Dow Jones futures were little changed overnight, along with S&P 500 futures and Nasdaq futures.
X
Stock market gains defied higher-than-expected core CPI inflation on Tuesday. oracle (ORCL) There is a gap in earnings, Nvidia (NVDA) bounce. Large-cap tech stocks led the S&P 500 to a closing high, but market breadth was weak.
ServiceNow (now), shockwave medical (SWAV), arch lock (Alok), symbolic (SYM) and microsoft (MSFT) flashed a buy signal on Tuesday, at least during the day.
Investors had an opportunity to buy more on Tuesday, but that window could close again quickly.
early Wednesday morning, dollar tree (DLTR) and williams sonoma (WSM) is being tapped.
Nvidia stock and ServiceNow are on IBD Leaderboard. ServiceNow stock is on SwingTrader. MSFT stock is listed on the IBD Long Term Leaders. Nvidia, Symbotic, and Shockwave stocks are on the rise. IBD50. Ark Rock was his IBD Stock of the Day on Tuesday.
Dow Jones futures today
Dow Jones futures were even to fair value. S&P 500 futures were little changed, and Nasdaq 100 futures fell slightly.
Please note that overnight trades such as Dow futures do not necessarily translate into actual trades in the next regular stock market.
IBD experts analyze leading stocks and markets on IBD Live.
stock market rise
Stock market gains traded strongly despite generally high CPI data, perhaps a detail that suggests the readings of the Core PCE Price Index, the Fed’s most preferred inflation measure, are calming. This is probably because there was Nvidia and Oracle stock prices are available on ServiceNow, Microsoft, meta platform (Meta).
In stock market trading Tuesday, the Dow Jones Industrial Average rose 0.6%, rising from its 21-day moving average and 10-week moving average to regain the $39,000 level. The S&P 500 index rose 1.1 points, breaking below its 10-day line and hitting a new closing high. The Nasdaq Composite rose 1.5%, bouncing back from near its 21-day line and hitting a near-closing high.
Declining stocks outnumbered advancing stocks by a narrow margin, even as major indexes rose steadily to solidly.
The small-cap Russell 2000 hit off-session lows but fell slightly, marking its third straight year of declines.
Invesco S&P 500 Equal Weight ETF (RSP) rose 0.3%, well below the S&P 500’s pace but close to a record. The First Trust Nasdaq 100 Equal Weight Index ETF (QQEW) rose 0.8%, but lagged the Nasdaq 100’s 1.5% rise. On the other hand, RSP and QQEW held up slightly better in his two previous sessions.
Nvidia and many AI chip names have been leading the bull market, but they’ve expanded significantly or significantly.
Some big software names, including AI businesses like ServiceNow and Microsoft, have been consolidating for some time. Oracle edged up to a buy point, giving momentum to the sector with earnings and bullish commentary. Shockwave stock and dexcom (DXCM), looks interesting. The same goes for many energy services companies like Archrock stock. Banking and payment stocks are also doing well.
The Nasdaq and S&P 500 aren’t growing, but they are close to growing again after a strong day. This is the downside of the market refusing to take any significant pauses or rebounds.
US crude oil prices fell 0.5% to $77.56 per barrel.
The 10-year Treasury yield rose 5 basis points to 4.15%.
ETF
Among growth ETFs, iShares Expanded Technology Software Sector ETF (IGV) rebounded by 2.2%. Microsoft is a major IGV owner along with Oracle and ServiceNow. VanEck Vectors Semiconductor ETF (SMH) rose 3.2%. Nvidia stock is SMH’s No. 1 holding.
ARK Innovation ETF (Arkku) fell 0.8%, while the ARK Genomics ETF (arcg) fell 1.6%.
SPDR S&P Metals & Mining ETF (XME) fell 1.7%, while the Global X US Infrastructure Development ETF (pave) rose 0.6%. US Global Jets ETF (jets) fell 2.15%. SPDR S&P Home Builders ETF (XHB) rose 1.4%. Energy Select SPDR ETF (XLE) fell 0.2%, while the Healthcare Select Sector SPDR Fund (XLV) rose 0.5%.
Industrial Select Sector SPDR Fund (XLI) rose 0.4%.
Financial Select SPDR ETF (XLF) rose 0.4%, nearly returning to its all-time high in early 2022. SPDR S&P Regional Banking ETF (KRE) fell 1%.
Timing the Market with IBD’s ETF Market Strategy
Stocks in buy zone
ServiceNow stock jumped 4.3% to 789.56, rebounding from near the 50-day line and breaking the downtrend by rising above the 21-day line. This will allow early entry into the emerging flat base, which will take effect from this week onwards.
Shockwave stock rose 2.7% to 264.70 a day after rebounding from its 21-day line, breaking above the short-term consolidation trend line. It offers early entry. Investors could also use 270.96 as a formal entry for recent moves that include a tight three-week pattern. Investors could view this move as an effort at a long and deep consolidation of SWAV stock.
Symbotic stock rose 3.15% to 46.43, continuing its recent rebound from near its 50-day line and other converging moving averages. The stock price reached 47.89 during the day and then moved higher. The warehouse automation specialist is considering a trendline entry using the March 8 high of 47.05 as a specific trigger. Rather than waiting for a formal buy point, it may be best to buy SYM stock with early entry. However, it is a highly volatile stock.
Microsoft stock rose 2.7% to 415.01, rebounding from its 10-week line and regaining its 21-day line. This may result in early or additional entries being offered. But unlike ServiceNow, Microsoft hasn’t completely broken the emerging sideways-based trend line.Investors could wait for a little more progress above the 416-417 level.
ArchRock stock rose 1.9% to 18.41, extending Tuesday’s rebound from its 21-day moving average. According to the daily chart, this is above the short trend line and AROC stock offering early entry has an upward base of official buy point of 19.42. market surge. The natural gas service company, which provides compression services related to natural gas pipelines and transportation, is doing better than the slowdown in natural gas production.
nvidia stock
Nvidia stock rose 7.2% to 919.13, rebounding from its 10-day moving average on above-normal volume. This was followed by Monday’s 2% drop and Friday’s ugly big reversal. On March 7th, the AI chip leader had the most growth compared to its 50-day line since 2023. Tuesday’s move pushed NVDA stock 35.6% above its 50-day line, but it’s still significantly higher.
what to do now
Another rally in the market quickly provided support. Although its resilience is impressive, new strongholds are difficult to form. This is especially true for his Nvidia and other AI chip names that have been leading the market for the past few months.
But many other sectors, including software, medical products, and energy, have high quality to build new foundations on. Some of these stocks may have a line of relative strength that lags as a result, but generally follows an earlier uptrend.
Investors may have had access to some of these names depending on their exposure level. However, the buying window could close soon, as the market’s rally is nearing an extension. If the major indexes pull back soon, Tuesday’s offerings could suffer, at least temporarily.
That’s why it’s important to work on your watchlist and look beyond the most popular names at the moment. We want to identify new opportunities before they expand.
Read The Big Picture every day to stay on top of market direction and key stocks and sectors.
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