Dow Jones futures rallied Thursday morning, looking to rebound from Wednesday’s sharp losses. Treasury yields continued higher, while U.S. oil trimmed gains after punching above $116 in early trade.
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Before Thursday’s open, Darden Restaurants (DRI), KB Home (KBH) and Titan Machinery (TITN) reported quarterly earnings results. Darden shares slid 1.5% in early action. KBH dropped 4%. And Titan stock was unchanged.
Among Dow Jones stocks, Apple (AAPL) rose 0.6% and Microsoft (MSFT) moved up 0.3% in today’s stock market. UnitedHealth (UNH), a Dow Jones stock to watch, finished Wednesday in buy range after a recent breakout.
Electric-vehicle leader Tesla (TSLA) gained more than 1.5% early Thursday, on pace to add to Wednesday’s gains.
Amid the stock market’s young uptrend, IBD Leaderboard stock Arista Networks (ANET), Broadcom (AVGO), Alpha & Omega Semiconductor (AOSL), GlobalFoundries (GFS) and CVS Health (CVS) are among Thursday’s top stocks to buy and watch.
Arista, Microsoft and Tesla are IBD Leaderboard stocks. Arista was also Tuesday’s IBD 50 Stocks To Watch pick. And Broadcom was featured in this week’s Stocks Near A Buy Zone column.
Dow Jones Today: Treasury Yields, Oil Prices
Before Thursday’s market open, Dow Jones futures rose 0.3% vs. fair value, while S&P 500 futures moved up 0.4%. Nasdaq 100 futures were up 0.5% vs. fair value. Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
How Stocks, Markets Might Respond To A Russia-Ukraine Cease-Fire
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) gained 0.7%, and the SPDR S&P 500 ETF (SPY) was up 0.5% before Thursday’s open.
The 10-year U.S. Treasury yield ticked higher to 2.38% Thursday following Wednesday’s close at 2.32%. US. oil prices gyrated early Thursday morning, with West Texas Intermediate easing from early highs to trade above $115 a barrel.
First-time unemployment claims fell to 187,000 vs. 214,000 in the prior week, lower than Econoday estimates that called for a decrease to 210,000.
On Thursday, President Biden will meet with NATO leaders to agree on new measures to help Ukraine defend against the Russian invasion. Biden will also meet with leaders of the European Union, which could lead to the EU reducing its dependence on Russian natural gas.
U.S. national security adviser Jake Sullivan said Wednesday that the U.S. plans to impose a new round of sanctions on Russian political figures and oligarchs.
Stock Market Rally
The stock market posted sharp losses Wednesday, as the Dow Jones Industrial Average and Nasdaq sold off 1.3% each. For more daily stock market commentary, check out IBD’s The Big Picture column.
Wednesday’s The Big Picture column commented, “The stock market was slapped lower Wednesday as oil prices spiked again. But with the current uptrend still in the early innings, there are reasons for investors to remain optimistic.”
If you’re new to IBD, consider taking a look at its stock trading system and CAN SLIM basics. Recognizing chart patterns is one key to the investment guidelines. IBD offers a broad range of growth stock lists, such as Leaderboard and SwingTrader.
Investors also can create watchlists, find companies nearing a buy point, or develop custom screens at IBD MarketSmith.
Four Dow Jones Stocks To Watch Now
Dow Jones Stocks To Buy And Watch: UnitedHealth
Managed care giant UnitedHealth shows a 500.10 buy point with a handle entry on a double-bottom base. Shares held in a buy range above that entry after Wednesday’s 0.4% fall. UNH shares were flat early Thursday.
Bullishly, the stock’s relative strength line is near new highs, indicating significant stock market outperformance.
Four Top Growth Stocks To Watch In The Current Stock Market Rally
Stocks To Buy And Watch: Arista, Broadcom, GlobalFoundries, CVS
Tuesday’s IBD 50 Stocks To Watch pick, Arista Networks, broke out past a double bottom’s 133.97 buy point during a 3.1% advance on Tuesday. But the IBD Leaderboard stock conceded that entry during Wednesday’s 2.1% fall. Per Leaderboard commentary, Arista Networks cleared an aggressive entry near 127 and joined the Leaders as a quarter-size position. The stock was unchanged early Thursday.
Chip giant Broadcom dropped 2% Wednesday, as it continued to build the right side of a new cup base. The cup base’s proper buy point is 677.86, but a more aggressive entry at 614.74 is in play. AVGO shares rose 0.5% Thursday morning.
Chip leader Alpha & Omega Semiconductor broke out past a cup-with-handle’s 59.48 buy point with an 11.9% surge Tuesday, according to IBD MarketSmith chart analysis. Shares are back in the 5% buy range that tops out at 62.45 in the wake of Wednesday’s 4.9% slide. The fall came in heavy volume, which could signal further weakness. AOSL stock was unchanged early Thursday.
Last week’s IPO Stock Of The Week, GlobalFoundries, is about 4% below a cup base’s 73.35 buy point following Wednesday’s 5.1% skid. GlobalFoundries shares rose 0.5% Thursday morning.
Recent IBD Stock Of The Day CVS Health continues to build a flat base with a 111.35 buy point. CVS shares inched higher Thursday morning.
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla Stock
Tesla stock rose more than 1.5% early Thursday, looking to extend a seven-day win streak. Shares decisively reclaimed their 50-day line this week, as they move up the right side of a cup base that has a 1,208.10 buy point. Be on the lookout for a potential handle to offer a more risk-optimal buy point.
The stock traded as high as 1,243.49 on Nov. 4, but ended Wednesday about 20% off that all-time high.
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Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares rose 0.8% Wednesday, extending a win streak to seven sessions. The stock rallied back above the 50-day line and is approaching a double bottom’s 176.75 buy point. AAPL stock moved up 0.5% early Thursday.
Software leader Microsoft declined 1.5% Wednesday, as shares retreated back below their 200-day line. The stock needs to retake support at the 200-day level in order for a new base to take shape. Microsoft shares rose 0.4% 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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The post Dow Jones Futures Rebound From Wednesday’s Losses; 5 Top Stocks To Buy And Watch appeared first on Investor’s Business Daily.
