On Thursday, Dow Jones futures and other major indexes extended their gains. Nvidia (NVDA) rose to an all-time high again, tesla (TSLA) added to this week’s already heavy losses in the stock market today. Meanwhile, Federal Reserve Chairman Jerome Powell is scheduled to appear in Congress for the second day in a row.
X
In morning trading, Dow Jones futures rose 0.3% to fair value, while S&P 500 futures rose 0.4%. Futures on the tech-heavy Nasdaq 100 rose 0.55% before the opening bell.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) is the SPDR S&P 500 ETF (spy) rose 0.3%.
10-year Treasury yield fell to 4.07% Additionally, oil prices took a breather after Wednesday’s rise, as West Texas Intermediate futures fell 0.6% to trade around $78.70 a barrel.
Among Magnificent Seven stocks, Nvidia rose 21.7% in pre-market trading, while Tesla fell 1.2%.
Nvidia stock is on track to reach another all-time high, trading 75% above its flat entry of 505.48. Nvidia is his IBD leaderboard stock.
Tesla stock closed Wednesday at its lowest since May 17, marking its steepest decline this week. The stock remains well below its 50-day 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 Testimony
Fed Chairman Jerome Powell is scheduled to appear before the Senate Banking, Housing and Urban Affairs Committee at 10 a.m. On Wednesday, Fed Chairman Powell told a House committee that it was too early to cut interest rates, but that a rate cut would likely happen before the end of the year.
In other economic news, the number of new jobless claims filed by the Department of Labor rose to 217,000. The number of applications was expected to remain unchanged from the previous week at 215,000.
Key earnings reports included on Thursday american eagle outfitters (AEO), bj wholesale (BJ), Burlington stores (bar), siena (Cien) and kroger (KR).
American Eagle rose 14%, while BJ stock fell 1.3%. Burlington shares rose 5.9% in morning trading while Siena shares fell more than 10%. Finally, Kroger rose 4.6% in early trading.
After the market closes broadcom (AVGO) and costco wholesale (Fee) is scheduled to report its financial results.
In other places, novo nordisk (NVO) soared 7% following promising results for a new weight loss drug.
dow jones rise
On Wednesday, the Dow Jones Industrial Average rose 0.2% and the S&P 500 index rose 0.5%. The Nasdaq Composite Index, which has a high proportion of high-tech stocks, rebounded by 0.6%.
Wednesday’s Big Picture column said, “Stock market bullishness can deflect the bullet of pronounced institutional selling that pops up from time to time. However, ahead of Wednesday’s rally, the stock market has a small distribution cluster. appeared to be forming, which is not a welcome sight for the Long faction.” ”
As the stock market continues to rise, now is an important time to read IBD’s The Big Picture column. 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 on the stock market today
Duolingo (Duor), fifth third bancorp (FITB), fortinet (FTNT) and weatherford (WFRD) — plus Dow Jones component disney (DIS), IBM (IBM) and procter and gamble (P.G.) — one of 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 Breakouts of the Day list. This indicates that the MarketSurge Growth 250 stocks are breaking through a new buy point. There was one breakout on Wednesday. arch capital (ACGL), broke above the cup-with-handle entry of 88.77.
Meanwhile, MarketSurge’s “Near Pivot” list shows stocks that are nearing buy points on the basis of: badger meter (BMI). The stock is nearing an entry of 170.86 cups.
Get real-time buy and sell alerts on stock market leaders with IBD Leaderboard
Dow Jones Stocks: Disney Attempts to Breakout
According to IBD MarketSurge’s chart analysis, Disney is about to break through the 112.92 buy point, which is the large threshold for cups with handles. Disney stock rose slightly on the stock market today.
IBM stock also rose 2.2% on Wednesday and is on track to break above the flat-based buy point of 196.90. IBM stock rose 0.5% Thursday.
Consumer goods giant Procter & Gamble rose 0.2% on Wednesday, above a cup-based buy point of 158.38. P&G shares rose modestly on Thursday.
3 top growth stocks to watch stock market rise
fifth third breakout
IPO leader Duolingo is building on the right side of a cup base with a buy point of 245.87, but is looking to add a handle with heavy losses in recent sessions. Duolingo stock rose 0.8% on Thursday.
Fifth Third Bancorp fell 0.85% on Wednesday, but was still above its buy point of 35.73. The stock rose 0.25% on Thursday.
Cybersecurity leader Fortinet adds a handle to its long cup base and has a buy point of 73.91. Stocks edged higher early Thursday.
Oil stock Weatherford remains in buy range above the cup-based buy point of 102.65. The top of the 5% buy range is 107.78. Weatherford stock rose 0.4% Thursday.
Best bets on the stock market today
These are the four best stocks to watch in the stock market today, including the Dow Jones leader.
| Company Name | symbol | correct purchase point | Types of purchase points |
|---|---|---|---|
| novo nordisk | (NVO) | 105.69 | flat base |
| Merck | (MRK) | 119.65 | cup base |
| draft kings | (DKNG) | 39.35 | cup base |
| spotify | (spot) | 202.88 | flat base |
Source: IBD data as of February 28, 2024
IBD experts break down the top stocks in the current stock market rally on IBD Live.
Dow Jones Leader: Apple, Microsoft
Among the Dow Jones stocks in the Magnificent Seven are: apple (AAPL) and microsoft (MSFT) rose ahead of the stock market’s opening on Thursday.
Apple stock fell 0.6% on Wednesday, extending its losing streak to six sessions and falling further below its long-term 200-day line. Shares were up 0.4% on Thursday morning.
Microsoft stock is once again at the top of the buy range, above the 384.30 buy point on a sideways basis, but is trying to hold support at the 50-day line. The software giant rose 0.8% on the stock market today.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter. @IBD_SLehtonen Learn more about growth stocks, the Dow Jones Industrial Average, and today’s stock market.
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