Dow Jones futures and the other major stock indexes turned lower Thursday as Wall Street reacted to a cooler-than-expected Consumer Price Index report. An early loser on the stock market today was Delta Air Lines (DAL), which missed second-quarter earnings estimates.
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Nasdaq Makes It Seven Straight Ahead Of CPI Data; Newmont, ENSG, CYBR In Focus
Prior to the opening bell, futures on the Dow Jones Industrial Average fell 0.1% vs. fair value. Futures on the S&P 500 also lost 0.1% as those of the tech-focused Nasdaq 100 edged lower. Both the S&P and Nasdaq touched new record highs on Wednesday.
Early Thursday, the 10-year Treasury yield tumbled to 4.19%. Oil prices steadied after recent losses, with West Texas Intermediate futures trading around $82.10 a barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) and the SPDR S&P 500 ETF (SPY) both fell modestly before the open.
Stock Market Today: CPI Report
All eyes are on this morning’s CPI inflation report from the Labor Department. Consumer inflation dipped 0.1% on the month, with an annual increase of 3%, below estimates for a monthly 0.1% rise and a yearly 3.1% climb. Core CPI, which excludes food and energy, rose 0.1% in June, with a year-over-year increase of 3.3%. Both numbers were cooler than expected. Core CPI was expected to rise 0.2% in June. Economists forecast the year-over-year on that stat at 3.5%, per Econoday estimates.
Meanwhile, the Labor Department weekly unemployment claims unexpectedly fell to 222,000 vs. 238,000 in the previous week. They were expected to rise to 239,000.
Elsewhere, Delta Air Lines and PepsiCo (PEP) are key earnings movers Thursday. Delta shares dived more than 9% in early trading, while PepsiCo sold off close to 3%.
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Dow Jones Rallies
On Wednesday, the Dow Jones Industrial Average moved up 1.1% while the S&P 500 gained 1%. The Nasdaq composite advanced 1.2%.
Investor’s Business Daily’s Big Picture column commented, “Indexes seem to be tempting fate, as they grow more stretched from their 50-day moving averages. The Nasdaq is now nearly 9% above its 50-day average, the widest gap since June of last year.”
During Wednesday’s IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market today.
Now is an important time to read The Big Picture column amid the ongoing stock market action. Also, be sure to read how to adjust 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: Best Stocks To Watch
Among the best companies to watch on the stock market today are Carvana (CVNA), Meta Platforms (META), Monday.com (MNDY) and Palantir Technologies (PLTR). Also on the list are Dow Jones components Amazon (AMZN), American Express (AXP), Apple (AAPL), JPMorgan Chase (JPM) and Microsoft (MSFT).
New names on IBD MarketSurge’s “Breaking Out Today” list include Agnico Eagle Mines (AEM). The gold mining stock is breaking out past a 71.50 buy point in a cup base.
Check out the MarketSurge “Near Pivot” list for stocks nearing buy points in bases. To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones: JPMorgan Breaks Out
Among Dow components, payments giant American Express is approaching a flat base’s 244.41 entry, according to MarketSurge pattern recognition. And JPMorgan is in buy range above a 205.88 flat-base entry. The banking leader was a recent IBD Stock Of The Day.
Outside the Dow Jones index, Carvana bullishly regained its 129 buy point in a cup base during Wednesday’s rebound. Carvana stock rose 2.2% Thursday morning.
Meta stock is again breaking out above a 514.01 buy point in a cup-with-handle base. The Facebook and Instagram parent is an IBD Leaderboard stock. Meta shares gained a fraction premarket Thursday.
Monday.com is further below a 249 buy point in a flat base, with a 1.3% drop Wednesday. Shares were up 2.3% Thursday.
And Palantir Technologies recovered above its 27.50 entry during Wednesday’s 3.8% rally. Last week, the stock broke out past a 26.57 handle buy trigger. Palantir moved up 0.5% early Thursday.
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Stock Market Today: Companies To Watch
These are four stocks in or near buy zones in today’s stock market.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Carvana | (CVNA) | 129 | Cup base |
| Domino’s | (DPZ) | 542.75 | Flat base |
| Meta Platforms | (META) | 514.01 | Flat base |
| Amazon | (AMZN) | 191.70 | Flat base |
Source: IBD Data As Of July 8, 2024
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Magnificent Seven Stocks: Nvidia, Tesla
Among Magnificent Seven stocks, Nvidia (NVDA) and Tesla (TSLA) rallied 1% and 0.7%, respectively, on the stock market today in premarket trading.
Nvidia rallied 2.7% Wednesday, adding to Tuesday’s gains. Nvidia stock is sharply above a split-adjusted alternative buy point at 97.40. The artificial intelligence leader also is an IBD Leaderboard stock.
On Wednesday, Tesla stock rose 0.4%, its 11th straight session in the black. During that win streak, shares have spiked around 44%. That’s added roughly $250 billion in market cap, the biggest gain in that time span since March 2022.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft were mixed ahead of Thursday’s stock market open.
Amazon is in buy range above a 191.70 buy point in a flat base following a recent breakout move. Amazon stock inched higher premarket Thursday.
Apple stock rose 1.9% Wednesday, hitting more record highs. Shares are extended above a cup base’s 199.62 buy point. Apple was down 0.4% early Thursday.
Microsoft shares climbed 1.5% Wednesday, ending a two-day decline. Shares are extended above a flat base’s 430.82 buy point and near new highs. And early Thursday the stock was a fraction lower.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
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