The Dow Jones Industrial Average extended early gains at 1:30 PM ET and was up 0.7%, thanks in large part to Salesforceits (CRM) rally after earnings. However, the blue chip index remains below the 50-day mark.

X

The S&P 500 pared morning losses and traded 0.4% higher in the afternoon. The index fell below its 50-day moving average on Tuesday and is now testing the 200-day line.

The Nasdaq also pared early losses and also added 3% in gains; the small-cap Russell 2000 trimmed its own losses and added fractionally.

Volume on the NYSE was lower and on the Nasdaq higher compared to the same time on Wednesday.

The Innovator IBD 50 ETF ( FFTY ) settled down 1%.

Crude oil rose less than 0.5% to $77.91 a barrel.

The yield on the benchmark 10-year Treasury note continued to rise, adding 7 basis points to reach 4.07%. Initial jobless claims fell to 190,000 from 192,000 the previous week. Any sign of strength in the labor market tends to increase the chances of higher interest rates for longer.

Dow Jones stocks

Besides Salesforce, the banking behemoth JPMorgan Chase (JPM) and network manager Cisco Systems (CSCO) is on alert near buy points. JPM is in a buy zone above a 138.76 buy point, while Cisco is testing its 50-day line and continuing to fall from its 50.81 entry.

Stocks are moving today

Shares in crypto loan bank Silvergate capital (SI) nosedived more than 50% after the company said it would miss its March 16 filing deadline. The submission of the annual reports is already delayed. Silvergate also said it would likely miss an interest payment on Series A preferred stock, equivalent to a yield of more than 5.3%.

The company has struggled after the FTX bloodbath as deposits were low in the fourth quarter. Bitcoin fell over 1% on Thursday.

TeslaInvestor Day ( TSLA ) revealed CEO Elon Musk’s plans to cut assembly costs in half, which the company says is likely to lead to the long-awaited affordable electric car.

Musk confirmed plans for a GigaMexico factory in northern Mexico, where the next-generation car will be built at “significantly lower cost per mile.” He also revealed that the company’s lithium plant in Corpus Christi, Texas, is likely to begin production within 10 months.

But analysts were generally unimpressed by Tesla’s presentation and gave mixed reactions. The stock fell 6%, but pared some of its initial 8% loss.

The company’s MasterPlan 3 focuses on renewable energy to renew the power grid and create all-electric vehicles. The company says there are enough global sources of nickel, lithium and cobalt for the batteries to be sustainable.

Musk also noted that Tesla’s electric cars in the future will use up to 75% less silicon carbide than originally planned. Silicon carbide-based battery production is said to be less scalable. The news sent leading silicon carbide chip suppliers reeling STMicroelectronics (STM) and Wolfspeed (WOLF) reels Thursday.

In September, Wolfspeed planned to build a new factory to meet demand for silicon carbide chips in electric cars for Tesla, General Motors (GM) and other car manufacturers. WOLF plunged 10% with STMicroelectronics down 4%.

Market Rally Stages Bullish Comeback; AI shares rise late

Dow Jones shares rise after earnings

Shares of Salesforce broke out of a cup-with-handle base, surrendering a 178.94 entry on strong volume after beating views for both earnings and sales in the fiscal fourth quarter. The stock pared some gains in intraday trading, but is still up more than 10% on Thursday.

The Dow Jones leader has been under pressure from activist investors Elliott Management, Starboard Value, Third Point and others to improve profit margins. The stock is on course for its biggest percentage increase since August 2020.

Software peer Snowflake ( SNOW ) fell more than 10% after an earnings beat and reduced outlook.

Shares of Box (BOX) and Splunk (SPLK) took a hit after earnings, while Octa (OKTA) rose after an earnings beat. BOX is down over 15% and SPLK has fallen fractionally. DoubleVerify (DV) is nearing a 28.99 entry as it rises after the earnings report. But early gains faded.

Electronics dealer Best buy (BBY) and department store chain Macy’s (M) reported results. BBY shares fell 2% after earnings beat views, but the company cut its outlook. Macy’s rose nearly 10% after topping earnings estimates.

AMC Entertainment (AMC) fell more than 5% after losing for its 14th straight quarter. The company announced further sales of ordinary shares. AMC has been pushing investors to approve the conversion of its preferred “APE” units into common shares.

Costco (COST) will report earnings after closing, along with Broadcom (AVGO) and C3.Ai (AI).

Changes in analyst rating

Broadcom shares received a price target increase to 685 from 650 ahead of earnings. Susquehanna analyst Christopher Rolland maintained a positive rating and believes the stock will outperform peers. Shares were down less than 1% in the afternoon.

Onsemia ( ON ) fell more than 5% but pared losses after a downgrade from Raymond James analysts from outperform to market perform. The stock returned to its rising 50-day moving average, an encouraging sign. Dollar Tree ( DLTR ) fell less than 1% after JPMorgan downgraded the stock to neutral from overweight.

Please follow VRakrishnan on Twitter for more news on the stock market today.

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The Dow Jones Industrial Average extended early gains at 1:30 PM ET and was up 0.7%, thanks in large part to Salesforceits (CRM) rally after earnings. However, the blue chip index remains below the 50-day mark.

X

The S&P 500 pared morning losses and traded 0.4% higher in the afternoon. The index fell below its 50-day moving average on Tuesday and is now testing the 200-day line.

The Nasdaq also pared early losses and also added 3% in gains; the small-cap Russell 2000 trimmed its own losses and added fractionally.

Volume on the NYSE was lower and on the Nasdaq higher compared to the same time on Wednesday.

The Innovator IBD 50 ETF ( FFTY ) settled down 1%.

Crude oil rose less than 0.5% to $77.91 a barrel.

The yield on the benchmark 10-year Treasury note continued to rise, adding 7 basis points to reach 4.07%. Initial jobless claims fell to 190,000 from 192,000 the previous week. Any sign of strength in the labor market tends to increase the chances of higher interest rates for longer.

Dow Jones stocks

Besides Salesforce, the banking behemoth JPMorgan Chase (JPM) and network manager Cisco Systems (CSCO) is on alert near buy points. JPM is in a buy zone above a 138.76 buy point, while Cisco is testing its 50-day line and continuing to fall from its 50.81 entry.

Stocks are moving today

Shares in crypto loan bank Silvergate capital (SI) nosedived more than 50% after the company said it would miss its March 16 filing deadline. The submission of the annual reports is already delayed. Silvergate also said it would likely miss an interest payment on Series A preferred stock, equivalent to a yield of more than 5.3%.

The company has struggled after the FTX bloodbath as deposits were low in the fourth quarter. Bitcoin fell over 1% on Thursday.

TeslaInvestor Day ( TSLA ) revealed CEO Elon Musk’s plans to cut assembly costs in half, which the company says is likely to lead to the long-awaited affordable electric car.

Musk confirmed plans for a GigaMexico factory in northern Mexico, where the next-generation car will be built at “significantly lower cost per mile.” He also revealed that the company’s lithium plant in Corpus Christi, Texas, is likely to begin production within 10 months.

But analysts were generally unimpressed by Tesla’s presentation and gave mixed reactions. The stock fell 6%, but pared some of its initial 8% loss.

The company’s MasterPlan 3 focuses on renewable energy to renew the power grid and create all-electric vehicles. The company says there are enough global sources of nickel, lithium and cobalt for the batteries to be sustainable.

Musk also noted that Tesla’s electric cars in the future will use up to 75% less silicon carbide than originally planned. Silicon carbide-based battery production is said to be less scalable. The news sent leading silicon carbide chip suppliers reeling STMicroelectronics (STM) and Wolfspeed (WOLF) reels Thursday.

In September, Wolfspeed planned to build a new factory to meet demand for silicon carbide chips in electric cars for Tesla, General Motors (GM) and other car manufacturers. WOLF plunged 10% with STMicroelectronics down 4%.

Dow Jones shares rise after earnings

Shares of Salesforce broke out of a cup-with-handle base, surrendering a 178.94 entry on strong volume after beating views for both earnings and sales in the fiscal fourth quarter. The stock pared some gains in intraday trading, but is still up more than 10% on Thursday.

The Dow Jones leader has been under pressure from activist investors Elliott Management, Starboard Value, Third Point and others to improve profit margins. The stock is on course for its biggest percentage increase since August 2020.

Software peer Snowflake ( SNOW ) fell more than 10% after an earnings beat and reduced outlook.

Shares of Box (BOX) and Splunk (SPLK) took a hit after earnings, while Octa (OKTA) rose after an earnings beat. BOX is down over 15% and SPLK has fallen fractionally. DoubleVerify (DV) is nearing a 28.99 entry as it rises after the earnings report. But early gains faded.

Electronics dealer Best buy (BBY) and department store chain Macy’s (M) reported results. BBY shares fell 2% after earnings beat views, but the company cut its outlook. Macy’s rose nearly 10% after topping earnings estimates.

AMC Entertainment (AMC) fell more than 5% after losing for its 14th straight quarter. The company announced further sales of ordinary shares. AMC has been pushing investors to approve the conversion of its preferred “APE” units into common shares.

Costco (COST) will report earnings after closing, along with Broadcom (AVGO) and C3.Ai (AI).

Changes in analyst rating

Broadcom shares received a price target increase to 685 from 650 ahead of earnings. Susquehanna analyst Christopher Rolland maintained a positive rating and believes the stock will outperform peers. Shares were down less than 1% in the afternoon.

Onsemia ( ON ) fell more than 5% but pared losses after a downgrade from Raymond James analysts from outperform to market perform. The stock returned to its rising 50-day moving average, an encouraging sign. Dollar Tree ( DLTR ) fell less than 1% after JPMorgan downgraded the stock to neutral from overweight.

Please follow VRakrishnan on Twitter for more news on the stock market today.

YOU MIGHT ALSO LIKE:

Top Growth Stocks to Buy and Watch

Learn how to time the market with IBD’s ETF Market Strategy

Find the best long-term investments with long-term IBD managers

MarketSmith: Research, charts, data and coaching in one place

How to research growth stocks: Why this IBD tool simplifies the search for top stocks