New York, NY – After hours trading saw little change in Dow Jones futures, while S&P 500 futures and Nasdaq futures dipped slightly. Thursday’s stock market rally was marked by a strong session, with Nvidia (NVDA) seeing an increase after some initial volatility following robust earnings.
The Nasdaq and S&P 500 saw modest gains, but the lackluster finishes were primarily attributed to Google-parent Alphabet (GOOGL). Despite this, many leading stocks displayed strong performances, making significant moves into buy zones. Companies such as Astera Labs (ALAB), Cloudflare (NET), Confluent (CFLT), Amphenol (APH), TechnipFMC (FTI), Deckers (DECK), and Costco Wholesale (COST) showcased actionable movements.
On the flip side, MicroStrategy (MSTR) experienced a downside reversal day with substantial volume, even as bitcoin continued its climb towards $100,000. Nvidia and Deckers were featured on IBD Leaderboard, while Astera Labs and Nvidia made appearances on the IBD 50. Cloudflare was highlighted as Thursday’s IBD Stock Of The Day.
The Dow Jones futures showed slight gains compared to fair value, while S&P 500 futures remained steady and Nasdaq 100 futures experienced a slight decline. The 10-year Treasury yield dropped to 4.42%.
Following the closing bell, NetApp (NTAP) and Intuit (INTU) released their earnings reports. NTAP stock surged in extended trading, nearing a potential breakout, while Intuit stock took a hit overnight. The market rally on Thursday saw positive movements, with the Dow Jones Industrial Average climbing 1.1% and the small-cap Russell 2000 surging 1.65%. The S&P 500 and Nasdaq also saw gains, testing their 21-day lines early in the day.
Alphabet stock faced a 4.7% decline, prompting concerns as the Justice Department announced plans for antitrust measures against Google. Meta Platforms (META) and Amazon.com (AMZN) were also impacted by the news. Despite this, overall market strength was evident, particularly in leading stocks like Snowflake (SNOW) and BJ’s Wholesale (BJ), which saw significant increases.
In the ETF market, various sectors experienced growth, with the Innovator IBD 50 ETF (FFTY) jumping 3% and the iShares Expanded Tech-Software Sector ETF (IGV) gaining 1.2%. Additionally, MicroStrategy stock saw a significant downside reversal, while Nvidia stock displayed some volatility throughout the day.
Overall, the stock market rally on Thursday showcased strength and resilience, with several leading stocks performing well and indicating opportunities for investors to make new buys. Staying informed and engaged with the market is crucial during times of market fluctuations and volatility.