The Dow Jones Industrial Average fell at the open Thursday, while the S&P 500 and Nasdaq rose moderately amid jobless claims and other economic reports. Meanwhile, Nvidia (NVDA) and a number of other AI games continued to grow. And after an increase in the price target, Meta Platforms (META) is near a buy point today in the stock market.
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Stocks held near highs; ELF Beauty, Goldman Sachs, Granite Construction In Focus
The Dow Jones index fell 0.1% at the open. But the S&P 500 jumped 0.4% and the Nasdaq rose 0.2%. US markets were closed on Wednesday for the June 11 holiday.
The 10-year Treasury yield rose to 4.27% after slipping 6 basis points to 4.22% on Tuesday. Also, US crude oil prices rose after jumping 4% to $81.57 a barrel in the first two days of the week.
Among those reporting income, KB Home page (KBH), the parent of the Olive Garden Darden Restaurants (DRI) rose modestly after beating views. But Kroger (KR), which also topped the ratings, flipped lower.
Scholarship today: Claims for unemployed
New jobless claims fell by 4,000 to 238,000, but above estimates for 235,000. The Philly Fed index fell 3.2 points to 1.3 versus forecasts for a slight increase.
Housing starts fell to 1.277 million on the year, from 1.352 million in April. Economists expected a slight increase.
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The Dow Jones Industrial Average rose 0.2% in Tuesday’s stock market trading. The S&P 500 index rose 0.3%. The Nasdaq Composite climbed higher. The small-cap Russell 2000 gained 0.2% but is still below its 50-day moving average.
The Nasdaq is 8.2% above its 50-day line. It could be expanded further, but that increases the risk of a pullback, and that pullback would be more significant.
The S&P 500, at 5.1% above its 50-day, is a bit stretched.
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Nvidia stock nears historic highs
Shares of Nvidia rose 2.5% after the open on the stock market today. On Tuesday, the stock rose 3.5% to 135.58 at another record high and a $3.34 trillion valuation. This pushed the AI chip leader above market levels Apple (AAPL) and Microsoft (MSFT).
Shares of Nvidia closed Tuesday 36.6% above its 50-day moving average. It has briefly rallied 40% above its 50-day several times over the past year, but this is its most extreme level in 20 years. Both times it hit those levels, Nvidia consolidated for a while.
Meta Stock Forging Handle
Meta shares rose after the open. KeyBanc raised its price target on Meta Platforms to $540 from $475, maintaining an overweight rating. He cited a “significant increase” in advertising prices. Shares of parent Facebook and Instagram have a 531.49 cup buy point. But Meta stock may have a hold after Thursday, giving it a 514.01 buy point.
Stock Market Today: Other AI Games
Taiwan Semiconductor ( TSM ), which makes chips for Nvidia, Apple and a number of other companies, rose nearly 1% early Thursday. Taiwan Semi shares could be the next member of the $1 trillion market club. It had a market value of $932 billion as of Tuesday’s close.
Super Micro Computer (SMCI) stock rose 6% in early trade. AI server maker and partner Nvidia is up 16% so far this week, starting at the 50-day line and clearing a trendline entry. Super Micro stock is just starting to build the right side of a deep base with a 1229 buy point.
Palantir Technologies Shares ( PLTR ) rose 1% on the stock market today. Shares rallied 9.55% on Monday and Tuesday, crossing a downtrend line and another early entry at 25.36. The data analytics software maker is near an official buy point of 27.50, according to MarketSurge.
Shares of Nvidia and Taiwan Semiconductor are on IBD’s leaderboard. Microsoft shares are in the IBD Long-Term Leaders. Shares of Nvidia and Palantir are in the IBD 50. And shares of Nvidia and Super Micro are in the IBD Big Cap 20.
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Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.
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