Stocks opened lower as earnings news stirred some big moves Thursday, following a second-straight improvement in weekly unemployment data. Earnings sent AT&T, MarineMax, Equifax and Pool Corp. sharply higher. Teradata spiked after updating guidance. Meanwhile, chemical maker Dow dived to the bottom of the Dow Jones today, despite a blowout beat in first-quarter results.
XThe Dow Jones Industrial Average dropped 150 points, down 0.4% shortly after the start of trade. The S&P 500 shed 0.2% on the stock market today. The Nasdaq Composite edged 0.1% lower, with Dexcom (DXCM), Zoom Video (ZM) and Trip.com (TCOM) trading at the top of the Nasdaq 100.
Biogen (BIIB) skidded 3.5% to the bottom of the Nasdaq, despite smaller-than-expected declines in first-quarter sales and earnings.
Among S&P 500 stocks, earnings news boosted Equifax (EFX) and Pool Corp (POOL) to the top of the index, up 14.2% and 9.6%, respectively. Dow (DOW), Marketaxess Holdings (MKTX) and Micron Technology (MU) fell furthest on the S&P 500, all hurt by earnings.
Chipotle Mexican Grill (CMG) edged a fraction higher after its first-quarter results included its biggest revenue increase in almost seven years. AT&T (T) rumbled 4.6% higher after the telecom giant turned in its first earnings gain in five quarters. American Airlines Group (AAL) and steelmaker Cleveland Cliffs (CLF) slumped on earnings. Shares of data warehousing leader Teradata (TDC) spiked 28%, after the company significantly raised its first-quarter earnings guidance.
First-time applications for unemployment dropped more than expected for a second straight week, to 547,000 in the week ended April 17, the Labor Department reported Thursday. That marked almost a 7% drop from the prior week's 586,000 claims, and undercut economist projections for an uptick to 615,000 claims.
March existing homes sales and leading economic indicator numbers are due out at 10 a.m. ET. A couple of economic and manufacturing reports are also due out during the session, from the Chicago and Kansas City Federal Reserve banks.
Disney Leads Dow Jones Today, Intel Earnings Due
Chemical maker Dow (DOW) dived more than 4% to the bottom of the Dow Jones today. Intel (INTC) slipped 0.7%, although a federal judge ruled in the company's favor in a patent dispute with NXP Semiconductors (NXPI). Intel reports first-quarter results after the close. NXP shares dropped 1%.
Earnings News: Equifax, MarineMax, D.R. Horton
Software developer Qualtrics International (XM) spiked 16% as a pair of analysts upgraded the stock after a strong first-quarter report.
Fintech leader Equifax (EFX) rallied 15.5% on earnings news. The stock ended Wednesday in a buy range above a 184.96 buy point in a double-bottom base. The buy range runs to 194.21.
Natural gas pipeline operator Kinder Morgan (KMI) edged higher, after reporting the Texas winter storm in March boosted first-quarter earnings to record levels. Kinder Morgan stock is nearing the top of a buy range above a 16.12 buy point in a cup-with-handle base.
On the IBD 50 list, MarineMax (HZO) vaulted more than 7% higher, after scoring a big second-quarter earnings beat, and raising its full-year earnings outlook. Shares are below their converged 50-day and 21-day moving averages, and five weeks into a possible base.
UFP Industries (UFPI), the old Universal Forest Products, scrambled 1.6% higher after reporting a solid first-quarter performance. Shares are extended and rebounding from support at the stock's 21-day moving average.
Also on the IBD 50 list, homebuilder D.R. Horton (DHI) dropped 1.6%, despite a healthy fiscal second-quarter report. The stock rebounded from support at its 21-day exponential moving average on Wednesday. Shares on Wednesday closed down 3.2% so far for the week, just off the peak of a seven-week rally.
Copper Price Nears High; Bonds, Oil Prices Flat
The early drama Thursday was in copper prices, which wedged narrowly lower to below $4.29 a pound. That leaves copper just a fraction below an almost 10-year high, touched at $4.30 on Feb. 24. Demand has increased from construction markets and other economic recovery channels. There's also rising speculation on copper needed to upgrade the U.S. power grid.
Two of the stock market's leading copper plays, Freeport-McMoRan (FCX) and IBD 50 stock Southern Copper (SCCO), are both below buy points in bases. The United States Copper Index Fund (CPER) gained 2.3% on Wednesday. The ETF is up 22% for the year, and less than 2% below a 26.95 buy point in what IBD MarketSmith analysis charts as a nine-week flat base.
Stock Market ETF Strategy And How To Invest In The Current Uptrend
Bonds edged higher, with the 10-year holdings dipping to 1.55%, down from its 1.56% a settle in the past two sessions, according to CBOE data. Yields last week experienced their worst week since July, declining to 1.53% on Friday. They skirted pre-pandemic levels late in March, climbing to almost 1.76% — the highest level since January 2020. Yields had started 2020 at around 1.8%, down from about 2.7% a year earlier, then dipped in August to record lows around 0.5%.
S&P 500, Nasdaq And Dow Jones Today
The S&P 500 and the Dow Jones today look to open just a whisper away from new highs. The S&P 500 is flashing some mild signals that it may be a bit extended. But Thursday's focus will be on the Nasdaq and the Russell 2000. The Nasdaq Composite ended Wednesday a mere 0.4% below the 14,000 mark, the level which has acted as its stumbling block since mid-February.
The Russell 2000's big 2.4% jump on Wednesday was its biggest move since March 1. The gain left the index snug against the underside of its converged 50-day and 21-day moving averages. The Russell has been fighting since mid-March to hold that important technical support level, right around 2,250.
For more detailed analysis of the current stock market and its status, study the Big Picture.
The result has left ETFs tracking both the Nasdaq and the Russell 2000 coiled in, or just breaking out from, tight base patterns. The Invesco QQQ Trust (QQQ) is in a buy range. The leveraged ProShares UltraPro QQQ (TQQQ) is just below a buy point at 111.96. The ProShares Ultra QQQ (QLD), also a leveraged fund, was added as a full position to IBD's SwingTrader stock list Wednesday following a rebound from its 21-day exponential moving average. In addition, the ETF is 0.5% below a cup-base buy point at 133.06.
Bitcoin, CoinBase Edge Lower
Bitcoin prices dropped more than 1%, hodling just above $54,000, early Thursday, according to CoinDesk. The cryptocurrency ran up to a new high above $64,800 on April 14, ahead of the Coinbase Global (COIN) IPO. Year to date, Bitcoin remains up more than 85%, after starting the year just above $29,000.
IBD Live: A New Tool For Daily Stock Market Analysis
Shares of cryptocurrency exchange Coinbase fell 1.8%, after closing at 311.92 on Tuesday. The Coinbase IPO priced initially at 250. CAN SLIM rules advise against jumping into IPOs too early, amid all the initial offering speculation and excitement. It is better to sit and watch the new stock's chart. Waiting for it to form and break out from an IPO base helps limit downside risk.
Find Alan R. Elliott on Twitter @IBD_Aelliott
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