Stocks dragged, then turned mixed Thursday, with early action marked by several spot rallies, after weekly jobless claims came in heavier than expected. Casinos rocked higher as dice began rolling again in Las Vegas. Airlines jumped on another White House travel ban. And Boeing jetted to the top of the Dow Jones today on an Amazon announcement.
XThe S&P 500 took the hardest early hit, dropping 0.4% then narrowing to a 0.1% decline. The Dow industrials pared back to a fractional loss, while the Nasdaq shed early losses and gained 0.2% on the stock market today. All four indexes are sitting atop four-day advances.
eBay (EBAY) slammed 9% higher, battling with airline stocks for the top slot on both the Nasdaq 100 and the S&P 500. The online auction pioneer boosted its guidance for fiscal second-quarter earnings and revenue to above the consensus targets. The move positioined eBay stock to overtake its prior high, from Feb. 2018.
Airlines steepened their recent rally, following news that the Trump administration would ban passenger flights to the U.S. by Chinese airlines beginning in mid-June. American Airlines Group (AAL) soared more than 9% to the top of the S&P 500. United Airlines Holdings (UAL) grabbed a 3% gain, trading high on the Nasdaq 100. Southwest Airlines (LUV) gained 1.4%, while Delta Air Lines (DAL) logged a 3.6% advance. The U.S. Global Jets ETF (JETS) rallied 3% in opening trade.
Etsy (ETSY) sparked 4.3% higher to lead the IBD 50 list. The online craft marketplace reported mixed first-quarter results, but second-quarter guidance came in above expectations. Etsy is also an IBD SwingTrader listing.
China-based Nio (NIO), a maker of electric automobiles, jumped more than 7% after its breakout on Wednesday past a 5.29 buy point. Shares were extended at the end of trade Wednesday.
Earnings news was mixed, as SmartSheet (SMAR), Michael's Stores (MIK) and Cloudera (CLDR) took hard hits after their quarterly reports. Cloud-computing enabler Zuora (ZUO) spiked 12% as losses narrowed sharply in its first quarter. China-based LexinFintech Holdings (LX) slimbed 2% higher after a mixed report.
Gear up for Thursday's market action by reading IBD's Investing Action Plan.
Casinos Jump As Vegas Rolls The Dice
MGM Resorts International (MGM) jumped more than 5%, running high on the S&P 500, after casinos reopened for gaming at one minute past midnight Thursday in Nevada. Other casino stocks followed at a respectful distance, with Las Vegas Sands (LVS) adding 2.3% and Wynn Resports (WYNN) up 1.6%.
The restart ends a 78-day gambling hiatus forced by the coronavirus pandemic, although not all casinos restarted Thursday morning. Certain amenities, including buffets and shows, remain closed, according to the Las Vegas Review Journal.
Social distancing and antiseptic measures were an obvious part of the process, the Journal said. Guests' temperatures were taken upon entrance, with no one registering over 100.4 degrees permitted to enter. All guests reportedly met the requirement.
Another 1.88 Million Seek Unemployment Assistance
Almost 1.88 million American filed first-time unemployment claims in the week ended May 30, the Labor Department reported. That was down from the prior week's 2.12 million claims, but above economist projections for 1.79 million filings as the tidal wave of workers seeking assistance continued to pummel the jobless support system.
The stock market has moved higher on five of the nine jobless reports since the start of April, with the Dow averaging a 0.4% gain across those nine Thursdays. The Labor Department reports its closely watched May payrolls report on Friday.
Market Remains Mum On Protests
Protests continued across the U.S., but with less destruction and violence Tuesday and Wednesday nights. Markets had showed little reaction to the events even as unrest peaked, in terms of police confrontation, property destruction and injuries, over the weekend and through Monday night.
Dow Jones Today: Boeing Gets A Breakout Assist
Exxon Mobil (XOM) and Chevron (CVX) sank to the bottom of the Dow, each down about 1.7%. Boeing (BA) rallied 5.8% on the Dow Jones today, following its 13% surge on Wednesday. A three-day rally put Boeing stock up 18.7% for the week through Wednesday, as shares hustle to log their third-straight weekly advance.
Amazon.com (AMZN) said it would bolster its air fleet, announcing plans to lease 12 Boeing 767 jets from Air Transport Services Group (ATSG). One of the jets is already operating in the company's 80-jet fleet. The other 11 are scheduled to start flying next year.
Air Transport shares surged 8%, scoring a breakout above a cup-with-handle buy point at 22.55. The entry's buy range ends at 23.68.
Global Coronavirus Update: Brazil Still A Hot Spot
Worldwide, the number of newly confirmed coronavirus cases jumped 122,045 in the 24 hours to Thursday morning, as Brazil reported more than 26,000 new patients, according to Worldometer. That boosted the total cumulative count for the virus to 6.591 million.
Deaths from the virus rose by 1,087, a 0.3% increase, to 388,353. Countries of the European Economic Area accounted for 21.4% of the cumulative total of cases, down from more than 44% at the start of April. Another 667 deaths occurred in the EEA, keeping its share of the global total at a comparatively high 43%.
U.S. Covid Update: New Jersey, The Final Lockdown State
In the U.S., more than 21,000 new infections were identified. That put the cumulative count above 1.9 million, just under 29% of the global total. Another 1,087 deaths were reported, a 1% increase to 109,146. That puts the U.S. share of global deaths due to the coronavirus just above 28%. California, Texas, North Carolina and Alabama were the only states to report more than 1,000 new cases during the 24-hour period.
Another day of sharp decreases in active cases marked the fourth decrease in the past eight days. Current cases at the end of Wednesday stood at just above 1.1 million, down more than 6% from the May 30 peak. Reporting numbers from Worldometer may not be precise.
But the turn generally suggests some potential easing on hospitals other medical resources. Testing continued to roll out at an increasing rate. More than 457,000 tests were conducted on Wednesday. The put the 10-day running average for tests at 409,006 — up from an average of just below 227,000 at the start of May.
New Jersey, the final state under a stay-at-home rule, will move into stage one of its reopening plan after the lockdown order lifts on Friday. All other states are now in various stages of economic restarts. However, many of those restarts are occurring on a region-by-region, or county-by-county basis within those states.
In New York, the western portion of the state entered phase one Tuesday, while the state's Capital Region around Albany advanced to phase two on Wednesday. New York City is, at this time, scheduled to enter phase one of its restart on June 8. Maryland was set to enter phase two of its reopening plan, allowing non-essential businesses to restart on Friday.
Dow Jones Today: Paused At The 200-Day
Premarket action showed the Dow Jones today poised to snap a five-day advance. The rally lifted the index to just a fraction below its 200-day moving average. It is the Dow's closest approach to the line since March 4. The index has not traded above its 200-day level since Feb. 26.
The Nasdaq is comfortably beyond its 200-day line, and the S&P 500 retook support at the moving average last week. The Dow remains the stock market holdout, tapping the brakes on the market's confirmed uptrend begun on April 2.
A rise above the 200-day would mark a bullish reinforcement of the uptrend's momentum. A pause below or pullback from the line would suggest resistance — that major institutions collectively read the current value of the industrials as appropriate to the outlook for the U.S. and global economies.
For more detailed analysis of the current stock market and its status, study the Big Picture.
The index's overall chart action reflects that of the stock charts within the index. Among the Dow's top-weighted stocks, Apple (AAPL), UnitedHealth Group (UNH) and Home Depot (HD) are all trading well above their 50-day and 200-day lines. The three stocks represent just over 23% of the index weight, as of Wednesday.
Next in line is Goldman Sachs (GS), which represents 5.5% of the Dow. It retook its 200-day level on Wednesday, but has struggled to hold the line. McDonald's (MCD), with a 5.1% weighting, is just rising toward a test of its 200-day.
Find Alan R. Elliott on Twitter @IBD_Aelliott
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