The stock market tried to get to its feet Thursday with major indexes clinging to positive ground in the first hour of trading. Gains came as jobless numbers indicated layoffs were still low.
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The Department of Labor reported initial weekly jobless claims of 220,000 vs. estimates of 222,000 for the week ended Dec. 2. The number was higher than the prior week’s 219,000 but still considered low, according to MarketWatch. The more important nonfarm U.S. payrolls report is scheduled for early Friday.
While the Nasdaq forged ahead by 1.1%, the Dow Jones Industrial Average eked out a 0.1% gain. The S&P 500 notched up 0.7% on the stock market today. All three major indexes remained solidly above their 50-day moving averages.
Meanwhile, the Russell 2000 index inched 0.2% higher. The Russell continues to hold firmly above its 200-day moving average.
Volume fell on the New York Stock Exchange and rose on the Nasdaq vs. the same time on Wednesday.
The Invesco QQQ Trust (QQQ), which tracks the Nasdaq 100, added 1.2%. The Innovator IBD 50 ETF (FFTY) was unchanged. And the 10-year Treasury yield added 3 basis points to 4.15%.
Stock Market Movers: AI Stocks Show Mixed Results
IBD 50 stock Braze (BRZE) sold off in heavy volume, even after the software company reported a smaller-than-expected third-quarter loss, along with sales that beat estimates. Braze also gave fiscal fourth-quarter and full-year 2024 revenue above analyst projections.
The stock stopped short of its 21-day exponential moving average. BRZE is extended from a 50.13 buy point of a consolidating base.
C3.ai (AI) gapped down following the company’s mixed fiscal second-quarter earnings report. The company showed a smaller-than-expected adjusted loss but revenue missed forecasts. It also gave a revenue forecast for the current quarter that disappointed. The stock fell below its 50-day line, flashing a warning signal.
Advanced Micro Devices (AMD) bounced on the heels of Wednesday’s new artificial intelligence chip launch at a company event. The stock hit the 122.11 buy point of a cup-with-handle base and is in the 5% buy zone reaching to 128.22.
Alphabet (GOOGL) gapped up after it rolled out its artificial intelligence software model “Gemini” on Wednesday. GOOGL is in a cup-with-handle base with a 139.42 buy point.
Rivian (RIVN) rallied after Stifel initiated coverage on the electric vehicle stock with a buy rating and a 23 price target.
Other Stock Action: Retail Stock Tanks
Ollie’s Bargain Outlet (OLLI) plunged after investors had a change of heart, following Wednesday’s higher-than-expected fiscal third-quarter results.
Sprinklr (CXM) gapped down drastically following its mixed Q3 results. The stock fell deep below its 50-day line and triggered a sell signal.
Chewy (CHWY) also sank following its mixed fiscal Q3 report. The pet products retailer posted a surprise profit but revenue missed expectations.
Dollar General (DG) advanced nearly 2% after the discount retailer reported a beat on Q3 profit and sales expectations. Its same-store sales declined 1.3% but that was lower than the 2.1% forecast from FactSet.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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Eugen Boglaru is an AI aficionado covering the fascinating and rapidly advancing field of Artificial Intelligence. From machine learning breakthroughs to ethical considerations, Eugen provides readers with a deep dive into the world of AI, demystifying complex concepts and exploring the transformative impact of intelligent technologies.
