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Stock Market News Update: Dow Jones Falls After High Initial Unemployment Claims and Disappointing Earnings Reports
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The Dow Jones Industrial Average tumbled on Thursday after there was an unexpected increase in initial unemployment claims. Additionally, Cisco Systems (CSCO) and Walmart (WMT) took a hit following disappointing earnings reports. The Labor Department reported that first-time jobless claims rose to 231,000, higher than the expected 222,000. However, the Philadelphia Fed manufacturing index showed an unexpected improvement in November, despite expectations for a decrease.
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Earnings Movers
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Early on Thursday, Cisco Systems dropped nearly 12% after its fiscal first-quarter earnings topped estimates but product orders fell. Similarly, Walmart plunged more than 6% after warning about softening consumer spending, despite beating third-quarter estimates. On the other hand, Target (TGT) soared nearly 18% on its earnings news, in contrast to Walmart’s decline.
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Market Update
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After Thursday’s opening bell, the Dow Jones Industrial Average fell 0.2%, while the S&P 500 inched higher. The Nasdaq composite edged lower. The Nasdaq 100 tracker Invesco QQQ Trust (QQQ) and the SPDR S&P 500 ETF both saw slight decreases early on Thursday. Oil prices also declined, with the benchmark settling below $76 a barrel.
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Stocks To Watch
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Several stocks are in the spotlight for the current market rally, including Amazon (AMZN), MercadoLibre (MELI), ServiceNow (NOW), and Toll Brothers (TOL). These stocks, along with Dow Jones stocks Intel (INTC), Walmart, and UnitedHealth (UNH), are among the best stocks to watch.
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Top Growth Stocks
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Amazon, MercadoLibre, ServiceNow, and Toll Brothers are listed as top growth stocks to keep an eye on. Additionally, Tesla (TSLA) and Nvidia (NVDA) are among the top stocks to watch in the current market rally.
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Magnificent Seven Stocks
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The so-called “Magnificent Seven” stocks, including Tesla and Nvidia, are also seeing changes in stock prices. Two Dow Jones stocks, Apple (AAPL) and Microsoft (MSFT), are also making waves in the stock market.
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Final Thoughts
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As the stock market continues to fluctuate, it’s important to stay informed and be aware of the top stocks making moves. Following market updates and stock analysis can provide valuable insights for investors.
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