Stocks Open Slightly Higher; Dollar Tree, Costco Rise On Earnings – Investor’s Business Daily

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The stock market opened modestly higher Thursday, but turned slightly negative as Wall Street parsed a fresh batch of positive economic data and earnings reports.

The Nasdaq, S&P 500 and Dow Jones industrial average each fell 0.1% in the stock market today.

In economic news, durable goods orders spiked 3.4% in April, much better than expected, while jobless claims fell more than expected. West Texas Intermediate crude oil for July delivery topped $50 a barrel briefly for the first time in six months, but gains have cooled somewhat.

In earnings news, Dollar Tree (DLTR) soared more than 9% on strong earnings and same-store sales growth. Results were helped by its acquisition of Family Dollar Stores last year. The discount retailer was below its 50-day moving average ahead of the results, but the stock gapped up over an 83.82 flat-base buy point.

Costco Wholesale (COST), meanwhile, rose 5.5% to 152.49, as investors liked the look of its Q3 report. Costco is still below its 200-day moving average (near 151.57), a potential resistance level to watch.

Chipotle Mexican Grill (CMG) was pressured as shares fell 0.2%. It was added to the Leaderboard Cut List as a short idea on April 7.