Stock Market Update: Dow Jones Drops Due to GDP and Jobless Claims, Micron Plunges After Earnings Announcement

Thursday saw a drop in Dow Jones futures as well as other major stock indexes in response to the Labor Department’s GDP report and weekly unemployment claims. Micron Technology (MU) was one of the losers as its stock plunged after reporting earnings.

Before the opening bell, Dow Jones futures decreased by 0.2%, with S&P 500 futures down by 0.1% and Nasdaq 100 futures falling by 0.1%. The 10-year Treasury yield rose to 4.32%, and oil prices continued their upward trend.

Despite the Labor Department reporting a rise in second-quarter GDP to 1.4% and a decrease in initial jobless claims to 233,000, Micron Technology disappointed investors with its in-line guidance for the current quarter, causing its stock to plummet.

Other companies such as Acuity Brands, AeroVironment, Jefferies, Levi Strauss, and Walgreens Boots Alliance also experienced significant drops in premarket trading.

The stock market seems to be in a state of uncertainty, with neither the bulls nor bears committing fully. It is crucial for investors to stay informed and adjust to changing market conditions to ensure successful trading strategies.

Stocks like Burlington Stores, Carvana, Domino’s Pizza, and Meta Platforms, as well as components of the Dow Jones like Amazon, Apple, Amgen, and Microsoft are worth watching for potential trades. Keep an eye out for stocks breaking out and nearing buy points in various bases.

Staying updated on the latest market trends and analysis is essential to make well-informed decisions in the ever-changing stock market environment. Be sure to utilize resources and tools like IBD Live to gain valuable insights into current trading conditions and stock performance.