Jobless Claims Jump; Tesla Rages Higher on Upgrade as Dow Jones Advances Ahead of Fed Minutes

The Dow Jones Industrial Average increased on Wednesday before the Federal Reserve’s most recent policy meeting’s minutes were released. After Citigroup upgraded the EV behemoth, Tesla stock shot up.

Consumer confidence, durable goods orders, initial unemployment claims, purchasing managers index readings, and new home sales are all scheduled to be released in the morning before the Fed releases its Minutes at 2 p.m. ET. For the Thanksgiving holiday, the stock market will be closed on Thursday. There will then be a reduced trading session on Friday.

Initial claims for unemployment benefits, released at 8:30 a.m. ET, increased to 240,00 from 222,000 the week before. In contrast, durable goods increased by 1% in October, above the 0.4% prediction provided by Econoday. The manufacturing PMI registered at 47.6, below the 50.0 estimate, and the services PMI registered 46.1, below the 48.0 estimate. Last but not least, new house sales increased to 632,000 from 603,000 in September. Sales of new homes exceeded predictions.

Late on Tuesday, Autodesk (ADSK), HP (HPQ), and Nordstrom (JWN) released their earnings reports; Deere (DE) released its earnings early on Wednesday.

In early morning trading, HPQ stock fell 3.5% and Autodesk shares fell 9%. Shares of Nordstrom fell 9.5%. Deere stock also increased by 3% in morning trading.

On Wednesday morning, shares of electric vehicle juggernaut Tesla (TSLA) were up 5%. Microsoft (MSFT) and Apple (AAPL), the two Dow Jones technology leaders, increased when the market opened today.

The top stocks to buy and monitor include Arista Networks (ANET), KLA (KLAC), Shoals Technologies (SHLS), Ulta Beauty (ULTA), and Dow Jones name Caterpillar (CAT).

Original article posted here.