Futures mixed after jobless claims; the first republic sank

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Dow Jones futures fell 100 points on Thursday morning after a surprise drop in weekly initial jobless claims from the Labor Department. regional bank first republic ,FRC) crashed after 34% Bloomberg reported The company is “exploring strategic options, including a sale.”


SPDR S&P Regional Banking ETF (kre) declined another 1.4% on momentum to add to Wednesday’s 1.6% loss. Other regional banks were also lower, but not as sharply as in previous sessions. western alliance ,wall) fell nearly 9%, while keycorp ,key) was off 1.6%.

Ahead, credit Suisse ,C), which declined in early stock market trading on Wednesday, followed by a 5.5% drop in Getting a $53 Billion Lifeline from the Swiss Central Bank.

Economic Data, Earnings

Weekly unemployment claims fell to 192,000 for the first time, well below the expected decrease of 205,000 versus 211,000 in the previous week. Meanwhile, the Commerce Department’s housing starts number rose more than expected to 1.450 million in February from 1.309 million in January. Housing permits, a measure of upcoming construction activity, rose more than expected to 1.524 million in February versus 1.339 million in April.

Finally, the Philadelphia Federal Reserve’s manufacturing index remained in contraction with a -23.2 reading for March, up slightly from February’s -24.3.

On the earnings front, Academy Sports & Outdoors ,aso, adobe ,adbe, dollar general ,dg) And five down ,five) was the lead earnings reporter early Thursday.

Academy climbed more than 4% in premarket trade, while Adobe jumped 5.4% in early Thursday trading after beating Wall Street sales and earnings targets Gave higher guidance for its fiscal first quarter and for the full year.

Dollar General slipped 1% following its Q4 results, as Five Down sank 3% after reporting a disappointing full-year outlook late Wednesday.

stock market today

Electric-Vehicle Leader Tesla ,TSLA) traded up a share on Thursday morning. Also, Dow Jones Tech Giants Apple ,AAPL) And Microsoft ,msft) Today’s shares were slightly higher before the market opened.

chip leader advanced micro Device ,amd), ibd swingtrader stock meta platform ,meta) and IBD Leaderboard Watchlist Stock ,panw) — as well as Dow Jones stocks Nike ,NKE) And sales force ,crm) — are among the top stocks to watch in the ongoing stock market correction.

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palo alto is a ibd leaderboard Watchlist Stocks. AMD was featured on Wednesday’s IBD Screen of the Day. And Nike was featured in this week’s Stocks Near a Buy Zone column. Meta is an IBD SwingTrader Stock.

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Dow Jones Today: Oil Prices, Treasury Yields

Before Thursday’s opening bell, Dow Jones futures lost 0.35% versus fair value, while S&P 500 futures were down 0.3%. Nasdaq 100 futures, which do not track financials, fell 0.1% in morning action, with Adobe the top performer.

US exchange-traded funds include the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) 0.3% and the SPDR S&P 500 ETF (Spy) was down 0.3% in early Thursday trading.

The 10-year US Treasury yield fell to 3.49% on Wednesday as Credit Suisse drew investors back into bonds amid easing financial sector concerns. On Thursday, the 10-year Treasury yield fell to 3.44% in morning trade.

US oil prices remained below $68 a barrel after Wednesday’s heavy losses, as West Texas Intermediate traded at its lowest level since December 2021.

stock market correction

On Wednesday, the Dow Jones Industrial Average ended the session with a loss of 0.9%, while the S&P 500 declined 0.7%. The Nasdaq Composite closed nearly flat on Big Tech “not bank” strength. The Russell-2000 Small-Cap Index led the way last, giving up 1.7%.

Wednesday’s Big Picture column commented, “IBD lowered its outlook for a “market correction” last week in recognition of weak stock market price action affected by the banking crisis. Now is the time to raise cash and avoid the falling knife.” This is because prices could fall much further. However, it also makes sense to create a watchlist of the strongest performers as they could lead to upside when positive catalysts return.”

In the midst of the new stock market correction, now is an important time to read IBD’s The Big Picture column.

5 Dow Jones Stocks to Buy Now and See

Dow Jones Stocks to Watch: Nike, Salesforce

Since bottoming out on October 3, Nike shares have gained as much as 59% to their recent high of $131.31. According to IBD MarketSmith pattern recognition, the stock is now consolidating within a flat base that provides a 131.41 buy point. NKE stock was down 0.7% in early Thursday trading.

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After the recent decline, the stock remained below its 50-day moving average, a key benchmark. A decisive retake for base-building prospects would be to accelerate to carve out the right side of the pattern. The relative strength line is also holding up well during a fast-paced stock market correction.

In recent weeks, Dow Jones leader Salesforce showed major upside strength after strong fourth-quarter results. Those gains quickly disappeared during last week’s losses, but the stock is now trading above its $178.94 cup-with-handle entry this week. Nevertheless, the market is in a correction, so investors should avoid fresh buying until the market environment improves. CRM stock fell 0.7% on Thursday.

3 Top Growth Stocks to Watch stock market correction

Top stocks to watch: AMD, Meta, Palo Alto

Advanced Micro Devices surpassed the 89.04 buy point in a flat base during Wednesday’s 2.55% breakout move. The stock closed in the buy range which topped at 93.49. AMD is featured in Wednesday’s IBD Screen of the Day column. AMD stock was up 0.45% on Thursday morning.

Backstory: In early February, the chipmaker reported stronger-than-expected data center chip sales in the fourth quarter. But AMD tempered that news with softer guidance for the current period.

Backstory: Like social media rivals, Meta is struggling due to a sharp drop in ad revenue as customers grapple with macroeconomic concerns, fears of a recession and higher interest rates. It’s happening because it spent billions of dollars on a risky bet to create the “metaverse,” a virtual reality world that hasn’t taken hold yet.

ibd leaderboard Watchlist Stock continues to trade quietly in a handle following the stock’s 12.5% ​​jump on Feb. 22. The shares remain within striking distance of 192.94 buy point of the base. PANW stock traded down 0.1% on Thursday.

Backstory: On February 21, the cybersecurity giant announced strong results for the January-ended quarter, which saw earnings of $1.05 per share, up 81% versus a year earlier, on a 26% jump in revenue to $1.7 billion. .

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Stocks to watch in stock market correction

These are the four top stocks to watch in today’s stock market, including two of the Dow Jones leaders.

company’s name Sign right purchase point type of buy point
meta platform ,meta, 197.26 flat base
Nike ,NKE, 131.41 flat base
,panw, 192.94 cup with handle
sales force ,crm, 178.94 cup with handle
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Source: IBD data as of March 15, 2023

Join IBD experts as they analyze key stocks in the current stock market correction on IBD Live

Tesla stock

Tesla stock declined 1.5% on Wednesday, snapping a three-day winning streak. Nevertheless, the stock remained above its key 50-day moving average. The stock closed about 53% off its 52-week high on Wednesday.

TSLA stock rose 0.5% on Thursday morning, looking to bounce back from Wednesday’s losses.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones shares, Apple’s shares rose 0.3% on Wednesday, adding to this week’s rebound from the 200-day line. AAPL rose 0.1% on Thursday morning.

Microsoft shares moved further above their 200-day line after Wednesday’s 1.8% rally. stock now shows a new buy point at 276.86 due to formation of a flat base. The stock is still about 16% away from its 52-week high. MSFT stock rose 0.1% in early Thursday trading.

Be sure to follow Scott Lehton on Twitter @IBD_SLehtonen For more information on Growth Stocks and the Dow Jones Industrial Average.

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