Dow Jones Rallies Ahead Of Jackson Hole Summit; Salesforce Surges On Earnings

The Dow Jones Industrial Average rallied 90 points Thursday, as jobless claims missed estimates ahead of the Federal Reserve’s Jackson Hole summit. Dow Jones leader Salesforce jumped on strong earnings results.

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Among the Dow Jones leaders, Apple (AAPL) rose 0.3% Thursday, while Microsoft (MSFT) moved up 0.1% in today’s stock market. Home Depot (HD) remains below a new buy point after a recent breakout attempt.

After the close Wednesday, Dow Jones software leader Salesforce (CRM) reported strong quarterly results. Shares climbed about 4% in morning trade Thursday. Autodesk (ADSK), Snowflake (SNOW) and Splunk (SPLK) also reported late Wednesday.

Shares of electric vehicle giant Tesla (TSLA) were on pace to add to a four-day win streak, rising 0.3% Thursday. The EV leader remains in buy range after bullishly retaking an entry on Monday.

Among the top stocks to buy and watch, Airbnb (ABNB), Mercado Libre (MELI) and Nvidia (NVDA) are in or near new buy zones.

Airbnb, Microsoft and Tesla are IBD Leaderboard stocks. Nvidia is an IBD SwingTrader stock. Nvidia was featured in this week’s Stocks Near A Buy Zone column. Airbnb was Tuesday’s IBD Stock Of The Day.

Dow Jones Today: Jackson Hole, Economic Data

After the stock market open Thursday, the Dow Jones Industrial Average rose 0.1%, while the S&P 500 moved down 0.1%. The Nasdaq inched lower in morning trade.

On Thursday, Federal Reserve officials will begin a virtual symposium usually held in Jackson Hole, Wyo., every year. On Friday, Fed Chairman Jerome Powell will speak and is expected to reveal details of how long the currently higher inflation rate is expected to last, and what the Fed should do about it.

Ahead of the open, the Labor Department said last week’s jobless claims measured 353,000, just missing estimates for claims of 350,000. Meanwhile, the Commerce Department said U.S. GDP for the second quarter increased at a 6.6% annualized rate.

Among exchange-traded funds, the Innovator IBD 50 (FFTY) was down 0.4% Thursday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) moved down 0.1% Thursday. Meanwhile, the SPDR S&P 500 ETF (SPY) inched lower.

Stock Market Rally Continues

The Nasdaq and S&P 500 looked to extend their win streaks to six sessions after they hit record highs Wednesday.

Wednesday’s Big Picture cautioned, “Buying the dip has been an effective strategy in this year’s stock market. Basically, buying the S&P 500 at each pullback to the 50-day moving average worked out well each time. At the same time, the S&P 500 and Nasdaq haven’t gotten very far above their moving averages. Thus, investors need to be careful that the market isn’t already topping. Following this year’s pattern, the S&P 500 has topped after rising as little as 3% above its 50-day average. Wednesday, the index closed 3% above that average.”

For more stock market commentary, check out IBD’s The Big Picture.

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