On Thursday, the Dow Jones Industrial Average increased as the stock market responded positively to a better-than-expected GDP reading for the fourth quarter. Nonetheless, Apple (AAPL) saw a decline following an analyst downgrade.
The Dow Jones Industrial Average rose by 0.2% in the morning, while the S&P 500 showed a slight increase. Conversely, the Nasdaq composite, which is tech-heavy, fell by 0.3% after the opening bell. The Commerce Department’s third estimate of fourth-quarter GDP, showing a 3.4% climb, was being analyzed by investors.
The 10-year Treasury yield went up to 4.22%, and oil prices saw a 1.5% increase with West Texas Intermediate futures trading around $82.60 a barrel. The Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) dropped by 0.3%, while the SPDR S&P 500 ETF (SPY) remained flat.
Apple stock decreased by 1% in the morning after being downgraded by DZ Bank from buy to hold, with the price target lowered from 210 to 180. Shares were significantly below their long-term 200-day moving average.
Given that the first quarter of 2024 is ending on Thursday, the S&P 500 has seen a 10% increase, marking its best Q1 gain since 2019. The Dow Jones Industrial Average is up by 5.5%, its strongest first-quarter performance since 2021, and the Nasdaq is up by 9.3% since the beginning of the year.
Other economic data to be released on Thursday, like first-time jobless claims and consumer sentiment numbers, could influence how the quarter finishes. Earnings movers for the day include Braze (BRZE), Jefferies (JEF), RH (RH), and Walgreens Boots Alliance (WBA).
To stay updated on changing market conditions, it’s vital to read The Big Picture column and adjust to new exposure levels in the market. Stocks like Alphabet (GOOGL), Arista Networks (ANET), DraftKings (DKNG), and ServiceNow (NOW), along with Dow Jones components Disney (DIS), IBM (IBM), and Verizon Communications (VZ), are worth monitoring in today’s market.
Alphabet is close to nearing a buy point, Arista Networks and DraftKings are fluctuating, and ServiceNow is building a base. MarketDiem provides actionable ideas for various investments in the stock market, options, and crypto, delivered directly to your inbox.
Stocks like Nvidia (NVDA) and Tesla (TSLA) have shown fluctuations, while Microsoft (MSFT) has seen a recent decline. It’s important to follow experts like Scott Lehtonen on social media for more insights on growth stocks, the Dow Jones Industrial Average, and the current stock market trends.
