The Dow Jones Industrial Average and other major stock indexes dropped Thursday, as Wall Street reacted to a hotter-than-expected inflation reading. An early mover on the stock market today was Tesla (TSLA), which is scheduled to reveal its highly anticipated robotaxi Thursday night.
Ahead of the opening bell, Dow Jones futures fell 0.2% vs. fair value, while S&P 500 futures dropped 0.3%. Tech-heavy Nasdaq 100 futures moved down 0.4% in early trading.
Early Thursday, the 10-year Treasury yield ticked higher to 4.07%. Oil prices rose, with West Texas Intermediate futures trading around $74.10 per barrel.
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Among exchange traded funds, the Invesco QQQ Trust (QQQ) fell 0.4%, as the SPDR S&P 500 ETF (SPY) lost 0.3% ahead of the open.
Tesla shares rallied 1.1% Thursday morning, looking to rebound from Wednesday’s drop. Shares continue to trade in the handle portion of a cup base, near the 264.86 buy point. Tesla has confirmed the robotaxi reveal will take place at the Warner Bros. studio in Burbank, Calif. Remarks and the presentation are set to begin at 7 p.m. PT on Thursday.
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Stock Market Today: CPI Inflation Report
Ahead of Thursday’s stock market open, the Labor Department’s CPI rose 0.2% in September, with an annual rise of 2.4%. It was expected to rise 0.1% for the month of September, with an annual increase of 2.3%, according to Econoday. Excluding food and energy, the core CPI increased 0.3% on the month, with a year-over-year increase of 3.3%. It was expected to increase 0.2% on the month, with a year-over-year rise of 3.2%.
Further, weekly initial unemployment claims jumped to 258,000 vs. 225,000 in the previous week. They were expected to edge higher to 226,000.
Elsewhere, Delta Air Lines (DAL) tumbled more than 3% after the company reported mixed third-quarter earnings early Thursday and offered a lower forecast for the current quarter.
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Best Stocks To Watch
On Wednesday, the Dow Jones Industrial Average rallied 1%, while the S&P 500 gained 0.7%. The tech-heavy Nasdaq composite climbed 0.6%.
During Wednesday’s IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market rebound.
Among the best companies to watch on the stock market today are Arista Networks (ANET), Ryan Specialty (RYAN), Texas Roadhouse (TXRH) and Toast (TOST).
Notable Dow Jones components are Amazon.com (AMZN), Amgen (AMGN), Apple (AAPL) and Microsoft (MSFT).
Amazon and Tesla featured in this Stocks Near A Buy Zone column.
There were six new stocks on IBD MarketSurge‘s “Breaking Out Today” list Wednesday. Notably, Broadcom (AVGO) broke out past a 185.16 entry. Check for more names on the site’s “Near Pivot” list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones: Amgen Shows Buy Point
Dow Jones biotech leader Amgen is building a flat base that has a 346.85 buy point, according to MarketSurge pattern recognition. Shares were flat early Thursday.
Outside the Dow Jones index, Arista Networks is moving further out of the buy zone past a 376.50 buy point in a consolidation. Shares fell 0.7% Thursday morning.
Insurance leader Ryan Specialty is at the top of the buy range above a 69.03 flat-base entry following last week’s breakout move. Shares added 2% Thursday.
Texas Roadhouse continues to hover at a 177.72 flat-base entry amid a recent rebound. Shares gained 0.3% Thursday.
Finally, restaurant software provider Toast is in the buy zone above its 27.88 buy point. The stock inched higher early Thursday.
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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 |
|---|---|---|---|
| Ferrari | (RACE) | 442.80 | Flat base |
| Taiwan Semiconductor | (TSM) | 175.45 | Cup with handle |
| ServiceNow | (NOW) | 850.33 | Flat base |
| Uber Technologies | (UBER) | 75.40 | Double bottom |
Source: IBD Data as of Sept. 30
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Magnificent Seven Stocks: Alphabet, Meta, Nvidia
Among Magnificent Seven stocks, Alphabet (GOOGL) and Meta Platforms (META) were each down a fraction Thursday.
Google stock is back at its 50-day line after sharp losses in recent sessions due to talk of a possible breakup. The stock has yet to offer a new buy point.
Meta stock hit a new high this week, further above a 544.23 alternate entry.
Nvidia (NVDA) stock was nearly flat Thursday, trading just above a 131.26 buy point from an irregular handle. Shares are also approaching their all-time high of 140.76.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon shares are bouncing from their 50-day line, near a 195.37 buy point in a cup with handle. The stock climbed 0.7% Thursday.
Apple is close to a V-shaped cup with handle that shows a 233.09 entry. Shares dipped 0.3% Thursday morning.
Microsoft shares are trying to regain their 50-day line and are near a handle buy point at 441.85. And on Thursday morning, the stock edged lower.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
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