The Dow Jones Industrial Average briefly rallied 290 points Thursday, as Treasury yields flattened after a hotter-than-expected inflation report. Tesla stock raced higher, while Apple is approaching a new buy point.
XAmong the Dow Jones leaders, Apple (AAPL) reversed 0.6% lower, while Microsoft (MSFT) moved up almost 1% in today's stock market. Caterpillar (CAT) and JPMorgan (JPM) are trading near recent buy points.
Tesla (TSLA) rallied 2% Thursday, looking to rebound from Wednesday's 0.8% loss.
Among the top stocks to buy and watch, Alphabet (GOOGL), General Motors (GM) and Applied Materials (AMAT) are in or near buy zones.
Applied Materials and Microsoft are IBD Leaderboard stocks. Alphabet and General Motors are featured in this week's Stocks Near A Buy Zone column.
Dow Jones Today: Inflation Data
The Dow Jones Industrial Average rallied 0.4% early Thursday, while the S&P 500 moved up 0.4%, taking a record high. The tech-heavy Nasdaq composite advanced 0.5% in midday trade.
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 34544.33 | +97.19 | +0.28 |
| S&P 500 | (0S&P5) | 4233.91 | +14.36 | +0.34 |
| Nasdaq | (0NDQC ) | 13967.17 | +55.42 | +0.40 |
| Russell 2000 | (IWM) | 229.47 | -1.87 | -0.81 |
| IBD 50 | (FFTY) | 45.50 | -0.82 | -1.77 |
Last Update: 10:48 AM ET 6/10/2021 |
||||
The Labor Department reported that consumer prices rose 5% from a year ago, the fastest pace since August 2008. Consumer inflation was expected to climb to 4.6%, up from April's 4.2% year-over-year gain. The consumer price index represents prices for a basket of goods including food, energy, groceries, housing costs and sales.
The 10-year Treasury yield briefly climbed above 1.53% early Thursday before cutting gains. The 10-year Treasury yield traded just below 1.49% in morning trade, effectively even with Wednesday's settle.
Among exchange traded funds, the Innovator IBD 50 (FFTY) fell 1.7% Thursday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) traded up 0.5%. Meanwhile, the SPDR S&P 500 ETF (SPY) was up 0.3%.
Six Stocks In Buy Zone As S&P 500 Hits High; Tesla Launch Event On Tap
Stock Market Rally: S&P 500 Hits Record High
The S&P 500 hit record highs, while the Dow Jones Industrial Average looked to snap a three-day losing streak Thursday. Meanwhile, the tech-heavy Nasdaq continues to rebound from its 50-day moving average, but could be hitting potential resistance looms around 14,000.
Wednesday's Big Picture column commented, "One technical aspect improved. The May 4 distribution day on the Nasdaq and S&P 500 is now dropped due to time. Distribution days have a shelf life of 25 sessions. The S&P 500 still has a weighty five distribution days, but the Nasdaq has slimmed down to just two. (Wednesday's losses were too mild to be regarded as distribution.)"
For more stock market commentary, check out IBD's The Big Picture.
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Dow Jones Stocks: Caterpillar, JPMorgan
Dow Jones financial leader JPMorgan is trading in buy range above a 161.79 buy point in a flat base, according to IBD MarketSmith chart analysis. Shares rose 0.5% Thursday morning.
Meanwhile, Caterpillar is just below a 237.88 buy point in a flat base. The 5% buy range goes up to 249.77. Shares gained 0.35% Thursday morning and are trying to find support around their 50-day line.
Stocks To Buy And Watch: Alphabet, General Motors, Applied Materials
General Motors declined 0.4% Thursday morning, moving further below a 63.54 buy point in a cup base, according to IBD MarketSmith chart analysis.
Friday's IBD Stock Of The Day Alphabet is breaking out past a 2,431.48 buy point in a flat base. Shares rallied 0.8% Thursday morning and are right at the entry.
GM stock and Alphabet were featured stocks in this week's Stocks Near A Buy Zone column.
IBD Leaderboard stock Applied Materials added a handle to cup base, moving the buy point from 146.10 to 142.22. Shares are about 3% away from the buy point amid Thursday's 2.1% gain.
Per Leaderboard commentary, "The current base is second stage, which is positive. In most cases, buy areas emerge when stocks bounce off the 10-week line. In this case, the stock traded well below the line and is now back above it."
IBD Live: A New Tool For Daily Stock Market Analysis
Tesla Stock
Tesla stock raced 2% higher Thursday morning, on pace to snap a two-day losing streak and rebound from Wednesday's 0.8% loss.
The EV giant continues to struggle at its long-term 200-day line after giving up that level last week. A new base could be forming, but the stock is far away from any new buy point.
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 turned lower, falling 0.6% Thursday, on pace to snap a four-day win streak. The stock is rebounding from its long-term 200-day line, while battling to retake the 50-day line. The stock's lagging RS line indicates significant stock market underperformance.
Apple stock is tracing a new flat base with a 137.17 buy point after triggering the 7%-8% loss-cutting sell rule from a 135.63 buy point in early May.
Software giant Microsoft moved up almost 1% Thursday, and is approaching a new flat base's 263.29 buy point, according to IBD MarketSmith chart analysis.
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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