The Dow Jones Industrial Average again turned higher Thursday, as Apple stock tried to break out past a new buy point on blowout earnings results. Tech giant Facebook surged on earnings, while Tesla rival Nio and Twitter are set to report earnings after the close.
Among the Dow Jones leaders, Apple (AAPL) reversed from sharp gains Thursday, while Microsoft (MSFT) declined 2% in today’s stock market. Caterpillar (CAT) and McDonald’s (MCD) reported earnings ahead of the open.
Tesla (TSLA) reversed over 3% lower, looking to add to two straight days of losses. Tech giant Facebook (FB) surged 6% on strong earnings results, while EV leader Nio (NIO) and Twitter (TWTR) are set to report after the close.
Alphabet and Microsoft are IBD Leaderboard stocks. Nvidia, PayPal and Tesla were featured in this week’s Stocks Near A Buy Zone column.
Dow Jones Today
The Dow Jones Industrial Average moved up 0.3% Thursday midday, while the S&P 500 also gained 0.3%. The tech-heavy Nasdaq composite traded down 0.2% in midday trade after cutting losses.
U.S. Stock Market Today Overview
Last Update: 10:30 AM ET 4/29/2021
Stock Market Rally: Dow Jones Holds At Highs
Amid the current stock market rally, the Dow Jones Industrial Average continues to hold just off record highs, while the S&P 500 hit more new highs Thursday morning.
Meanwhile, the tech-heavy Nasdaq sits just off its own all-time highs amid Thursday’s sharp gains.
Wednesday’s Big Picture commented, “Seldom does the stock market face a week like this one, with a new policy statement from the Federal Reserve while the thickest part of earnings season unfolds. The reaction on Wall Street Wednesday was basically a whimper. The stock market barely moved after the Fed, as expected, left interest rates unchanged and gave no sign that it’s relaxing its easy-money stance.”
For more stock market commentary, check out IBD’s The Big Picture.
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Dow Jones Stocks: Caterpillar, McDonalds, Microsoft
Caterpillar reported better-than-expected first-quarter earnings on Thursday. Shares are just below a flat base’s 237.88 buy point, as they fell 1.3% in morning trade.
Early Thursday, Dow Jones restaurant McDonald’s reported strong earnings results. The stock is in the 5% buy zone above a 232.01 entry in a saucer base, as it moved up 0.7% early Thursday.
Software giant Microsoft fell 2% Thursday morning, looking to add to Wednesday’s 2.8% tumble. Shares are back in the 5% buy range past a flat base’s 246.23 buy point that tops out at 258.54, according to IBD MarketSmith chart analysis.
Stocks To Buy And Watch: Nvidia, PayPal
IBD Leaderboard stock Nvidia ended Wednesday just below its 615 buy point in a new cup base after mild losses, according to IBD MarketSmith chart analysis. The 5% buy zone goes up to 645.75. Shares lost 0.1% Thursday morning.
Per Leaderboard commentary, “Nvidia broke out of a cup base after earlier patterns failed. The breakout has stalled, but the stock is not in immediate danger.”
Payments leader PayPal is building a cup with handle, offering a buy point at 277.96. Shares moved down 0.6% Thursday and are just below the new entry.
According to IBD Stock Checkup, PYPL stock shows a solid 92 out of a perfect 99 IBD Composite Rating. The IBD Composite Rating helps investors easily measure the quality of a stock’s fundamental and technical metrics.
After Hours: Amazon Flashes Buy Sign Following Whipsaw Market Action
Facebook surged 6% Thursday morning after the company reported first-quarter results late Wednesday that beat analyst estimates on the top and bottom lines.
FB stock ended Wednesday in the 5% buy zone above a cup with handle’s 299.81 entry. Shares are now extended.
Nio earnings are due after the close Thursday. The Chinese EV leader is expected to report a per-share loss of 10 cents on revenue of $1.05 billion, according to IBD data.
Nio stock is trading about 40% off its 52-week high amid sharp weakness over the last several months. Shares are testing their 10-week line, a key resistance level.
Twitter earnings will be reported late Thursday. Analysts expect the social media giant to earn 14 cents per share on revenue of $1.03 billion, per IBD data.
Twitter stock is tracing a consolidation base with an 80.85 buy point, according to IBD MarketSmith chart analysis.
Tesla stock skidded another 3% Thursday midday, threatening to extend its two-day losing streak. Shares are trying to find support at their key 50-day line. The EV giant is forming a new cup with handle, offering a 780.89 buy point. But it is a late-stage base.
On Jan. 25, Tesla stock hit a record high at 900.40, after climbing as much as 93% from a 466 buy point in a cup with handle.
Dow Jones Leaders: Apple Earnings
Among the top Dow Jones stocks, Apple reversed 05% lower after cutting sharp gains Thursday, as the stock tries to break out above a cup with handle’s 135.63 buy point, according to MarketSmith chart analysis.
Late Wednesday, Apple demolished Wall Street’s targets for its fiscal second quarter, led by strong iPhone sales. The company earned $1.40 a share on sales of $89.58 billion in the quarter ended March 27. Analysts expected Apple earnings of 99 cents a share on sales of $77.35 billion.
Apple also announced a huge increase to its stock buyback plan and raised its quarterly dividend. It increased its existing share repurchase program by $90 billion, topping expectations. Plus, it increased its cash dividend by 7% to 22 cents a share.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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