The Dow Jones Industrial Average rallied 90 points Thursday, as jobless claims missed estimates ahead of the Federal Reserve's Jackson Hole summit. Dow Jones leader Salesforce jumped on strong earnings results.
XAmong the Dow Jones leaders, Apple (AAPL) rose 0.3% Thursday, while Microsoft (MSFT) moved up 0.1% in today's stock market. Home Depot (HD) remains below a new buy point after a recent breakout attempt.
After the close Wednesday, Dow Jones software leader Salesforce (CRM) reported strong quarterly results. Shares climbed about 4% in morning trade Thursday. Autodesk (ADSK), Snowflake (SNOW) and Splunk (SPLK) also reported late Wednesday.
Shares of electric vehicle giant Tesla (TSLA) were on pace to add to a four-day win streak, rising 0.3% Thursday. The EV leader remains in buy range after bullishly retaking an entry on Monday.
Among the top stocks to buy and watch, Airbnb (ABNB), Mercado Libre (MELI) and Nvidia (NVDA) are in or near new buy zones.
Airbnb, Microsoft and Tesla are IBD Leaderboard stocks. Nvidia is an IBD SwingTrader stock. Nvidia was featured in this week's Stocks Near A Buy Zone column. Airbnb was Tuesday's IBD Stock Of The Day.
Dow Jones Today: Jackson Hole, Economic Data
After the stock market open Thursday, the Dow Jones Industrial Average rose 0.1%, while the S&P 500 moved down 0.1%. The Nasdaq inched lower in morning trade.
On Thursday, Federal Reserve officials will begin a virtual symposium usually held in Jackson Hole, Wyo., every year. On Friday, Fed Chairman Jerome Powell will speak and is expected to reveal details of how long the currently higher inflation rate is expected to last, and what the Fed should do about it.
Ahead of the open, the Labor Department said last week's jobless claims measured 353,000, just missing estimates for claims of 350,000. Meanwhile, the Commerce Department said U.S. GDP for the second quarter increased at a 6.6% annualized rate.
Among exchange-traded funds, the Innovator IBD 50 (FFTY) was down 0.4% Thursday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) moved down 0.1% Thursday. Meanwhile, the SPDR S&P 500 ETF (SPY) inched lower.
Stock Market Rally Continues
The Nasdaq and S&P 500 looked to extend their win streaks to six sessions after they hit record highs Wednesday.
Wednesday's Big Picture cautioned, "Buying the dip has been an effective strategy in this year's stock market. Basically, buying the S&P 500 at each pullback to the 50-day moving average worked out well each time. At the same time, the S&P 500 and Nasdaq haven't gotten very far above their moving averages. Thus, investors need to be careful that the market isn't already topping. Following this year's pattern, the S&P 500 has topped after rising as little as 3% above its 50-day average. Wednesday, the index closed 3% above that average."
For more stock market commentary, check out IBD's The Big Picture.
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Dow Jones Stocks To Buy And Watch: Home Depot
Dow Jones leader Home Depot is trying to break out past a cup-with-handle's 333.55 entry, but currently sits below the buy point, according to IBD MarketSmith chart analysis. The 5% buy area goes up to 350.23.
Shares were up 0.1% Thursday.
Dow Jones Earnings: Salesforce
Late Wednesday, Dow Jones software leader Salesforce reported strong quarterly earnings results. Salesforce reported earnings of $1.48 per share, including a 43-cent per-share investment gain, on an adjusted basis. In addition, revenue climbed 23% to $6.34 billion, including the acquisitions of Slack and Acumen. The Slack deal closed July 21.
CRM stock rose about 4% Thursday.
Autodesk, Snowflake, Splunk Earnings
Autodesk beat Wall Street's earnings targets for its fiscal second quarter, but sales were only in line with views, sparking a 7% plunge. Shares had ended Wednesday out of the 5% buy zone past a 321.23 buy point in a consolidation.
Snowflake reported second-quarter revenue that topped estimates, while its October-quarter guidance also came in above Wall Street expectations. SNOW stock rallied more than 6% in morning trade.
Late Wednesday, Splunk reported quarterly results that beat estimates on the top and bottom line, as did its third-quarter revenue outlook. Splunk stock rallied about 2%.
Stocks To Buy And Watch: Airbnb, Mercado Libre, Nvidia
IBD Leaderboard stock Airbnb surged past a 152.86 buy point during Tuesday's 10% advance. The 5% buy zone goes up to 160.50, so shares are already extended. Shares dipped almost 1% Thursday.
Airbnb was Tuesday's IBD Stock Of The Day.
Mercado Libre traded down 0.6% Thursday, as it trades just 1% away from a cup with handle's 1,899.43 buy point. MELI stock is also above a 1,755.05 buy point created by the Aug. 5 gap-up on earnings.
IBD SwingTrader stock Nvidia is back out of buy range past a 208.85 buy point in a flat base, according to IBD MarketSmith chart analysis. Shares broke out Monday, advancing 5.5% in heavy volume. The stock is past the top of 5% buy area that runs up to 219.29.
Nvidia shares lost about 0.1% Thursday. The IBD Stock Checkup shows NVDA stock holds a perfect 99 IBD Composite Rating. The IBD Composite Rating identifies stocks with a blend of strong fundamental and technical characteristics.
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Tesla Stock
Tesla stock rose 0.3% Thursday, on pace to snap a four-day win streak. On Monday, shares bullishly regained their 700.10 aggressive buy point deep inside a correction after last week's weakness and are back in buy range. Meanwhile, a deep, large base continues to take shape.
On Jan. 25, Tesla stock hit a record high at 900.40, after climbing as much as 93% from a 466 buy point in a cup with handle.
Dow Jones Leaders: Apple, Microsoft
Among the top Dow Jones stocks, Apple shares were up 0.3% Thursday, rallying from Wednesday's 0.8% decline. Apple stock is back at a 148 trend line entry and in buy range. The stock hit an all-time high on Aug. 18 at 151.68 before reversing lower.
Software giant Microsoft gained 0.1% Thursday, on pace to extend a losing streak to three sessions. Shares hit an all-time high at 305.84 last week. Microsoft is about 15% above a cup base's 263.29 buy point.
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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