The Dow Jones Industrial Average scored 200 points on Thursday ahead of a possible second round of ceasefire talks between Russia and Ukraine and additional testimony from Fed chief Jerome Powell to Congress. Government bond yields rose quietly as US oil prices briefly rose above $ 116 a barrel before earnings fell.
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After Wednesday, snowflake (SNOW) and Clean storage (PSTG) were among the companies reporting their quarterly results. Shares of SNOW fell 14% early on Thursday, while shares of Pure Storage jumped 14% in morning trading. in the meantime, Best buy (BBY) rose 5% on results early Thursday while Kroger (KR) jumped more than 7% in morning trading.
Among the leaders of the Dow Jones, Apple (AAPL) increased by 1% and Microsoft (MSFT) traded 0.5% on today’s stock market. UnitedHealth (UNH), a Dow Jones stock you should watch, is approaching a new buying point.
Intel (INTC) fell 1.5% at the start of trading after Morgan Stanley’s rating was downgraded. Leader of electric vehicles Tesla (TSLA) inches lower on Thursday.
Against the backdrop of a volatile market driven by titles, Commercial metals (CMC), Northern oil and gas (NOG), Palo Alto nets (PANW) and Specialty Ryan (RYAN) are among the best promotions to watch on Thursday. Keep in mind that the current conditions of the stock market must keep investors in cash and on the sidelines.
Microsoft and Tesla are shares of IBD Leaderboard. Commercial Metals was introduced in the stock column near the buying area this week. Ryan Specialty is the leader of the IPO.
Dow Jones today: head of the Fed Powell, Russian invasion
Following the opening of the market on Thursday, the Dow Jones traded 0.6%, while the S&P 500 rose 0.55%. Nasdaq rose 0.5% in morning trading. Among the stock traded funds, the Tracker Nasdaq 100 Invesco QQQ Trust (QQQ) rose 0.5% and the SPDR S&P 500 ETF (SPY) added 0.6% after opening on Thursday.
Yields on 10-year government bonds rose to 1.88% on Thursday morning. On Wednesday, the yield on 10-year bonds rose again above 1.86%. On February 15, the yield on 10-year government bonds peaked at over 2.06% – its highest level since August 2019. Meanwhile, US oil prices fell to about 3% on Thursday. West Texas Intermediate crude briefly traded above $ 116 a barrel before cutting profits.
Federal Reserve Chief Jerome Powell will testify before Congress for the second day in a row on Thursday at 10 a.m. ET. Commenting on Wednesday, Powell said: “We will use our political instruments, as appropriate, to prevent higher inflation, while promoting sustainable expansion and a strong labor market. We have gradually discontinued our net asset purchases. With inflation well above 2% and a strong labor market, we expect it to be appropriate to raise the target range for federal interest rates at our meeting later this month. “
In Ukraine, Russian forces overcame the city of Kherson, becoming the first regional capital to come under Russian occupation since the beginning of the invasion. Authorities in Ukraine have agreed to a second round of ceasefire talks scheduled for Thursday. The two sides held an earlier round of talks Monday.
Unemployment claims fell to 215,000 for the first time, better than Econoday’s expectations of 232,000 applications.
Attempt to rally the stock market
The stock market was strong on Wednesday as major stock indexes rose sharply. Thursday will be Day 6 of the ongoing rally experience, which means that the next day – a signal for the start of a new uptrend – is possible at any time. Against the background of the current instability, it is important to read and follow the IBD’s Big Picture column.
The Big Picture on Wednesday commented: “There were strong gains in all indices, with high enough jumps to justify the next day. The fly in the ointment was the volume that was lower both on the Nasdaq and, according to early data, also on The New York Stock Exchange. This missing vital ingredient means it doesn’t qualify as a rally confirmation. “
If you are new to IBD, consider looking at its stock trading system and the basics of CAN SLIM. Recognition of chart patterns is one of the keys to investment guidelines. IBD offers a wide range of lists of growth stocks, such as Leaderboard and SwingTrader.
Investors can also create watch lists, find companies approaching a point of purchase, or develop custom screens at IBD MarketSmith.
Four Dow Jones stocks to watch now
Dow Jones shares to monitor: UnitedHealth
UnitedHealth is building a double-bottom base that offers a 501.03 purchase point. Shares ended Wednesday above their 50-day moving average after rising 1.9%. Shares of UNH traded up 0.8% early Thursday.
The upward line of the relative strength of the shares is just at new highs, which shows a significant superiority in the stock market.
Four stocks with the highest growth to see this yearrent. Stock market adjustment
Watching Shares: Commercial Metals, Northern Oil, Palo Alto, Ryan Specialty
Texas-based Commercial Metals, a manufacturer of metal products for the construction industry, is trying to surpass the buying point of 38.82 in consolidation. The shares are about 1% above the entrance, as the shares regained their entry on Wednesday. The purchase area of 5% increases to 40.76. The CMC availability shows 98 of the perfect 99 IBD Composite Rating, to check the IBD Stock. Shares of CMC rose 1.5% on Thursday morning.
Northern Oil & Gas is still in the buying range after buying a cup with a handle of 25.57, according to an analysis of the IBD MarketSmith chart, after an increase of 1.75% on Wednesday. Shares of NOG fell more than 2% on Thursday.
Cybersecurity leader Palo Alto Networks continues to hold more than 572.77 points to buy a consolidation after gaining 0.9% on Wednesday. The buying area of 5% reaches 601.41. The RS line reached a new peak on the day of the breakthrough. Last week, the company reported strong profits and sales. Shares of Palo Alto rose nearly 1% in early Thursday.
IPO leader Ryan Specialty is again trying to surpass the buy point of 40.65 with a double bottom with a handle, as IPO shares rose nearly 5% on Wednesday. Shares of RYAN were slightly higher on Thursday morning.
Join IBD experts as they analyze leading stocks in the current IBD Live stock market adjustment
Tesla shares
Shares of Tesla fell on Thursday morning, threatening to return part of the profit of 1.8% on Wednesday. Shares resolutely regained their long-term 200-day moving average during a jump on Monday. Now look for the shares to continue your upward movement on the right side of a new base. The next key test for stocks could be the 50-day line, which is about 8% above its current price. Re-taking this line would be upward for the stock-based building process, while strong resistance could signal a longer period of consolidation.
The shares traded up to 1243.49 on November 4, but ended on Wednesday with about 29% of this highest record of all time.
Leaders of Dow Jones: Apple, Microsoft
Among the shares of Dow Jones, Apple is building a double-bottom base with 176.75 points to buy, according to an analysis of the chart of IBD MarketSmith. The shares are about 6% away from the new point of purchase. Shares of AAPL found support in their long-term 200-day line last week, but remain below their 50-day moving average. Shares of Apple rose 1% on Thursday.
How Dow Jones shares cope with the potential resistance on the 50-day line will be key to the likelihood of a breakout. If stocks find stable stability, then a longer period of consolidation is likely. However, if the shares resolutely regain this level, then the breakthrough may be on the near horizon. So far, Apple shares are about 2.5% below the 50-day line.
The relative strength of the shares remains close to the last peaks in the face of stock market weakness, which means that institutions are hesitant to sell their shares to Apple.
The leader in software Microsoft rose 1.8% on Wednesday, closing just over 200 days. The shares continue to build a base. Shares of MSFT rose 0.5% in early Thursday.
Don’t forget to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more information on the growth stocks and the Dow Jones Industrial Average index.
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