Dow Jones Loses Key Level Ahead Of Payroll Numbers; Microsoft … – Investor's Business Daily

BREAKING: SVB Financial Fails; Is Your Bank OK?

IBD Digital Free Access eventIBD Digital Free Access event

The Dow Jones Industrial Average and other major indexes closed below the 200-day moving average Thursday. The blue-chip index met resistance at the 50-day moving average on Monday and was down 1.7%. Initial claims rose more than expected. February jobs numbers will be released early Friday.
Apple (AAPL) pared back early gains and fell 1.4%. The tech titan got yet another analyst upgrade on Thursday. Intel (INTC) was the only gainer in the Dow Thursday. JPMorgan Chase (JPM) and Walgreens (WBA) dragged the index the most.
The S&P 500 fell nearly 1.9% and the Nasdaq was off by more than 2%. Both closed near session lows.
Some stocks gained in the S&P 500. General Electric (GE) and PayPal (PYPL) were big movers. General Electric gave bullish guidance for 2023, sending shares soaring to nearly five-year highs. GE spun off its health care business in January to focus on aerospace, power and renewable products.
Tech leaders were largely lower, although (AMZN) and Advanced Micro Devices (AMD) outperformed on a relative basis.
The Nasdaq was pulled down in part by Chinese internet stock (JD), whose earnings disappointed, and PDD (PDD), formerly  known as Pinduoduo, which fell in sympathy. Chinese stocks fell broadly, with the iShares MSCI China ETF (MCHI) down 3.5%.
Volume on the NYSE  and the Nasdaq was higher from Wednesday, according to early figures.
The small-cap Russell 2000 index had the worst day of all indexes, falling 2.8%.
The Innovator IBD 50 ETF (FFTY) slid 3.1%.
Crude oil fell 1.4% to settle at $75.59 per barrel.
The yield on the benchmark 10-year Treasury note fell 5 basis points to 3.92%.
Jobless claims rose more than expected, to 211,000 for the week ended March 4, up from 190,000 the prior week. According to Comerica Chief Economist Bill Adams, the warmer winter this year boosted hiring. That may now begin to fade, showing that “the labor market is past maximum tightness.” Friday’s jobs report will likely show the unemployment rate unchanged at 3.4% — “the lowest in over half a century.”
Friday’s jobs report for February follows a very strong January number that saw the economy add 517,000 jobs. ADP on Wednesday had an estimate of 242,000 private payrolls for February.
Wedbush analyst Dan Ives was the latest to join a growing group of analysts turning bullish on tech leader Apple. Ives increased his price target from 180 to 190 for the Cupertino, Calif., electronics giant.
Earlier, Goldman Sachs’ Michael Ng showed confidence for a 199 goal and initiated with a buy rating on AAPL, while Morgan Stanley analyst Erik Woodring saw the stock hitting 180 due to a spike in iPhone subscription volume.
Shares of Microsoft reversed lower to end with a 0.5% drop. The new AI-powered Bing search engine reached 100 million daily active users. The new Bing offers search, chat and answers as well as content creation features, all in one place.
Futures Fall; Jobs Loom After Market Breaks Key Levels
Sellers swarmed over the banking sector. The SPDR S&P Bank ETF (KBE) slid 7.3%.
Silicon Valley Bank parent SVB Financial Group (SIVB) got its value sliced in half after news that it is offering $1.25 billion in stock to help it get through its rapid cash burn.
Brokerage Charles Schwab (SCHW) fell nearly 13%. Bank of America (BAC) fell 6%.
A fresh bout of selling sent crypto firm Silvergate (SI) reeling further on Thursday after the firm said it will shut down. Bitcoin fell over 6%.
Outside the financial sector, shares of Asana (ASAN) gapped up nearly 20% in strong volume after earnings. The workflow management platform firm also gave a strong outlook.
BJ’s Wholesale (BJ) also surged after strong earnings. Shares are in a buy zone above a buy point of 76.04.
Please follow VRamakrishnan for more news on the stock market today.
Get Free IBD Newsletters: Market Prep | Tech Report | How To Invest
What Is CAN SLIM? If You Want To Find Winning Stocks, Better Know It
IBD Live: Learn And Analyze Growth Stocks With The Pros
Looking For The Next Big Stock Market Winners? Start With These 3 Steps
Want More IBD Insights? Subscribe To Our Investing Podcast
Futures Fall Ahead Of Imminent Jobs Report
8:27 AM ET Intapp stock has shown strength since rocketing after the software company’s fiscal second-quarter earnings report.
8:27 AM ET Intapp stock has shown strength since rocketing after the software…
(© Gary Neill)
Get instant access to exclusive stock lists, expert market analysis and powerful tools with 2 months of IBD Digital for only $20!
Get market updates, educational videos, webinars, and stock analysis.
Learn how you can make more money with IBD’s investing tools, top-performing stock lists, and educational content.
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the stocks they discuss. The information and content are subject to change without notice.
*Real-time prices by Nasdaq Last Sale. Realtime quote and/or trade prices are not sourced from all markets.
Ownership data provided by Refinitiv and Estimates data provided by FactSet.
© 2000-2023 Investor’s Business Daily, LLC. All rights reserved


Leave a Comment