Dow Jones Rises On Surprise Jobless Claims; Nvidia Reverses From Record Highs

The Dow Jones Industrial Average and other major stock indexes traded mixed Thursday as investors sold off shares of Nvidia. Meanwhile, the Labor Department's initial unemployment claims unexpectedly dropped on the stock market today.

After the opening bell, the Dow Jones Industrial Average rose 0.2%, as the S&P 500 moved down 0.2%. The tech-heavy Nasdaq composite traded down 0.7% in morning trading.

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Early Thursday, the 10-year Treasury yield ticked higher to 4.41%. Oil prices climbed, as West Texas Intermediate futures traded around $70.10 per barrel.

Among exchange traded funds, the Invesco QQQ Trust fell 0.7%, as the SPDR S&P 500 ETF dipped 0.2% after the open.

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Stock Market Today: Nvidia Reverses Lower

Late Wednesday, Nvidia beat Wall Street's targets for its fiscal third quarter, but its sales outlook for the current period was only slightly above views. Nvidia stock had struggled since the company reported after the close Wednesday, but reversed course in premarket trading Thursday. Shares rallied to new highs, but they reversed lower in morning trading, down 1.4%.

The artificial intelligence chipmaker earned an adjusted 81 cents a share on sales of $35.08 billion in the quarter ended Oct. 27. Analysts polled by FactSet had expected Nvidia earnings of 75 cents a share on sales of $33.17 billion. In the year-earlier period, Nvidia earned 40 cents a share on sales of $18.12 billion.

Other key earnings movers Thursday include Baidu, Deere, Palo Alto Networks and Snowflake.

Baidu stock dropped 6% in morning trading, while Deere rallied 6% to top a 420.47 flat-base entry. Palo Alto stock sold off 1.7%, while Snowflake soared by more than 31%.

Elsewhere, initial unemployment claims from the Labor Department unexpectedly fell to 213,000 vs. 217,000 in the previous week. They were expected to rise to 219,000, per Econoday estimates.

Also, the Philadelphia Fed manufacturing index declined to -5.5 in November vs. October's 10.3 reading. It was expected to fall to 7.0.

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Dow Jones Snaps Losing Streak

On Wednesday, the Dow Jones Industrial Average rose 0.3% to snap a four-day losing streak, while the S&P 500 inched higher and the Nasdaq composite fell 0.1%.

Among the best companies to watch on the stock market today are Broadcom, Deckers Brands, Heico, FanDuel parent Flutter Entertainment and Tradeweb Markets.

Dow Jones components making notable moves are Amazon.com, Apple, Microsoft and Salesforce.

Salesforce and Broadcom featured in this Stocks Near A Buy Zone column.

There were one new stock on IBD MarketSurge's "Breaking Out Today" list Wednesday, namely Tradeweb. Check for potential breakouts on the "Near Pivot" list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.

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Dow Jones: Salesforce Rebounds

Dow Jones software leader Salesforce is testing a 318.71 buy point, according to MarketSurge pattern recognition. Shares rose 2% on Thursday.

Outside the Dow Jones index, artificial intelligence giant Broadcom is below its 50-day moving average, as it continues to build a flat base that has a 186.42 alternative entry. Broadcom shares climbed 1% Thursday.

Heico is in buy range above its flat base's 269.38 buy point and is a recent IBD Stock Of The Day. Shares advanced 0.3% early Thursday.

Deckers stock is in buy range past a 172.57 buy point in a cup-with-handle base. Shares were down 0.5% Thursday.

Shares of Flutter jumped past a 252.84 entry from a flat base during a jump last week to new highs, and they remain at the top of the buy range. The stock edged higher Thursday morning.

Finally, Tradeweb briefly topped a 136.13 entry in a flat base, but closed below the buy point Wednesday. Aggressive investors could have used a move above the high of 131.70 as a trendline early entry. Tradeweb stock traded up 0.4% in morning action 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.

Tradeweb136.13Flat baseCostco Wholesale923.83Flat baseBroadcom186.42Handle entryDeckers Brands172.57Handle entry

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Magnificent Seven Stocks: Alphabet, Meta, Tesla

Among Magnificent Seven stocks, Alphabet slipped 5% in morning trading. Shares are again nearing a 182.02 buy point in a cup with handle following a recent short-lived breakout attempt.

Meta Platforms gave up its 50-day line last week, but is still near a flat base's 602.95 buy point. Shares dropped 1.6% Thursday.

Tesla rose 0.2% Thursday following Wednesday's 1.2% decline. Shares of the electric-vehicle giant are back near new highs.

Dow Jones Leaders: Amazon, Apple, Microsoft

Among Dow Jones components in the Magnificent Seven, Amazon stock slipped 0.9% Wednesday, and declined another 1.3% in early action Thursday. Amazon shares are just above a consolidation's 201.20 buy point.

Shares of Apple are trending narrowly above their 50-day line, as they continue to consolidate after a new high on Oct. 15. The stock sold off 1.2% Thursday morning.

Microsoft shares slipped 0.6% Thursday morning. The stock remains below its 50-day line, a key level to watch.

Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.

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