Dow Jones futures and the other major indexes extended gains, as Nvidia (NVDA) rallied to another record high and Tesla (TSLA) added to this week’s already heavy losses on the stock market today. Meanwhile, Federal Reserve Chairman Jerome Powell is set to appear before Congress a second straight day.
X
Dow Jones futures rose 0.2% vs. fair value in morning action Thursday, as S&P 500 futures climbed 0.4%. Tech-heavy Nasdaq 100 futures moved up 0.6% before the opening bell.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was up 0.6%, as the SPDR S&P 500 ETF (SPY) rose 0.5%.
The 10-year Treasury yield ticked lower to 4.08% Further, oil prices paused after Wednesday’s gains, as West Texas Intermediate futures fell 0.5%, trading near $78.75 a barrel.
Among Magnificent Seven stocks, Nvidia rallied 1.8% and cracked the 900 level, while Tesla skidded 1% in premarket trading.
Nvidia stock is set to hit more record highs and is 75% above a flat base’s 505.48 entry. Nvidia is an IBD Leaderboard stock.
Tesla stock closed Wednesday at its lowest level since May 17, with heavy losses this week. Shares remain sharply below their 50- and 200-day moving averages.
Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.
Stock Market Today: Powell 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’s too soon to lower interest rates, but that reductions are likely sometime this year.
In other economic news, the Labor Department’s initial unemployment claims rose to 217,000. Claims were expected to hold steady at 215,000, unchanged from the previous week.
Key earnings reports Thursday included American Eagle Outfitters (AEO), BJ’s Wholesale (BJ), Burlington Stores (BURL), Ciena (CIEN) and Kroger (KR).
American Eagle surged 13%, while BJ’s stock dropped 1.9%. Burlington shares rallied 5.9%, as Ciena shares tumbled more than 11% in morning action. Finally, Kroger advanced 4.7% in early trading.
After the market closes, Broadcom (AVGO) and Costco Wholesale (COST) are set to report their earnings results.
Elsewhere, Novo Nordisk (NVO) jumped more than 7% on promising results for its new weight-loss drug.
Dow Jones Rises
On Wednesday, the Dow Jones Industrial Average rose 0.2%, as the S&P 500 moved up 0.5%. The tech-heavy Nasdaq composite rebounded 0.6%.
Wednesday’s Big Picture column commented, “A bullish stock market can deflect the occasional bullet of pronounced institutional selling. But prior to Wednesday’s rebound, a mini cluster of distribution appeared to be forming in the stock market. That’s not a welcome sight for the longs.”
Now is an important time to read IBD’s The Big Picture column amid the continuing stock market rally. Be sure to read how to adjust 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 Stock Market Today
Duolingo (DUOL), Fifth Third Bancorp (FITB), Fortinet (FTNT) and Weatherford (WFRD) — plus Dow Jones components Disney (DIS), IBM (IBM) and Procter & Gamble (PG) — are among the best stocks to buy and watch on the stock market today.
IBM and Duolingo were featured in this Stocks Near A Buy Zone column.
A great resource for daily breakouts is IBD MarketSurge’s “Breaking Out Today” list. It shows MarketSurge Growth 250 stocks that are breaking out past new buy points. There was one breakout Wednesday: Arch Capital (ACGL), which broke out past an 88.77 cup-with-handle entry.
Meanwhile, the MarketSurge “Near Pivot” list shows stocks nearing buy points in bases, like Badger Meter (BMI). That stock is nearing a 170.86 cup entry.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones Stocks: Disney Attempts Breakout
Disney is trying to break out past a big cup-with-handle base’s 112.92 buy point, according to IBD MarketSurge chart analysis. Disney stock slipped a fraction on the stock market today.
IBM stock is also attempting a breakout above a flat base’s 196.90 buy point, with a 2.2% rally Wednesday. IBM shares climbed 0.5% Thursday.
Consumer products giant Procter & Gamble rose 0.2% Wednesday, holding above a 158.38 buy point in a cup base. P&G stock was flat Thursday.
3 Top Growth Stocks To Watch In The Stock Market Rally
Fifth Third Breaks Out
IPO Leader Duolingo is building the right side of a cup base that has a 245.87 buy point, but is looking to add a handle with sharp losses in recent sessions. Duolingo shares added 0.9% Thursday.
Fifth Third Bancorp slipped 0.85% Wednesday, still holding above a 35.73 buy point. Shares were up 1% Thursday.
Cybersecurity leader Fortinet is adding a handle to a long cup base, taking the buy point to 73.91. The stock gained 0.6% early Thursday.
Oil stock Weatherford remains in buy range above a 102.65 buy point in a cup base. The 5% buy range tops out at 107.78. Weatherford shares edged down Thursday.
Best Bets On Stock Market Today
These are four best stocks to watch in today’s stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Novo Nordisk | (NVO) | 105.69 | Flat base |
| Merck | (MRK) | 119.65 | Cup base |
| DraftKings | (DKNG) | 39.35 | Cup base |
| Spotify | (SPOT) | 202.88 | Flat base |
Source: IBD Data As Of Feb. 28, 2024
Join IBD experts as they analyze 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 stock declined 0.6% Wednesday, extending a losing streak to six sessions and moving further below its long-term 200-day line. Shares were up 0.4% Thursday morning.
Microsoft shares is again at the top of the buy range past a 384.30 buy point in a flat base, while they attempt 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 for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
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Jessica Roberts is a seasoned business writer who deciphers the intricacies of the corporate world. With a focus on finance and entrepreneurship, she provides readers with valuable insights into market trends, startup innovations, and economic developments.
