark this week. The shares then reached a high of 134.48 on Wednesday, a 2.9% increase. AMZN shares climbed 1.2% early Thursday.
Lululemon rose 0.5% on Wednesday, but it was still below the 406.94-point buy point for a flat basis, according to IBD MarketSmith's pattern recognition. As a signal to buy, wait for another sustained movement past that entry. LULU's stock rose 1.7% on Thursday morning.
Arista Networks surged by 14% on Tuesday, surpassing the 198.70 purchase point of a consolidation. Shares gained 5.2% on Wednesday, surpassing the buy range of 5%. ANET shares rose 0.7% on Thursday morning.
After the company's earnings for its third quarter, Tradeweb broke through a flat-base's 87.53 buying point. The TW stock rose 1.5% on Wednesday. It is still in the zone of buys that extends up to 91.91. In morning trading on Thursday, TW stock rose 1.2%.
Here are the four best stocks in today's market. One of them is a Dow Jones leader.
Tradeweb Markets TW 87.53 Flat Base
Source: IBD data as of Oct. 31, 2023
Magnificent Seven Stocks: Meta, Nvidia, Tesla
Among the "Magnificent 7" stocks, Tesla's (TSLA), Meta Platforms' (META), and Nvidia's (NVDA), traded higher on Thursday morning. Apple (AAPL), Microsoft (MSFT), and other Dow Jones tech icons, such as Meta Platforms (META), traded higher on Thursday after the stock market opened.
Meta stock gained 3.5% on Wednesday to regain its 50-day line.
Nvidia, the world's largest manufacturer of graphics chips, rebounded by 3.8% on Wednesday after Tuesday's loss. Shares fell to their lowest point since mid-June, but then recovered. NVDA is expected to form a bottom with a 476.09 start.
After recent sessions, shares remain below the 200-day line. Shares have fallen by more than 30% from their 52-week peak.
Apple, one of the Magnificent 7 Dow Jones stocks, gained 1.9% on Wednesday, continuing a winning streak that now spans four sessions. AAPL rose 1.5% in the morning of Thursday.
Microsoft's stock rose 2.35% on Wednesday, marking its fourth consecutive session of gains. Shares are attempting to surpass an early buy trigger of 346.20. MSFT shares gained 0.1% in the early hours of Thursday.