The Dow Jones Industrial Average rose 0.1% on Thursday morning, while the Nasdaq Composite and S&P 500 both made bigger gains. New jobs data revealed sticky inflation.
ADP, a payroll processing company, found that employment grew by 278,000 jobs in May, despite wage growth slowing. Initial claims for unemployment rose to 232,000 from 235,000, a slight increase.
S&P Global U.S. Manufacturing Purchasing Managers' Index fell to 48.4 from 50.2 in April as new orders dropped sharply. The employment figures for Friday will be a key data point before the next Fed Meeting.
The House passed the bill to raise the debt ceiling by 314 votes to 117 late Wednesday. Next, the Senate will vote on the bill.
Around 11:13 am, the Nasdaq rose 0.6% and the S&P 500 gained 0.5%. ET.
The volume on NYSE and Nasdaq were lower than the opening hours on Wednesday.
Both the small-cap Russell 2000 ETF and Innovator 50 ETF (FFTY), which both rose by about 0.6%, also saw a rise.
The yield on 10-year Treasury notes, the benchmark note, fell by 3 basis points and is now 3.6%. Crude oil traded at $68.16 a barrel, a slight increase ahead of the OPEC+ weekend meeting.
Stocks moving today
C3.ai's (AI) share price dropped over 18% due to a lower-than-expected forecast for the full year.
Salesforce (CRM), the Dow Jones Software leader and IBD Leaderboard Stock, fell after its earnings exceeded expectations but the company's forecast was mild. The shares have reached their profit-taking zone before earnings. The stock is finding stability at the 21-day moving exponential average.
CrowdStrike's (CRWD) revenue grew less than expected in the first three months of the year.
Okta (OKTA) triggered a sell signal of 7%.
Macy's (M), a retailer, fell when it cut its forecast for the year. Nordstrom (JWN), a retailer, rose after its earnings exceeded analysts' consensus estimates. JWN shares have cleared the 50-day line.
Chewy, a pet products company (CHWY), rose more than 20% due to a positive outlook for sales and hefty profits in the first fiscal quarter.
Target's (TGT) shares are set to lose 10 days in a row after JPMorgan downgraded the stock from overweight to neutral and lowered its price target from 144.
After today's closing, we will be able to see some key software earnings reports. MongoDB (MDB), Asana(ASAN)and Zscaler(ZS)are on the watchlist.
According to IBD MarketSmith's chart analysis, Asana broke through a cup-base at 23.06 Wednesday but is now pulling back on a light volume.
Zscaler tries to hold the 200-day support line while MongoDB is still extended from its breakout on May 9 at 248,25. Samsara (IOT), which dipped below the 50 day moving average on Wednesday, continued to decline. The enterprise software stock is also due to report earnings after the close.
Broadcom (AVGO), which is also scheduled to report earnings later today, is in a zone of profit. VMware (VMW), a software company, has pulled back to a buy zone in anticipation of its earnings. Dell (DELL), a small company, rose ahead of the report for its April quarter.