Stock Market Update: Futures Unchanged, Stocks Rally Ahead of Thanksgiving
Dow Jones futures, S&P 500 futures, and Nasdaq futures showed little change after hours. Despite this, the stock market rally edged higher as the Thanksgiving holiday approached. On Wednesday, Nvidia (NVDA) saw a slight decline following an impressive earnings report but managed to stay in a buy zone. Meanwhile, Advanced Micro Devices (AMD) broke out of a key buy point. Google’s Alphabet (GOOGL) and Amazon.com (AMZN) also showed positive buy signals. However, Tesla (TSLA) fell after ramping up discounts in the U.S. and Europe post-controversial comments from CEO Elon Musk. Both Nvidia and AMZN stock are in the IBD Leaderboard lineup, with Nvidia stock also featured in the IBD 50. AMD was highlighted as Wednesday’s IBD Stock Of The Day.
Dow Jones Futures Today
Today, Dow Jones futures remained flat. The U.S. stock market is set to be closed on Thanksgiving, with Dow futures trading normally, while other global exchanges will be open. Trading volume is expected to be limited. It’s important to note that overnight futures action doesn’t always translate to actual stock market activity the next day.
Stock Market Rally
The stock market rally rebounded modestly on Wednesday. The Dow Jones Industrial Average, S&P 500 index, and Nasdaq composite all saw gains, with the small-cap Russell 2000 also advancing. U.S. crude oil prices fell as OPEC+ delayed a planned meeting, while the 10-year Treasury yield remained flat. Yet, overall, November has been a strong month for the stock market. The Nasdaq and S&P 500 have posted significant gains, with some notable growth ETFs moving just below break-even.
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Looking at specific stocks, Nvidia, AMD, Google, Amazon, and Tesla were in focus. Despite Nvidia’s minor setback, the company’s upbeat earnings report still positioned it near a buy point. AMD shares saw a strong 2.8% rise after clearing a crucial buy point. Both Google and Amazon also showed positive movements, while Tesla experienced a slight decline after announcing new discounts and gearing up for a Cybertruck delivery event.
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As the stock market rally continues, investors should carefully consider their exposure and look out for additional buying opportunities. It’s also essential to diversify and look for emerging leaders beyond conventional tech stocks. Regularly staying informed with market updates and trend analysis will be key in making informed investment decisions.
For more stock market updates and insights, follow Ed Carson on Twitter at @IBD_ECarson, and be sure to check out IBD’s Premium Stock Lists and Analysis as well as other digital tools. Additionally, you can find comparisons between Tesla and BYD, insights into the recent actions of the Federal Reserve, and more.
