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Dow Jones Today, Futures Firmly Higher As Jobless Claims Dip; Quanta Surges On Renewables Deal; Bitcoin Tops $50,000

Stock futures traded higher Thursday, after weekly jobless claims dipped more than expected. Earnings and acquisition news poised Quanta Services and Signet Jewelers for early breakouts. Bitcoin rallied back above $50,000. And Apple traded up on the Dow Jones today, as it moves higher in its buy range.




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Dow Jones futures gained 0.2%. S&P 500 futures added almost 0.2% above fair value. Nasdaq 100 futures gained 0.3%.

Infrastructure play Quanta Services (PWR) rallied 3% to lead the S&P 500. The Houston-based engineering firm announced it would pay $2.7 billion to acquire renewable energy infrastructure provider Blattner Holdings. Quanta ended Wednesday in a buy range, above what IBD MarketSmith analysis identifies as a cup-with-handle base with a 99.62 buy point. The buy zone extends to 104.60.

China names Pinduoduo (PDD) and Baidu (BIDU) headed the Nasdaq 100. IBD 50 stock Moderna (MRNA) gained 1.2% after announced late Wednesday it was seeking U.S. Food and Drug Administration authorization to administer third shot boosters of its vaccine.

Among stocks rallying on earnings news, ChargePoint Holdings (CHPT) and workflow software developer Asana (ASAN), charged higher. Asana is an IBD 50 stock.

Fiber optic leader Ciena (CIEN) bolted more than 5% higher on fiscal third-quarter earnings. The stock ended Wednesday about 8% below a 61.19 flat base buy point.

Chipmaker Semtech (SMTC) surged 7% on earnings news. Retailer Signet Jewelers (SIG) popped more than 6%, suggesting a starting bell breakout past an 83.10 entry in a 10-week cup base.  The stock holds a 94 Composite Rating from IBD.

On the downside, Chewy (CHWY), Five Below (FIVE), C3.ai (AI) and Veeva Systems (VEEV) were all down hard after their quarterly reports. Broadcom (AVGO), Hewlett Packard Enterprise (HPE), DocuSign (DOCU) and MongoDB (MDB) report after the close.

Dow Jones Today: Apple, Chevron Lead

At the top of the Dow Jones today, Chevron (CVX) and Apple (AAPL) each gained 0.6%. Chevron tacked alongside oil prices, edging higher after last week’s big rebound.

A settlement with Japan’s Fair Tree Commission led Apple to announce late Wednesday that in 2022 it would begin permitting some app developers to link to outside websites to let customers pay for their services, avoiding 30% App Store fees. However, the change does not affect game apps. Apple stock, an IBD Leaderboard listing, remains in a buy zone through 155.40.

Vital Signs, Jobs Data

Labor Department data showed first-time applications for unemployment assistance dropped to 340,000 in the week ended Aug. 28. That was down from 353,000 in the prior week, undercutting economist expectations for an uptick to 354,000.

Oil futures traded higher. Refiners reported restarts to facilities would take longer than expected due to flooding in the wake of  Hurricane Ida — a situation that would normally pressure gasoline prices higher and oil lower. West Texas Intermediate rose 0.5%, to just below $69 a barrel. Prices in early July hit $76.98, the highest level in almost seven years.

Bitcoin rallied nearly 5%, briefly topping $50,000, according to CoinDesk. Over the past 24 hours, the cryptocurrency moved as high as $50,352, and as low as $47,298.

China Extends Rebound, Europe Mixed

China’s markets added another positive session, extending a rebound begun on Aug. 23. The Shanghai Composite rallied 0.8% on Thursday. Hong Kong’s Hang Seng gained 0.2%. That left the Shanghai benchmark up 2.15% for the week through Thursday. The Hang Seng has a 2.8% gain.



Among China-based ETFs, the iShares MSCI China ETF (MCHI) traded 0.3% higher, after a 2.6% jump on Wednesday. The Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR) was inactive following Wednesday’s 1.6% advance. The KraneShares CSI China Internet ETF (KWEB) added 0.8% early Thursday, after rallying 4.9% on Wednesday.

Europe’s markets were mixed at midday. Frankfurt’s DAX slipped into narrow losses, while London’s FTSE 100 lagged 0.1%. The CAC-40 in Paris defended a fractional gain. The SPDR Portfolio Europe ETF (SPEU) was inactive in premarket trade, after rising 0.8% on Wednesday. The fund is trading less than 1% below a 44.06 entry in what IBD MarketSmith analysis marks as an 11-week flat base.

Stocks To Watch: Chipotle, Matson, International Money, Facebook

Chipotle Mexican Grill (CMG) is pulling back slightly after a powerful six-week advance. Shares closed Wednesday just below a 1,912.85 buy point. The buy point is in a four-weeks-tight pattern, a more bullish variation of a three-weeks-tight setup. The buy range extends to 2,008.49.

Facebook (FB) remains low in a buy range. It cleared a 377.65 buy point on Monday, and remains in a buy zone through 396.53.

International Money Express (IMXI) is riding a six-day rally as it works on a seventh-straight weekly advance. The climb lifted the stock briefly above an 18.79 buy point in a 53-week saucer base. Shares ended just a fraction below the entry on Wednesday.

Matson (MATX) recovered nicely on Wednesday, holding firmly above a 79.15 entry in what IBD MarketSmith analysis charts as a 27-week cup base. The buy zone extends to 83.11.

Nasdaq, S&P 500, Dow Jones Today: Rising Into The Fall Season

September has been a positive month for the market in six of 11 years since 2010. The Nasdaq Composite heads into September up 18.8% so far in 2021. The S&P 500 is up 20.4%. The Nasdaq is at record highs. The S&P 500 is just a fraction off records set on Monday.

Before the starting bell, the Dow Jones today is sitting on a year-to-date gain of 15.4%. It is about 3% below its record high, set on  Aug. 16. The index is trading neatly above its 21-day exponential moving average, after a healthy bounce off its 50-day line on Aug. 19.


For more detailed analysis of the current stock market and its status, study the Big Picture.


Over the past decade, the Nasdaq has averaged a 0.4% advance in September. That modest average cloaks some wide swings. A 12% gain in 2010 was the Nasdaq’s biggest move during the month. A 6.5% loss in 2011 was its worst recent September performance.

The average gain for the S&P 500 is 0.25% — roughly between an 8.9% rally in 2010 and 2011’s September dive of 7.2%.

The Dow industrials have the strongest September average among the big three benchmarks: up 0.7%. As would be expected, its swings are somewhat less wild. The industrials rallied 7.7% in September 2010, and fell 6% a year later.

Wednesday’s Big Picture article pointed out that “both the Nasdaq and S&P 500 remain in solid uptrends, with moderate distribution over the past several weeks. The Nasdaq recorded its 33rd record close of 2021. For now, there’s reason for investors to be long on stocks and ETFs.”

Find Alan R. Elliott on Twitter @IBD_Aelliott

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