The Dow Jones Industrial Average rallied moderately initially in the stock market today amid news that initial jobless claims in the U.S. appear to be flattening. But indexes then wobbled at around 10:45 a.m. ET on headlines that centered on negotiations between Britain and the EU over how to handle cross-border trade.
XThe S&P 500 forfeited an early 0.6% gain to go slightly negative, but then rebounded almost 0.2%.
The panel on Thursday's IBD Live show wondered aloud whether the Brexit headlines triggered some algorithmic-related selling.
Top growth stocks outperformed, though. The Nasdaq led the major indexes, even as the composite index at one point jumped 1.4% before fading that gain to around 0.6%.
The Nasdaq 100-tracking Invesco QQQ Trust (QQQ) gained almost 0.6%, outdistancing a 0.2% rise by the Russell 2000.
On Leaderboard, at least six stocks gained 1% or more at around 11:15 a.m. ET, outperforming a 0.1% edge higher by the 30-stock Dow industrials.
Volume is running slightly higher vs. the same time Wednesday on the Nasdaq and 6% lower on the NYSE.
5 Growth Stocks To Watch In Retail
Meanwhile, Nike (NKE), a Dow Jones component and a half position on Leaderboard, at one point sped nearly 3% higher amid a Wedbush analyst price target hike to 127 from 107. Gains faded, yet the stock continues to stay in the black, up around 1%.
The global athletic shoe and apparel firm initially cleared a 104.79 buy point in a long and deep cup with handle on Aug. 10 in heavy turnover.
That sudden increase in volume indicated that the elephants of the market — namely mutual funds, college endowments, insurers, state pension funds and hedge funds — actively scooped up shares.
Now, trading as high as 118.23, the gain from the proper entry has reached 15%. Thus, the stock is also extended past the 5% buy zone.
Other retail plays doing well Thursday morning and in recent weeks include RH (RH), the high-end indoor and outdoor furniture chain; discount chain Target (TGT); Peloton Interactive (PTON); and Chipotle Mexican Grill (CMG).
Beyond Dow Jones: Earnings Give RH More Firepower
RH reported a 53% jump in profit to $4.90 a share in the July-ended fiscal second quarter as sales rose a smidge to $709.3 million. Shares are extended past a 265.97 entry in a cup with handle. This IBD news story carries more detail on the quarterly results.
Please tune in to IBD Live, starting at 6:20 a.m. Pacific each market day, to hear fundamental and chart analysis of Target and other leading stocks and ETFs in the retail and tech spaces.
According to IBD Stock Checkup, RH holds a 93 Composite Rating on a scale of 1 (slimy) to 99 (scintillating). The Composite Rating combines fundamental, technical and fund ownership quality factors into an easy-to-use ranking to help growth investors form a strong watchlist of potential market outperformers.
Chipotle, the fast-growing taco and burrito chain, had rallied more than 25% past a flat base with a 1,087.10 buy point. It broke out in early July. That gain triggered a key IBD sell rule.
New York City has plans to allow restaurants to host diners indoors at a limited scale.
Meanwhile, initial jobless claims for the week ended Sept. 5 came in at 884,000. That slightly topped the Econoday forecast for 828,000 but fell short of the biggest estimate for 915,000.
In the prior week, initial claims got revised a touch higher to 884,000.
In Other Financial Markets
Crude oil prices continued to cool off. Futures fell 0.5% to $37.85 a barrel. Gold rose 0.5% to $1,964 an ounce, while silver outperformed with a 1% advance to $27.35 an ounce.
The yield on the benchmark U.S. Treasury 10-year bond rose 1 basis point to 0.72%.
Innovator IBD 50 (FFTY) climbed back above its critical 50-day moving average with a 1% lift. The growth stock-focused ETF rallied 25.7% in 2019 and recently struck new all-time highs.
Please follow Chung, deputy markets editor at Investors.com, on Twitter at @SaitoChung and @IBD_DChung for more on growth stocks, buy points, breakouts, sell rules and market insight.
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