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The Rise and Fall of the Stock Market: A Fresh Perspective

Summary

The stock market experienced a rollercoaster ride on Thursday as new data on employment emerged. In the midst of it all, Nasdaq remained a standout, gaining momentum as the day progressed. The Department of Labor reported 220,000 initial jobless claims […]

The Rise and Fall of the Stock Market: A Fresh Perspective

The stock market experienced a rollercoaster ride on Thursday as new data on employment emerged. In the midst of it all, Nasdaq remained a standout, gaining momentum as the day progressed.

The Department of Labor reported 220,000 initial jobless claims for the week, slightly lower than the estimated 222,000 claims for the period ending on December 2nd. While this number was higher than the previous week’s 219,000 claims, it is still considered low, according to MarketWatch. The highly anticipated non-farm payroll report is scheduled to be released early on Friday.

Nasdaq advanced by 1.4%, while the Dow Jones Industrial Average added 0.1%, and the S&P 500 saw a 0.8% increase in the stock market today. All three major indices remained well above their 50-day moving averages.

On the other hand, the Russell 2000 index saw a modest increase of 0.35%. Russell continues to maintain a strong position above its 200-day moving average.

Trading volume declined on the New York Stock Exchange, while it increased on Nasdaq compared to the same time on Wednesday.

In terms of individual stocks, Ciena (CIEN) saw a rise after the company reported fourth-quarter earnings that exceeded expectations. Although the quarterly earnings growth slowed to 23% compared to the previous two quarters’ growth rates of 79% and 48%, the 16% sales growth also lagged behind the previous two periods’ increases of 23% and 19%.

Walgreens Boots Alliance (WBA), a component of the Dow Jones, surged more than 7% with high trading volume, leading the 30-stock index. The pharmacy retail chain’s shares reclaimed their 50-day moving average.

Veeva Systems (VEEV) declined after the software manufacturer in the biotech industry reported better-than-expected third-quarter earnings and revenue but lowered its revenue forecast for the current quarter.

Meanwhile, AI stocks showed mixed results. Braze (BRZE) sold with high trading volume despite reporting a smaller-than-expected loss for the third quarter and revenue that exceeded estimates. Braze also provided forecasts for the fourth quarter and total revenues for 2024 that exceeded analysts’ projections.

C3.ai (AI) fluctuated after releasing a mixed quarterly revenue report. The company posted a smaller-than-expected loss, but its revenue fell short of expectations. C3.ai also provided revenue guidance for the current quarter that disappointed investors. The stock fell below its 50-day moving average, signaling a concerning trend.

Advanced Micro Devices (AMD) rose after unveiling a new artificial intelligence chip at a company event on Wednesday. The stock reached a buy point of $122.11 in a cup-with-handle base and is within a 5% buying range up to $128.22. AMD was the top gainer on the S&P 500 on Thursday.

Alphabet (GOOGL) also rose after introducing its artificial intelligence software model, “Gemini,” on Wednesday. GOOGL is in a cup-with-handle base with a buy point of $139.42.

Rivian (RIVN) skyrocketed after Stifel initiated coverage of the electric vehicle manufacturer with a buy rating and a price target of $23.

In other market happenings, Ollie’s Bargain Outlet (OLLI) experienced a sharp decline as investors changed their minds following better-than-expected third-quarter results. The retail chain’s shares fell below their 50-day moving average, which serves as a warning sign.

Sprinklr (CXM) took a significant hit after reporting mixed results for the third quarter. The stock dropped well below its 50-day moving average, triggering a sell signal.

Chewy (CHWY) also declined after releasing a mixed revenue report for the third quarter. The pet products retail chain posted a surprising profit but fell short of revenue expectations.

Lastly, Dollar General (DG) reversed course and is now down 0.7% after the discount retailer reported better-than-expected profit and sales for the third quarter. Comparable-store sales declined by 1.3%, but this was an improvement compared to the projected 2.1% drop by FactSet.

Stay tuned to Kimberley Koenig for more stock market news on Twitter @IBD_KKoenig.

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