Dow Jones futures tumbled along with the other major stock indexes Thursday as Magnificent Seven player Meta Platforms (META) plunged on first-quarter earnings results. Wall Street also reacted to weak first-quarter GDP data. Next up, Google-parent Alphabet (GOOGL) and Microsoft (MSFT) are due to report after the close on the stock market today.
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Dow Jones futures were down 1.1% vs. fair value, or more than 400 points, in premarket action as S&P 500 futures lost 1.2%. Tech-focused Nasdaq 100 futures sold off 1.5% before the opening bell.
Early Thursday, the 10-year Treasury yield ticked higher to 4.68%. Further, oil prices rose 0.2% as West Texas Intermediate futures traded around $83 a barrel.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was down 1.4%, while the SPDR S&P 500 ETF (SPY) lost 1%.
Stock Market Today: Meta Stock Dives
Late Wednesday, Meta beat analyst expectations for both sales and earnings, but company executives gave a lighter-than-expected sales forecast for the current quarter. That sent Meta stock plummeting nearly 15% in premarket action.
Other key earnings movers Thursday include Caterpillar (CAT), Chipotle Mexican Grill (CMG), Ford Motor (F) and IBM (IBM), along with Lam Research (LRCX) and ServiceNow (NOW).
Caterpillar shares tumbled 4% in early trading, while Chipotle stock rallied 3.4%. Ford shares moved up nearly 2%, as IBM stock dived close to 9%. Lam Research shares inched lower, while ServiceNow stock was down more than 4%.
GDP, Jobless Claims
Also early Thursday, investors will get the first reading for first-quarter GDP growth, along with weekly jobless claims. The GDP report will include the core Personal Consumption Expenditures price index, effectively giving a sneak peak at the March PCE price data due Friday.
First-quarter GDP slowed to a rate of 1.6% vs. fourth-quarter growth of 3.4%, much lower than the expected 2.3% rate.
Further, the Labor Department’s jobless claims fell to 207,000. They were expected to rise to 215,000 vs. 212,000 in the previous week, per Econoday estimates.
Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.
Dow Jones Falls
On Wednesday, the Nasdaq outperformed other benchmarks, with a 0.3% rise. In contrast, the S&P 500 inched higher, and the Russell 2000 sank 0.4%. The Dow Jones Industrial Average fell 0.1%.
Wednesday’s The Big Picture column commented, “For now, the outlook for stocks today remains in a highly vulnerable state. And big waves of quarterly results over the next several weeks might lead to even more challenging trading conditions.”
Now is an important time to read Investor’s Business Daily’s The Big Picture column amid the ongoing stock market action. Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.
Learn How To Time The Stock Market With IBD’s ETF Market Strategy
Best Stocks To Watch On Stock Market Today
Alphabet, Dexcom (DXCM), On Holding (ONON) and Tradeweb Markets — plus Dow Jones component American Express (AXP) — are among the best companies to watch on the stock market today.
Alphabet and Tradeweb were featured in this Stocks Near A Buy Zone column.
An essential resource for daily breakouts is IBD MarketSurge’s “Breaking Out Today” list. It shows MarketSurge Growth 250 stocks that are breaking out past new buy points. Also, the MarketSurge “Near Pivot” list shows stocks nearing buy points in bases.
To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone. These features identify bullish patterns and buy points and are available to check every day.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones: American Express
American Express is bouncing back in heavy volume from support around its 50-day moving average, according to MarketSurge charts. A rebound placed the software leader in a new buy area, while shares are climbing above a 231.69 entry in a short consolidation. The stock edged lower Thursday morning. Keep in mind that market risk is high right now.
4 Top Growth Stocks To Watch In The Stock Market Correction
Outside the Dow Jones index, Google stock is above a 153.78 buy point and its relative strength line is at its highest level since January, according to MarketSurge charts. Shares lost nearly 3% Thursday.
Dexcom regained its 132.03 flat-base entry during this week’s gains, finding support at its key 50-day line. Dexcom stock gained 1% early Thursday.
Retail leader On Holding is trying to retake its 50-day line, and a decisive move above that level would be positive for the stock’s prospects. On Holding stock was down 0.7% early Thursday.
Tradeweb is below its 50-day moving average, as it forms a flat base with a 108.04 buy point. Shares dipped 0.9% after the company’s mixed first-quarter results early Thursday.
Stock Market Today: Companies To Watch
These are four stocks in or near buy zones in today’s stock market.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| American Express | (AXP) | 231.69 | Consolidation |
| Alphabet | (GOOGL) | 153.78 | Consolidation |
| Dexcom | (DXCM) | 132.03 | Flat base |
| Tradeweb Markets | (TW) | 108.04 | Flat base |
Source: IBD Data As Of April 22, 2024
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Magnificent Seven Stocks: Nvidia, Tesla
Magnificent Seven stock Nvidia (NVDA) and Tesla (TSLA) gained 0.4% and 0.8%, respectively, in Thursday’s premarket action.
Nvidia stock reversed 3.3% lower Wednesday, hitting sharp resistance around their 50-day line and falling further below that level.
On Wednesday, Tesla soared 11.9% after the company’s first-quarter results. The stock, however, remains more than 45% off its 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple (AAPL) and Microsoft traded mixed ahead of Thursday’s stock market open.
Apple stock moved up 1.4% Wednesday, extending a win streak to three sessions. Shares remains about 15% off their 52-week high. The stock was up a fraction Thursday morning.
Microsoft shares gained 0.4% Tuesday, still below their 50-day line following last week’s losses. The stock declined 2% early Thursday.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
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Jessica Roberts is a seasoned business writer who deciphers the intricacies of the corporate world. With a focus on finance and entrepreneurship, she provides readers with valuable insights into market trends, startup innovations, and economic developments.
