The Dow Jones Industrial Average closed lower even as the Nasdaq Index soared more than 3%. Meta platforms (meta) rocketed as Mark Zuckerberg shared a surprise. an Apple (AAPL) appeared in open trading but was reflected in extended trading on profits during Microsoft (MSFT) was one of the best major companies.
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New member of the US Global Jets leaderboard (Planes) The ETF rose above a buy point. Three noteworthy names broke through the bullish move. chewy (CHWY), texture (TPR) And arrow electronics (ARW) all entries tested.
New Labor Department data showed that first-time jobless claims fell to 183,000 from 186,000 in the previous week. Analysts expected it to rise to 193,000. The job market continues to show strength, with first-time claims last week coming in well below expected for the second week in a row.
Nasdaq jumps, small caps shine
Today’s actions were key because the stock market often has a reaction over the course of the second day of Fed meetings. With Fed Chair Jerome Powell’s stellar press conference performance boosting markets yesterday, it seemed like traders were still in a risk position today.
The Nasdaq was the strongest of the major indexes, jumping 3.3%. DocuSign (DOCU) did well here at 7.7%.
The S&P 500 rose 1.5% to its best level in five months. WW Grainger (gw) is among the stars here as it gained 13% of the company’s quarterly results.
S&P 500 index Sectors closed mixed. Consumer appreciation, telecom services and technology fared best while consumer goods and energy fared the worst.
Small caps also liked, as the Russell 2000 rose 2.1%. Growth stocks fought back into the close, with the Innovator IBD 50 ETF (fifty) finished by 1%.
Dow Jones today: Microsoft and Apple Empress
The Dow Jones Industrial Average lagged behind the other major indices although some components performed well. It closed off its lowest levels but fell 0.1%.
Microsoft stock was the best performer on the Dow today, up 4.7%. MSFT stock is now clear of the 200-day moving average for the first time since April, MarketSmith Deals.
Shares of Apple also did well, up 3.7%. AAPL stock has also mounted the 200-day line and is up more than 20% so far this year.
Apple’s earnings caused the stock to drop more than 3% after hours. Earnings per share fell 1.09% to $1.88, while revenue fell 5.5% to $117.15 billion. Wall Street expected EPS to decline 8.1% to $1.93 with sales falling 2.2% to $121.21 billion, according to Zacks Investment Research.
iPhone revenue and Mac revenue came in lower than analysts had expected, though iPad sales were above views.
On the negative side, United Health (United nations) And merck (Mrk) Both are lagging behind in the Dow. UN shares fell 5.3%, while MRK fell 3.3%.
Meta Stock Rockets Mark Zuckerberg admits to being “surprised”
Facebook’s parent Meta Platforms rose after its latest quarterly report on Wednesday. While profits have declined, so has revenue. Sales guidance and the number of Facebook users topped the number of views.
The Meta stock closed slightly off Friday’s highs but was still up 23.3%. This allowed it to break out of the 200-day moving average. There is no entry point in sight at the moment.
Investors seemed particularly pleased that the company announced a $40 billion share buyback. Parent company Facebook and Instagram lowered its forecast for expenses, including capital spending.
CEO Mark Zuckerberg seems to find himself in Ebenezer Scrooge, boasting during the earnings call that “fewer layers of management” has improved the flow of information, which he believes will lead to better products and better employee retention.
“It was honestly surprising to me, when we started digging into this, the company felt better to me,” he said.
Zuckerberg already sees a huge benefit. Technology mogul, from Bloomberg estimated It was valued at $57.2 billion at Wednesday’s close, and its net worth will see a significant increase by the end of today’s trading.
The new leader is going beyond the point of purchase
The US Global Jets ETF has moved away from a buy point amid bullish movement in the airline space.
She managed to pull off a handle entry of 20.79, winning the prestigious spot IBD Leaderboard List in processing. The ETF rose 3.1%, hovering near its overbought zone.
The ETF holds the majority of its holdings in both US and offshore airlines but airlines and travel companies also have meaningful positions within the fund.
Wednesday stock IBD, Delta Airlines (DAL), closed above 39.72 buy points, with the overbought area extending 5% to 41.70. The day ended flat.
Among the related stocks, Southwest Airlines (luv) increased by 3.4%, United Airlines (UAL) gained 4.2%, American Airlines (AAL) appeared by 2.2% and Alaska Air (ALK) jumped 3.3%.
alignment technique Stocks plunge teeth into gaining the beast
orthodontic stock alignment technique (ALGN) is one of the best performing companies in the stock market today.
It rose 27.3% in its quarterly report after beating Wall Street’s views on the top and bottom lines.
Investors also boosted Align stock after the company announced it would buy back up to $1 billion of its shares over the next three years.
No entry in sight after the stock exploded, surging more than 60% above the 50-day moving average.
ALGN stock is now up nearly 70% so far in 2023.
Out of Dow Jones: 3 stock test entries
Now is the time to buy quality stocks, and three of the big names tested buying points on Thursday.
Chewy Store is located in the pet merchandise purchase area after the cup handle entry clearance is 48.11. The RSI line has just reached a six-month high, which is a bullish sign.
Arrow Electronics jumped past a key cup entry point of 129.66 following its earnings report. It has a Class 1 EPS rating of 95.
One reason for caution is that future estimates are not impressive. Earnings per share are expected to decline by 29% in 2023 before increasing by 1% in 2024.
The Tapestry is located just below the entry point after the buy cup point at 47.15 was crossed earlier. This is a rule in the first stage, which means that you are more likely to make a rich profit.
Earnings are a major weakness, with an EPS rating of 52 out of 99. Earnings are expected to rise 5% this year before rising 15% in 2024.
Please follow Michael Larkin on Twitter at @employee For further analysis of growth stocks.
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