Dow Jones rises amid sudden jump in jobless claims; silvergate crash 40%

The Dow Jones Industrial Average rose 140 points on Thursday after the Labor Department’s surprise jump in jobless claims for the first time. the Bitcoin price It fell 2% Thursday, as a cryptocurrency bank Silvergate Capital (SI) fell by 40% on news that it would close operations and liquidate its Silvergate Bank.

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Initial jobless claims jumped to 211,000, above Econoday’s forecast which called for a slight increase to 195,000 versus 190,000 the previous week. Lower weekly jobless claims continue to show continued strength in the labor market, fueling market fears that the Federal Reserve may continue to raise interest rates for longer.

Investors are preparing for the pivotal jobs report from the Labor Department on Friday. Economists expect an increase of 220,000 in non-farm payrolls for the month of February, with an unemployment rate of 3.4%. In January, the number of jobs increased by 517,000, nearly double Econoday’s high estimate. Average hourly earnings are expected to grow by 0.3%.

on the earnings front, Asana (Asan), JD.com (Dinar) And MongoDB (mdb) were on the move.

Asana stock rose 13% after reporting strong fourth-quarter earnings results and issuing strong guidance. The dinar fell 5.6% even after easily beating expectations for the fourth quarter. MDB stock fell 10% after the company issued weak revenue guidance.

stock market today

American Express (AXProse 2.4% after announcing a plan to buy back 120 million shares and raise the dividend by 15%. etsy (ETSY) sold off more than 6% after Jefferies downgraded the stock’s dual rating from buy to underperform.

Silicon Valley banker shares SVB Financial Group (SIVB) fell more than 39% after the company launched a batch of offers worth $2.25 billion after reporting a loss of $1.8 billion in Treasury securities and mortgage-backed portfolio investments.

Giant EV Tesla (TSLA) fell by 1% Thursday morning. Dow Jones Tech Giants apple (AAPL) And Microsoft (MSFT) were higher after the stock market opened.

IBD Stock Leaderboard Trix (AYX), Palo Alto Networks (Banu), Fresh remains (NEWR) And sales force (CRM) – as well as shares of Dow Jones American Express and c. B. Morgan Chase (JPM) – among the top stocks to buy and watch, amidst the stock market rally in an effort to ignore interest rate hike fears.

Altrex is IBD Leaderboard stock. New Relic was recently an IBD stock of the day. And Salesforce’s column this week featured stocks near a buy zone.

IBD’s newest MarketDiem service gives you actionable ideas for stocks, options and cryptocurrencies directly in your inbox.

Dow jones today: oil prices and treasury yields

After the market opened Thursday, the Dow Jones Industrial Average rose 0.4%, and the S&P 500 rose 0.2%. The tech-heavy Nasdaq Composite rose 0.1% in the morning move, with China’s JD.com and Tesla weighing in on the early move.

Among the US ETFs, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ(up 0.1% and the SPDR S&P 500 ETF)spy) gained 0.2% early Thursday.

The 10-year US Treasury yield rose slightly after Powell’s hawkish remarks, and settled at 3.97%. Then on Thursday, the 10-year yield fell to 3.96% after the unemployment claims data.

Oil prices stabilized after two consecutive losing days. West Texas Intermediate futures traded below $77 a barrel early Thursday.

Stock market rise

The Dow Jones Industrial Average ended Wednesday with a modest loss of 0.2%, while the S&P 500 and Nasdaq finished slightly higher, with gains of 0.1% and 0.4% each.

The Big Picture column on Wednesday commented: “A sudden rebound in the last half hour of trading on Wednesday saved the stock market from having a real block on its head. But the pullback, which began in early Monday afternoon trading, underscored how the current path is.” A healthy recovery in inventories remains difficult.”

Now is an important time to read IBD’s Big Picture column amid the stock market rally.

Five Dow Jones stocks to buy and watch now

Dow Jones Stock Buying and Watching: American Express, JPMorgan

American Express remains near 182.25 buy points in a giant cup with handle despite Wednesday’s 0.3% loss. To the upside, the stock’s RSI line is holding near its tops, which is a particularly positive sign ahead of a possible breakout. AXP stock rose 2.4% Thursday morning, looking to snap a three-day losing streak after announcing its new buyback plan.

Banking giant JPMorgan fell more than 138.76 points long on a steady basis during the stock’s 0.6% drop on Wednesday, according to chart analysis by IBD MarketSmith. Stocks also moved below the support at the 50-day line, which is a key level to watch. JPM shares traded down 0.6% early Thursday.

JPM shares 92 out of 99 IBD rating shows the perfect compound, per IBD stock check. The composite rating is designed to help investors easily find the highest growth stocks.

4 growth stocks to buy and watch Stock market rise

Top stocks to buy and watch: Palo Alto, New Relic

Palo Alto Networks continues to trade quietly after the stock rose 12.5% ​​on Feb. 22 and is close to adding a handle. Stocks remain within walking distance of the base buy point of 193.01. PANW stock rose 0.2% Thursday morning.

Backstory: On February 21, the cybersecurity giant reported healthy results for the quarter ending in January that saw earnings of $1.05 per share, up 81% year-over-year, with revenue jumping 26% to $1.7 billion.

The latest IBD stock for the day, New Relic, is flat at 80.98 buy points in the wake of the February 8 earnings rally. NEWR stock fell 0.3% on Thursday.

Backstory: New Relic provides a suite of cloud-based software products that enable organizations to collect, store, and analyze vast amounts of data in real time. Customers gain increased visibility into their enterprise software to help make data-driven decisions.

Alteryx, Salesforce near the latest points of purchase

IBD Leaderboard Alteryx continues to struggle after giving up the 66.50 trend line buy point within a cup handle at an early stage during this week’s losses. The traditional entry at 70.73 is also in play. Alteryx stock fell 0.2% on Thursday.

Backstory: Irvine, California company has created a self-service data analytics platform. Demand is clearly strong as sales rose from a level of $100m per quarter in 2021 to $216m in Q3 2022, up 75% from last year, and $301m in Q4 2022, up 73%. This rapid revenue growth is one of the reasons Alteryx posted a profit of 84 cents per share in the fourth quarter, probably the largest quarterly earnings in the company’s history.

Last week, Dow Jones leader Salesforce gapped bullish breakaway above 178.94 buy points on strong fourth quarter results. But the gains are fading slightly amid the four-day losing streak, with shares losing 0.2% on Wednesday. The stock is located in the 5% buy zone, which rises to 187.89. CRM stock lost 0.3% on Thursday.

Backstory: Salesforce sells software under a subscription model. Its software helps companies organize and handle sales processes and customer relations. The company has expanded into marketing, customer services and e-commerce. Salesforce said it has dissolved its “mergers and acquisitions committee,” meaning it will not make large acquisitions, amid mounting pressure from activist investors.

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Stocks to buy and watch the stock market rise

These are the six best stocks to buy and watch in the stock market today, including two of the Dow’s leaders.

Source: IBD data as of March 8, 2023

Join IBD experts as they analyze the leading stocks of the current stock market rally on IBD Live

Tesla stock

Tesla stock slid another 3% on Wednesday, down for the third day in a row after the stock took a downgrade. The EV giant is also facing an investigation into possible steering wheel problems.

On Wednesday, the shares closed down about 53% from their 52-week high. Aggressive investors can use the February 16 high of 217.65 as a potential income. However, to be safe, Tesla stock must cross the 200-day line, which is now below 220.

Tesla shares fell another 1% Thursday morning, threatening to add to Wednesday’s losses.

Dow Jones leaders: Apple and Microsoft

Among Dow Jones stocks, Apple shares rose 0.8% on Wednesday, recovering from Tuesday’s losses. The stock rose 0.1% early Thursday.

Shares of Microsoft extended losses on Tuesday, falling 0.2% on Wednesday. The stock is still down nearly 20% from its 52-week high after recent declines. MSFT stock rose 0.8% Thursday morning.

Be sure to follow Scott Lehtonen on Twitter at @employee Learn more about developing stocks and the Dow Jones Industrial Average.

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