The Dow Jones Industrial Average fell Thursday morning amid a slew of economic data. The September selloff threatens to extend his four-day streak of declines in the stock market, with chip and oil stocks leading early losses.
Includes Thursday’s key earnings driver Siena (CIEN), five lower (5), MongoDB (MDB), Octa (OKTA), Ollie’s Bargain Outlets (ori), pure storage (PSTG) and Veeva system (VEEV).
Ciena fell 6% as Five Below’s stock rose more than 2%. MDB’s share price fell by 18%, while Okta’s share price plummeted by 24%. Ollie’s is down about 5%, while Pure Storage shares are up almost 3%. And Veeva’s stock fell 12% in the morning trading.
chip giant Advanced Micro Devices (AMD) and NVIDIA (NVDA) fell 5% and 8.3% respectively, leading early losses for chip stocks. The companies said the U.S. government has imposed export restrictions on certain chip sales to China.
chip manufacturer intel (INTC) led the decline in Dow Jones stocks, down 2.1%. The VanEck Semiconductor ETF (SMH) showed his 2.6% loss in the morning.
Shares of electric vehicle leader Tesla fell 1.3% on Thursday.Dow Jones Industrial Stocks Among Tech Giants apple (AAPL) and microsoft (MSFT) fell 0.5% and 1% respectively after the stock market opened today.
With current stock market volatility, Arista Networks (ANET), Costco (price), global foundries (GFS) and ultra beauty (ULTA) — same as Dow Jones chevron (CVX) — Top stocks to buy and watch. Remember, increased market volatility is a good reason for investors to become more defensive.
Costco has become a stock on the IBD leaderboard following the recent breakout. Meanwhile, Chevron and Ulta his beauty was featured in this week’s Stocks Close to the Buy Zone column. Arista was Stock Of The Day in his IBD on Friday.
Dow Jones Today: Treasury Yields, Oil Prices
Early Thursday morning, the Dow Jones Industrial Average fell 0.7% and the S&P 500 fell 1%. The tech-heavy Nasdaq Composite Index fell 1.4% in morning trading.
Among exchange-traded funds, Nasdaq 100 tracker Invesco QQQ Trust (QQQ) fell 1.4%, while the SPDR S&P 500 ETF (SPY) fell 1% in early trading.
The 10-year Treasury yield climbed to 3.25% in the early hours of Thursday. On Wednesday, 10-year Treasury yields hit their highest level since June 28.
US oil prices continued to fall on Thursday, threatening to continue a three-month decline. West Texas Intermediate futures dropped more than 2%, trading between $87 and $88 a barrel.
Economic data: unemployment claims,
The first unemployment claims were filed Thursday morning at 8:30 a.m. ET. Initial unemployment claims fell unexpectedly to 232,000, below estimates that were expected to rise to 246,000. The bill was a week ago and he was 243,000.
S&P Global released its Manufacturing Purchasing Managers Index (PMI) for August at 9:45 am ET. PMI plunged to his lowest level since July 2020 as new orders fell further. The PMI was 51.5, just above the S&P’s first flash estimate of 51.3 for the month, down from 52.2 in July.
The Supply Management Institute’s manufacturing index, released at 10 a.m. ET, was 52.8, beating estimates that required a reading of 52.0.
Stock Market Abandons Key Levels
The stock market posted another disappointing performance on Wednesday as major stock indices closed at session lows. The Dow Jones Industrial Average led the stock market decline, down 0.9%. Meanwhile, the Nasdaq Composite and S&P 500 were down 0.6% and 0.8% respectively. The Nasdaq has fallen further below his 50-day moving average and his 12,000 level.
The Big Picture column on Wednesday commented: Do you want to persuade the US central bank to believe that inflation control is still too late?”
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5 Dow Jones stocks to watch right now
Dow Jones Stocks to Watch: Chevron
Dow Jones’s Chevron is up about 19% from its mid-July low. The company is systematically building a cup base at his 182.50 buy point amid strong performances in energy stocks so far this year, according to chart analysis from IBD MarketSmith. Early entries at 164.76 are also valid. Shares fell about 1% early Thursday as oil prices dragged on.
CVX stock shows a perfect 97 out of 99 IBD Composite Rating according to the IBD Stock Checkup. Investors can easily assess the quality of a stock’s fundamental and technical indicators using the IBD Composite Rating.
4 Top Growth Stocks to Buy and Watch Nowrent stock market rising
Top Stocks to Watch: Arista, Costco, GlobalFoundries, Ulta
According to IBD MarketSmith chart analysis, Arista Networks added a handle to the double bottom base with the correct entry at 132.97. Despite the recent market downturn, Arista’s relative strength line remains near its recent highs, which is a bullish sign. ANET shares fell 1.4% early on Thursday.
Shares fell 0.4% on Wednesday on the IBD leaderboard, further below the buy point of 552.81 from cups with handles. Wait for a bullish retake of the entry before buying shares.
GlobalFoundries failed to recover its 61.98 buy points from the double bottom as the stock fell 2.1% on Wednesday. Another entry from Handle is in play at 66.06. GFS shares fell 3% on Thursday.
Cosmetics leader Ulta Beauty bounced back above the double bottom 417.08 buy points following Wednesday’s 0.7% loss. ULTA shares fell 0.2% on Thursday morning.
Join IBD experts as they analyze key stocks in the current stock market rally on IBD Live
Tesla shares fell 0.75% on Wednesday, extending its losing streak to five sessions. Shares of the electric car giant fell more than 1% on Thursday morning.
Tesla’s stock continues to grapple with resistance near the 200-day line and is approaching the 50-day line, a potential support level to watch. Tesla is down about 34% from his 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among the Dow Jones stocks, Apple shares fell another 1.1% on Wednesday, further below the 200-day line. The stock is about 12% off his 176.25 off buy point for cups with handles. Despite recent losses, the stock’s relative strength line remains near new highs, indicating a steady outperformance for the stock market. The stock fell 0.5% Thursday morning.
Microsoft fell 0.6% on Wednesday to close further below the 50-day line. The stock is well below its long-term 200-day line, down about 25% from its 52-week high. The stock fell 1% in the early hours of Thursday.
Follow Scott Lehtonen on Twitter. @IBD_SLehtonen Learn more about growth stocks and the Dow Jones Industrial Average here.
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