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Dow Jones Slips On Jobless Claims; Nasdaq Rallies With Powell Speech Due; Apple Spikes Again

The Dow Jones Industrial Average was struggling after weak jobless claims data was released. Meanwhile the Nasdaq continued to rally ahead of a speech by Federal Reserve Chairman Jerome Powell. Also in the stock market today, Apple (AAPL) managed to force its way above a key benchmark, while Microsoft (MSFT) was another top-performing blue chip.




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IBD 50 stock Etsy (ETSY) turned in the best performance on the S&P 500. Meme stock GameStop fell, despite announcing it plans to make Chewy (CHWY) co-founder Ryan Cohen the chairman of its board. Software stock PTC (PTC) passed a proper buy point.

Jobless Claims Rise; Jerome Powell Speech Due

The number of first-time applications for unemployment assistance rose to 744,000 in the week ended April 3, the Labor Department reported. That was above the prior week’s 728,000 final tally, disappointing expectations for a second straight decline to 680,000 claims.

Meanwhile, markets could get a boost when Federal Reserve Chairman Jerome Powell takes part in an International Monetary Fund virtual debate on the global economy.

Ears will be perked for his latest thoughts on the economy and monetary policy. The minutes from the Fed’s March 17 meeting showed a steady-as-she-goes stance.

The record indicated it would be “some time” before they begin removing aggressive monetary measures to support the economy, and will communicate well in advance any eventual move.

Nasdaq, S&P 500 Rally

The tech-heavy Nasdaq was the best performing index, positing a gain of almost 1%. Okta (OKTA) was the best performer, rising by more than 8%.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 33411.61 -34.65 -0.10
S&P 500 (0S&P5) 4090.11 +10.16 +0.25
Nasdaq (0NDQC ) 13803.28 +114.44 +0.84
Russell 2000 (IWM) 221.56 +0.87 +0.39
IBD 50 (FFTY) 44.90 +0.34 +0.76
Last Update: 11:50 AM ET 4/8/2021

The S&P 500 was also positive, though its gain was more marginal, It was up around 0.3%. Solar stock Enphase Energy (ENPH) was one of the best performers, rising almost 4%.

The S&P sectors were mixed, with more losers than winners. Technology was leading, while energy and financials were the biggest laggards.

Small caps managed to fight their way back into positive territory. The Russell 2000 was up around 0.4%

Growth stocks also managed to beat back the bears. The Innovator IBD 50 ETF (FFTY) was up almost 1% in a see-saw session.

Dow Jones Slips As Apple Stock Retakes Key Benchmark

The Dow Jones Industrial Average was lagging the other major indexes. It slipped around 0.1%.

Apple stock managed to make a bullish move, despite the weak performance of the broader index. It was up around 1.2% in flat turnover.

The stock retook the key 10-week moving average, according to MarketSmith analysis. Managing to hold above this benchmark will be a good sign after recent declines.

Apple made its bullish move despite the fact the company is delaying some MacBook and iPad production due to the global chip shortage, according to Japan’s Nikkei news service.

Old rival Microsoft was another of the top-performing Dow Jones stocks.  The software giant was up more than 1%. Microsoft stock moved higher in its buy zone. It previously broke out of a flat base. The ideal buy point was 246.23.

Salesforce.com (CRM) turned in the best gain among Dow industrials members, however, rising around 1.5%.

Etsy Stock Retakes Key Benchmark

IBD 50 stock Etsy impressed, making the best gain on the S&P 500. The e-commerce stock appears to be forming a base but a clear entry has yet to emerge.

The stock managed to force its way back above its 50-day moving average. If it can hold above this key technical benchmark it will be a bullish sign.

Etsy stock remains on an uptrend since a breakout in April 2020. Etsy stock has as strong IBD Composite Rating of 92.

GameStop Stock Slips Despite Move

GameStop stock reversed, despite announcing Thursday it plans to elect activist investor Ryan Cohen chairman of the board of directors at the next annual shareholder meeting on June 9.

The Chewy co-founder, who manages RC Ventures, has been pushing the firm to transform its struggling brick-and-mortar business into an e-commerce enterprise.

GME stock dipped around 2%, according to MarketSmith chart analysis. It is now down nearly 65% from its peak of 483 in late January

GameStop stock jumped after a Reddit-fueled short-squeeze. Hedge funds holding short positions were forced to take massive losses, shooting GME stock to fame in the process. 

Software Stock Passes Buy

Software stock PTC passed a consolidation pattern buy point of 147.77. However, despite rising nearly 2.9% in early afternoon trading, the stock fell back below this entry.

The computer aided design software specialist has an IBD Composite Rating of 93. It boasts a solid mix of earnings and stock market performance.

As well as CAD modeling solutions, it also provides product lifecycle management and service lifecycle management products. Read more about PTC in this IBD 50 Stocks To Watch showcase.

Please follow Michael Larkin on Twitter at @IBD_MLarkin for more on growth stocks and analysis.

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