The Dow Jones Industrial Average rose Thursday after a surprise drop in first-time unemployment claims and strong first-quarter GDP data. Meanwhile, two of Cathie Wood’s ARK Invest ETFs sold more than $7 million in Tesla stock.
First-time jobless claims from the Labor Department unexpectedly dropped to 239,000 vs. 264,000 in the previous week. They were anticipated to rise to 270,000. Further, the Commerce Department’s third estimate of first-quarter GDP rose to 2.0%, higher than the expected 1.4% estimate.
Early Thursday, Micron Technology (MU), McCormick (MKC), Paychex (PAYX) and Simply Good Foods (SMPL) are key earnings movers. Meanwhile, Dow Jones giant Nike (NKE) will report after the close.
Micron stock dived 5% in morning trade, while McCormick declined 2.5%. Paychex shares reversed slightly lower, and SMPL stock was up almost 4%.
Stock Market Today
Electric-vehicle giant Tesla (TSLA) dipped 0.3% Thursday morning, amid the stock sales by Cathie Wood’s Ark Invest ETFs. This month, Wood has dumped more than 500,000 shares of the EV stock.
Dow Jones tech giants Apple (AAPL) and Microsoft (MSFT) were mixed after today’s stock market open.
Other stock market leaders in the stock market rally include Alphabet (GOOGL) and Meta Platforms (META). Alphabet shares dropped 1.2%, while META stock moved down 0.5%.
Chipotle Mexican Grill (CMG), McKesson (MCK), MongoDB (MDB) and Lam Research (LRCX) — as well as Dow Jones stocks JPMorgan Chase (JPM), Merck (MRK) and Salesforce (CRM) — are among the best stocks to watch in the ongoing stock market pullback.
Tesla is an IBD Leaderboard stock, Floor & Decor remains an IBD SwingTrader stock, while MongoDB is featured in this week’s Stocks Near A Buy Zone column.
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Dow Jones Today: Oil Prices, Treasury Yields
After Thursday’s opening bell, the Dow Jones Industrial Average rose 0.6%, while the S&P 500 inched higher. The tech-heavy Nasdaq composite lost 0.2% in morning action.