The Dow Jones Industrial Average experienced a significant drop of 340 points on Thursday following the release of a strong monthly employment report. The report, which showed a surge in jobs by 497,000 compared to estimates of 235,000, provided a preview of the Labor Department’s June payrolls report set to be released on Friday. However, the Labor Department also revealed an increase in first-time claims for unemployment assistance, rising to 248,000 from the previous week’s 239,000.
In other economic news, the S&P Global Services Purchasing Managers’ Index remained unchanged at 54.1, while the June Institute for Supply Management services index is expected to edge up to 50.8. The Labor Department’s JOLTS report is also expected to show a decrease in job openings for May.
Meanwhile, Cathie Wood’s Ark Invest ETFs made some notable moves in the stock market. They sold a significant amount of Tesla stock, worth nearly $8 million, while also purchasing shares of Meta Platforms (META), the social media giant behind the recently launched Twitter rival, Threads.
The stock market as a whole experienced a decline, with the Dow Jones Industrial Average falling 1%, the S&P 500 dropping 1.05%, and the tech-heavy Nasdaq composite moving down 1.1%. The 10-year U.S. Treasury yield rose to 4.02%, breaking out above its recent highs, while oil prices were modestly lower after solid gains on Wednesday.
Among the stocks to watch, Dow Jones tech giants Apple and Microsoft were lower after the market open. Chipotle Mexican Grill, Dynatrace, MongoDB, Lam Research, Nvidia, JPMorgan Chase, Visa, and Salesforce were highlighted as some of the best stocks to watch in the ongoing stock market advance.
Overall, the stock market remained relatively quiet, with the main indexes experiencing minimal changes. The Russell 2000 fell 1.3%, potentially affecting market breadth. Investors are advised to stay updated on the latest market trends and read IBD’s The Big Picture column for insights into the stock market’s performance.
In terms of individual stocks, JPMorgan, Salesforce, Visa, and American Express were highlighted as Dow Jones stocks to watch. Chipotle and Dynatrace were identified as top growth stocks, while Tesla, Apple, and Microsoft were mentioned as Dow Jones leaders.
As the stock market rally continues, investors are advised to consider stocks such as ASML, Salesforce, Cloudflare, and Roku, which were identified as some of the best stocks to buy and watch. Tesla, despite its recent gains, remains out of buy range beyond its double-bottom buy point.
Overall, the stock market remains dynamic, with various economic indicators and individual stock movements influencing its performance. Investors should stay informed and consider the advice of experts to make informed investment decisions.The Dow Jones Industrial Average experienced a significant drop of 340 points on Thursday following a strong monthly employment report. The decline came despite positive economic data flooding the markets. ADP’s June National Employment Report showed a surge in jobs, with an increase of 497,000 compared to estimates of 235,000. However, the Labor Department’s report on first-time claims for unemployment assistance revealed a rise to 248,000, slightly higher than the previous week’s figure of 239,000.
In other news, Cathie Wood’s Ark Invest ETFs made some notable moves in the stock market. They sold nearly $8 million worth of Tesla stock, causing the electric-vehicle giant’s shares to decline by 1.4%. On the other hand, Wood’s firm purchased shares of Meta Platforms (META), formerly known as Facebook, worth around $1.6 million. Meta recently launched a Twitter rival called Threads.
Tech giants Apple and Microsoft, both part of the Dow Jones index, saw their stocks lower after the stock market opened. Meanwhile, Chipotle Mexican Grill, Dynatrace, MongoDB, Lam Research, Nvidia, JPMorgan Chase, Visa, and Salesforce were highlighted as some of the best stocks to watch in the ongoing stock market advance.
The Dow Jones Industrial Average fell 1% after the opening bell, while the S&P 500 and the Nasdaq composite dropped 1.05% and 1.1%, respectively. The 10-year U.S. Treasury yield rose to 4.02%, surpassing its recent highs from late May. Oil prices were slightly lower, with West Texas Intermediate futures trading below $72 a barrel.
Overall, the stock market remained relatively quiet on Wednesday, with the main indexes experiencing minimal changes. The Russell 2000, which had been on a six-day win streak, fell 1.3% and appeared to be hitting resistance around the 1,900 level. This downturn may affect market breadth as the Russell has played a significant role in the stock market’s recent advance.
Several Dow Jones stocks were highlighted for investors to watch. JPMorgan, Salesforce, Visa, and American Express were mentioned as stocks with potential buying opportunities. Chipotle, Dynatrace, Lam Research, MongoDB, and Nvidia were also identified as top growth stocks to buy and watch.
Tesla stock, an IBD Leaderboard stock, extended its win streak to six sessions on Monday but fell 1.4% on Thursday. Apple stock continued to decline from its record high, while Microsoft shares inched higher but remained about 4% away from their all-time high.
Investors were advised to follow Scott Lehtonen on Twitter for more information on growth stocks and the Dow Jones Industrial Average.
Which stocks have been identified as potential investment opportunities during the ongoing stock market advance
Purchased shares of Meta Platforms (META), the social media company behind the new Twitter competitor, Threads.
The broader stock market also experienced a decline, with the Dow Jones Industrial Average falling 1%, the S&P 500 dropping 1.05%, and the Nasdaq composite moving down 1.1%. Despite this, the S&P Global Services Purchasing Managers’ Index remained unchanged at 54.1, indicating overall stability in the services sector. The Institute for Supply Management services index is expected to rise to 50.8 for June.
Looking ahead, the Labor Department’s JOLTS report is anticipated to show a decrease in job openings for May. Moreover, investors are advised to keep an eye on several stocks, including Apple, Microsoft, Chipotle Mexican Grill, Dynatrace, MongoDB, Lam Research, Nvidia, JPMorgan Chase, Visa, and Salesforce, as they could present investment opportunities during the ongoing stock market advance.
While the stock market appeared mostly quiet, the Russell 2000 fell 1.3%, potentially impacting market breadth. To stay updated on market trends, investors are encouraged to read IBD’s The Big Picture column for insights into the stock market’s performance.
In terms of individual stocks, JPMorgan, Salesforce, Visa, and American Express were recognized as Dow Jones stocks to watch. Chipotle and Dynatrace were identified as top growth stocks, while Tesla, Apple, and Microsoft were mentioned as Dow Jones leaders.
As the stock market rally continues, investors should consider stocks such as ASML, Salesforce, Cloudflare, and Roku, which were identified as some of the best stocks to buy and watch. Tesla, despite recent gains, remains out of buy range beyond its double-bottom buy point.
Ultimately, the stock market remains dynamic, influenced by various economic factors and individual stock movements. Investors are advised to stay informed and seek expert advice when making investment decisions.
:quality(70)/d1hfln2sfez66z.cloudfront.net/07-06-2023/t_5588f6ba4ecb4ca0a5506535bfd097a6_name_Spokane_flight.png "Alaska Airlines Flight Diverted to Spokane After Bomb Threat from Passenger")
It’s surprising to see the Dow Jones dropping despite a strong jobs report. The move made by Cathie Wood’s Ark Invest ETFs is also interesting, as they sell Tesla stock and opt for Meta Platforms shares. This shows a shift in their strategy, and it’ll be intriguing to see how it pans out in the coming months.
Interesting to see the market’s reaction today. Despite the positive jobs report, the Dow Jones took a hit. The decision by Ark Invest ETFs to sell Tesla stock and buy Meta Platforms shares adds another layer of intrigue to the situation. It’ll be intriguing to see how this plays out in the coming weeks.