The drag from rising coronavirus fears hauled the Dow and the S&P 500 lower at Thursday's open, following another round of one-million plus jobless claims and despite some positive manufacturing data. The Nasdaq inched higher as Tesla, Zoom Video, Shopify, 1-800-Flower.com and Cloudflare gained. Microsoft crept higher to lead the Dow Jones today.
XThe Dow industrials slumped 0.5%, while the S&P 500 pared back to a 0.2% decline. The Nasdaq wrestled in and out of tight losses on the stock market today, as Zoom Video (ZM) and Tesla (TSLA) led the Nasdaq 100. Tesla stock is extended from an 869.92 handle buy point
Biogen (BIIB) dived more than 5%, while United Airlines Holdings (UAL) fell 3.4% to the bottom of the Nasdaq 100. Biogen and cruise line Carnival (CCL) dragged lowest among S&P 500 stocks as concerns over a resurgence in coronavirus cases spooked worldwide trade.
Earnings news stirred some early action. Kroger (KR) dropped 3.4%, despite reporting first-quarter results boosted by coronavirus-related consumer behavior. The grocery chain is trading below a 34.60 buy point in a five-week flat base.
ABM Industries (ABM), a janitorial and cleaning services provider, also received a Covid-19 windfall. Shares spiked 10% after a big fiscal second-quarter earnings beat.
1-800-Flowers.com (FLWS) bolted 8% higher. The company significantly raised its full-year profit and revenue outlook.
IBD Leaderboard stock Cloudflare (NET) rallied more than 2% ahead of the open, following an upgrade to equal weight from Morgan Stanley. Cloudflare is extended above a three-weeks-tight buy point.
Gear up for Thursday's market action by reading IBD's Investing Action Plan.
Biotechs: BioMarin, Quidel Climb
Biotechs were in early motion, with BioMarin Pharmaceuticals (BMRN) and Quidel (QDEL) each up more than 3%. BioMarin, which has a highly anticipated hemophelia treatment under review with the FDA, received a pair of price target hikes from Oppenheimer and SunTrust.
Quidel makes diagnostics and t4est kits, including a point-of-care test for Covid-19. The stock socred a new high on Wednesday, and is trading up 23.6% since the start of June.
1.51 Million Unemployment Claims; Philly Index Turns Positive
Americans lined up to file another 1.51 million unemployment claims in the week ended June 13, the Labor Department reported. That was above economist projections for 1.22 million new applications, and down 58,000 from the 1.542 million claims filed in the prior week. Continuing claims declined by 62,000, to 20.5 million.
The data pushed the number of claims filed over the past 13 weeks above 45.7 million. Since the start of April, the Dow Jones Industrial Average has gained on seven and fallen on four Thursdays following the release of jobs data.
The Philadelphia Federal Reserve's June Manufacturing Business Outlook Survey jumped to a reading of 27.5, up from a minus 43.1 take in May and the index's first positive showing since February. Current shipments and new orders both rose into positive territory, and the majority of responding firms reported steady employment levels.
Coronavirus Update: Brazil and India Hot Spots
New cases of the coronavirus reported worldwide held at nearly 141,000, a 1.7% increase in the 24 hours to Thursday morning that put the total number of persons infected since the start of the outbreak above 8.423 million. The number of deaths rose 1.2%, as another 5,226 persons died. The official death count is 451,745, according to Worldometer data.
The percentage of the global total represented by countries of the European Economic Area declined to 17.6% of the cases and 38.1% of the deaths, based on data from the European Center for Disease Prevention and Control. The U.S. represented 26.5% of the total cases, and 26.6% of the deaths.
Infections spread to another 31,000 persons in Brazil, which ranks second behind the U.S. for the highest number of cases and deaths. India reported almost 14,000 new cases. Mexico and Russia each confirmed more than 5,000 new cases.
U.S. Covid-19 Update: Active Cases Trend Higher
In the U.S., 26,452 new cases marked a 1.2% increase as the cumulative total of persons infected by the virus rose past 2.234 million. Deaths increased 0.7%, by another 811 people, to 119,943.
The spread of infections in New York and New Jersey held to less than 0.2%. California reported a 2.8% rise in confirmed cases. Cases increased in Texas at a nearly 4% rate, and almost 5% in Arizona. Oklahoma, Arkansas, South Carolina, Florida, are seeing spreads of around 3% per day.
The COVID Tracking Project reports the number of tests administered in the U.S. rose on Wednesday to 488,570. That left the 10-day average for tests just above 465,000, up from below 400,000 at the end of May.
The number of active cases, infected patients either in hospitals or under supervised quarantine, jumped another 0.8% to above 1.195 million, according to Worldometer data. Active cases have been in an uptrend since June 5, following a brief decrease from a May 30 peak.
The rise in active cases raises questions about hospital capacity, particularly in states seeing their first significant numbers of cases. Arizona has begun swapping patients between hospitals as facilities reach capacity.
Florida has also reported such capacity shifting as certain regions reach limits. States like Texas and Utah are so far reporting that their Covid-19 caseloads remain well within the limits of their healthcare systems' capacities.
Dow Jones Today: The Bullish Vs. Bearish Path
The Dow Jones today finds itself tight up against the underside of its 200-day moving average. Wednesday's session broke a three-day advance, and the index's short-term 21-day moving average has also climbed to very near the 200-day.
That leaves the Dow with a choice either to make a bullish move and break above 200-day resistance, or take the bearish options, which would be to undercut support at its 21-day line and solidify the 200-day as a current line of resistance.
The Dow industrials were up 2% for the week through Wednesday, and ahead 2.9% so far in June, tracking toward a third-straight monthly gain. The S&P 500 was ahead 2.4% for the week and up 2.3% on the month. The Nasdaq showed a weekly gain of 3.4%, and had gained 4.4% so far in June.
The stock market's confirmed uptrend remains intact. The latest weekly Investors Intelligence survey of newsletter writers showed bullish sentiment easing a bit, though still at high levels. High levels of bullish sentiment have tended in the past to occur near market tops.
For more detailed analysis of the current stock market and its status, study the Big Picture.
Leading Growth Stocks In Buy Ranges: Twilio, Atlassian
Leading stocks in buy ranges entering Thursday's session include Twilio (TWLO), Alteryx (AYX), Atlassian (TEAM) and chipmakers Teradyne (TER) and Lam Research (LRCX).
Twilio ended Wednesday in a buy range above a 210.04 buy point. The buy range extends to 220.54.
Software developer Atlassian is in a buy range, rebounding over the past two sessions from support at its 10-week moving average. The idea with a rebound is to buy as close to the 10-week line as possible. The line was around 171 on Wednesday.
Dow Jones Today: McDonald's, Intel Charts
More blue chips have been down rather than up through mid-June, but Boeing (BA) has been the curve bender, surging 32% as it rebounds from its wound-licking lows in March.
Apple has gained 10.6% so far in June, Microsoft (MSFT) is up 6%. Apple is extended above multiple buy points. Microsoft is in a buy range above a 187.52 buy point. That chase zone extends to 196.89. Both Apple and Microsoft are IBD leaderboard stocks.
Travelers (TRV) has posted a 7.3% gain since the start of the month. Caterpillar (CAT) is ahead 6.7%. American Express has spiked more than 9%.
Among the Dow Jones stocks in bases, McDonald's (MCD) has set up in a cup-with-handle pattern that has a 202.83 buy point. Goldman Sachs has also shaped a cup-with-handle.
Nike (NKE) is holding steady below its 104.79 entry. Intel's (INTC) recent pullback stopped at 6.6% below its buy point, just short of the 7% to 8% level that would trigger the stop-loss rule. That means the chipmaker's 62.23 buy point is still in play. Shares were set to open less than 3% below that entry on Thursday.
Find Alan R. Elliott on Twitter @IBD_Aelliott
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