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Dow Jones futures and other major indexes extended gains as NVIDIA (NVDA) rose to another record and tesla (TSLA) today added to this week’s already heavy losses in the stock market. Meanwhile, Federal Reserve Chairman Jerome Powell will appear before Congress for the second day in a row.
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Dow Jones futures rose 0.2% versus fair value on Thursday morning, while S&P 500 futures rose 0.4%. Futures for the tech-heavy Nasdaq 100 rose 0.6% before the opening bell.
Among U.S. exchange-traded funds, the Invesco QQQ Trust ETF, a tracker of the Nasdaq 100 (QQQ) rose 0.6%, as the SPDR S&P 500 ETF (TO SPY) rose 0.5%.
The 10-year Treasury yield fell to 4.08%. Additionally, oil prices paused after Wednesday’s gains, as West Texas Intermediate futures fell 0.5%, trading near $78.75 a barrel.
Among the Magnificent Seven stocks, Nvidia rallied 1.8% and broke above the 900 level, while Tesla fell 1% in pre-market trading.
Nvidia stock is expected to hit more all-time highs and be 75% above the 505.48 entry of a flat base. Nvidia is an IBD Leaderboard stock.
Tesla shares closed Wednesday at their lowest level since May 17, with big losses this week. Shares remain well below their 50- and 200-day moving averages.
Be sure to read how to adapt to changing market conditions with IBD’s new exposure levels.
Stock Market Today: Powell’s Testimony
Fed Chair Powell is expected to appear before the Senate Banking, Housing and Urban Affairs Committee at 10 a.m. On Wednesday, Powell told a House panel that it is too early to lower interest rates, but that reductions are likely sometime this year.
In other economic news, initial jobless claims from the Labor Department rose to 217,000. Claims were expected to hold steady at 215,000, unchanged from the previous week.
Thursday’s key earnings reports included American Eagle Outfitters (OAS), Wholesale BJ (bj), Burlington Stores (SPECK), Ciena (HUNDRED) and kroger (K.R.).
American Eagle rose 13%, while BJ shares fell 1.9%. Burlington shares rose 5.9%, while Ciena shares fell more than 11% in morning action. Finally, Kroger advanced 4.7% in early trading.
After the market closes, Broadcom (AVGO) and Wholesale Costco (COST) are prepared to report their earnings results.
Elsewhere, Nordisk (NVO) rose more than 7% thanks to promising results from its new weight-loss drug.
The Dow Jones rises
On Wednesday, the Dow Jones Industrial Average rose 0.2%, while the S&P 500 rose 0.5%. The tech-heavy Nasdaq Composite rallied 0.6%.
Wednesday’s Big Picture column commented: “A bullish stock market can deflect the occasional bullet of steep institutional selling. But before Wednesday’s rally, a mini distribution group seemed to be forming in the stock market. That’s not a spectacle Welcome to long positions.”
Now is an important time to read IBD’s The Big Picture column amid the stock market’s continued rally. Be sure to read how to adapt to changing market conditions with IBD’s new exposure levels.
Learn How to Time the Stock Market with IBD’s ETF Market Strategy
Best Stocks to Buy and Watch in the Stock Market Today
Duolingo (DUOL), Fifth Third Bancorp (FITB), Fortinet (FTNT) and Weatherford (FMRD) – more components of Dow Jones disney (DES), IBM (IBM) and Procter & Gamble (P.G.) – are among the best stocks to buy and watch in today’s stock market.
IBM and Duolingo appeared in this Stocks column near a buy zone.
A great resource for daily breakouts is IBD MarketSurge’s “Breaking Out Today” list. Shows MarketSurge Growth 250 stocks breaking new buy points. There was a leak on Wednesday: Arch Capital (ACGL), which topped a cup-with-handle entry of 88.77.
Meanwhile, MarketSurge’s “Near Pivot” list shows stocks approaching buy points on bases, such as badger meter (BMI). That stock is approaching an entry of 170.86 cups.
Get real-time buy and sell alerts on stock market leaders with IBD Leaderboard
Dow Jones Stocks: Disney Tries to Escape
Disney is trying to break out of the 112.92 buy point for a large mug with handle base, according to IBD MarketSurge chart analysis. Disney shares fell a fraction on the stock market today.
IBM stock is also trying to break above the 196.90 buy point of a flat base, with a 2.2% rally on Wednesday. IBM shares rose 0.5% on Thursday.
Consumer products giant Procter & Gamble rose 0.2% on Wednesday, holding above 158.38 buy points on a cup basis. P&G shares were flat on Thursday.
3 fastest growing stocks to watch in the future Stock market rally
The fifth third explodes
IPO leader Duolingo is building the right side of a cup base that has a 245.87 buy point, but is looking to add control with heavy losses in recent sessions. Duolingo shares rose 0.9% on Thursday.
Fifth Third Bancorp fell 0.85% on Wednesday, still holding above a 35.73 buy point. Shares rose 1% on Thursday.
Cybersecurity leader Fortinet is adding a handle to a long cup base, raising the buy point to 73.91. The stock gained 0.6% early Thursday.
Weatherford Oil shares remain in buy range above a 102.65 buy point on a cup basis. The 5% buy range reaches a high of 107.78. Weatherford shares fell on Thursday.
The best bets on the stock market today
These are the four best stocks to watch in today’s stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct purchase point | Point of purchase type |
|---|---|---|---|
| Nordisk | (NVO) | 105.69 | flat base |
| merck | (MRK) | 119.65 | cup base |
| DraftKings | (DKNG) | 39.35 | cup base |
| Spotify | (PLACE) | 202.88 | flat base |
Source: IBD data as of February 28, 2024
Join IBD experts as they analyze the leading stocks in the current stock market rally on IBD Live
Dow Jones leaders: Apple, Microsoft
Among Dow Jones stocks in the Magnificent Seven, Apple (AAPL) and microsoft (MSFT) traded higher ahead of Thursday’s stock market open.
Apple shares fell 0.6% on Wednesday, extending a losing streak to six sessions and moving further below its 200-day long-term line. Shares rose 0.4% Thursday morning.
Microsoft stock is back at the top of the buying range, breaking out from a 384.30 buy point on a flat base, as it attempts to hold support at the 50-day line. The software giant gained 0.9% on the stock market today.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen to learn more about growth stocks, the Dow Jones Industrial Average, and the current stock market.
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