Dow Jones futures moved higher in a mixed premarket session Thursday, ahead of jobless claims and retail sales data. Goldman Sachs and Apple chipmaker Taiwan Semi reported earnings ahead of the open. Twitter stock soared more than 10% after Tesla Chief Executive Elon Musk offered to buy the company.
Dow Jones member Goldman Sachs (GS) reported earnings Thursday morning. Financial rivals Citigroup (C), Morgan Stanley (MS) and Wells Fargo (WFC) also reported early Thursday. Lastly, Apple chipmaker Taiwan Semiconductor Manufacturing (TSM) topped estimates, sparking a 1.5% gain in premarket trade.
Among the Dow Jones leaders, Apple (AAPL) remained unchanged, and Microsoft (MSFT) traded up 0.2% in today’s stock market.
Twitter (TWTR) soared more than 10% after Tesla CEO Elon Musk offered to buy Twitter for $54.20 a share in cash, calling the bid his “best and final offer.” Electric-vehicle giant Tesla (TSLA) skidded more than 1% Thursday, threatening to snap a two-day win streak.
As the stock market’s uptrend struggles, Dow Jones financial leader American Express (AXP) — along with IBD Leaderboard watchlist stock Edwards Lifesciences (EW), Murphy Oil (MUR), Raytheon Technologies (RTX) and Shell (SHEL) — are among Thursday’s top stocks to buy and watch.
Microsoft and Tesla are IBD Leaderboard stocks. Edwards Lifesciences and Raytheon Technologies were featured in this week’s Stocks Near A Buy Zone column.
Dow Jones Today: Treasury Yields, Oil Prices
Ahead of Thursday’s open, Dow Jones futures defended a 0.2% gain. S&P 500 futures inched below fair value, and Nasdaq 100 futures were down 0.1% in early trade. The stock market will be closed for Good Friday.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) traded down a fraction The SPDR S&P 500 ETF (SPY) was off 0.1% ahead of Thursday’s open.
The 10-year U.S. Treasury yield ticked down to 2.68% Wednesday after briefly hitting its highest level since December 2018 Tuesday. The 10-year Treasury yield was essentially unchanged Thursday morning. Meanwhile, U.S. oil prices dropped around 1% Thursday morning with West Texas Intermediate crude trading just above $102 a barrel.
First-time unemployment claims for the April 9 week rose to 185,000, a bit higher than the 175,000 forecast. Meanwhile, retail sales missed Econoday estimates, rising 0.5% in March compared to the 0.6% estimate.
Stock Market Rally Continues To Struggle
On Wednesday, the stock market posted a solid performance with the major stock indexes ending with strong gains. Still, the Nasdaq remains below its 50-day line. That moving average had been a key support level, but has now become a potential resistance area.
Wednesday’s The Big Picture column commented, “While the rally was encouraging as Wall Street gears up for the Good Friday holiday, the fact is volume on the Nasdaq fell and early data also showed it lower on the New York Stock Exchange. That’s disappointing because big gains should come with good volume.”
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Dow Jones Earnings: Goldman Sachs
Dow Jones investment bank Goldman Sachs reported better-than-expected quarterly results Thursday morning. GS shares rallied around 2% in morning trade. The stock finished Wednesday more than 20% off its 52-week high.
On Wednesday, JPMorgan (JPM) slid more than 3% after missing earnings estimates. JPMorgan shares edged slightly higher early Thursday.
Four Dow Jones Stocks To Watch Now
Dow Jones Stocks To Buy And Watch: American Express
Dow Jones financial stock American Express is tracing a cup-with-handle base, showing a 194.45 buy point. AXP shares traded flat Thursday morning.
Keep an eye on the stock’s relative strength line. Amid its recent ascent, the RS line is nearing its old highs, but does have some work cut out for it ahead of a potential breakout. The RS line measures a stock’s price performance vs. the S&P 500. The RS line should hit a new high on the breakout day or shortly thereafter to confirm the strength of stock’s breakout.
Four Top Growth Stocks To Buy And Watch In The Current Stock Market Rally
Stocks To Buy And Watch: Edwards, Murphy, Raytheon, Shell
IBD Leaderboard watchlist stock Edwards Lifesciences continues to advance up the right side of a cup base that shows a 131.83 buy point. Shares rose 0.9% Wednesday. Monday’s weakness was likely the start of a handle that would lower the risk-optimal entry to 125.21. EW shares were flat Thursday morning.
Murphy Oil is tracing an ascending base with a 43.30 buy point. Following Wednesday’s 1.85% gain, shares are about 3% away from the latest entry. MUR stock boasts a perfect 99 IBD Composite Rating, per the IBD Stock Checkup. Shares were unchanged early Thursday.
Defense contractor Raytheon Technologies is within striking distance of a flat base’s 104.44 buy point. Shares rallied 0.75% Wednesday, closing just shy of the latest entry. RTX shares edged 0.3% higher Thursday morning.
Oil-and-gas producer Shell, the April 1 IBD Stock Of The Day, is in buy range above a flat base’s 56.23 buy point after Wednesday’s 1.9% rise. The 5% buy area goes up to 59.04. SHEL shares inched higher Thursday morning.
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Tesla stock dropped 1% Thursday, following Wednesday’s 3.6% gain. Shares of the EV giant finished Wednesday about 11% below a cup-with-handle’s 1,152.97 buy point.
The stock traded as high as 1,243.49 on Nov. 4. and ended Wednesday about 18% away from that all-time high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares moved up 1.6% Wednesday, still squarely below a 176.75 buy point in a double-bottom base. The stock is close to triggering the 7%-8% loss-cutting sell rule. Along with that double-bottom entry, a handle buy point is also in play at 179.71. On the plus side, AAPL stock reclaimed its 50-day support level Wednesday, which is a boost to the stock’s immediate prospects. The stock was flat Thursday morning.
Software leader Microsoft rallied 2% Wednesday, snapping a three-day skid. Shares remain below their 50-and 200-day lines. The stock is nearly 20% off its 52-week high. MSFT shares gained 0.2% early Thursday.
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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