The Dow Jones Industrial Average and the other major stock indexes rose Thursday, as Wall Street braced for the Federal Reserve's interest rate decision and Fed Chair Jerome Powell's subsequent comments. Donald Trump stock Trump Media & Technology (DJT) plunged on the stock market today.
Ahead of the opening bell, Dow Jones futures rose 0.2% vs. fair value, as S&P 500 futures moved up 0.3%. Tech-heavy Nasdaq 100 futures traded up 0.4% in premarket trading.
↑ XEarly Thursday, the 10-year Treasury yield ticked higher to 4.43%. Oil prices declined, as West Texas Intermediate futures traded around $71 per barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) rose 0.4%, as the SPDR S&P 500 ETF (SPY) moved up 0.3% ahead of the open.
Nvidia, Apple And Tesla Highlight How To Handle The Stock Market Today
Markets are still pricing in 97% odds of a 25-basis-point rate cut announcement at 2 p.m. ET Thursday, according to CME Group's FedWatch page. However, odds of a further quarter-point cut on Dec. 18 fell to 67% from 77% two days ago.
Following the rate policy announcement, Fed Chair Powell will offer comments on the current economic situation at 2:30 p.m. ET.
Trump Media and Technology plunged more than 12% in premarket trading Thursday, set to give back some recent gains.
On Wednesday, Trump Media & Technology surged as former President Donald Trump defeated Vice President Kamala Harris in the presidential election to reclaim the White House. Meanwhile, Republicans retook the Senate and may have the edge in the House of Representatives.
The Donald Trump stock ballooned early, hitting an intraday high of 45.77, before paring those gains to add 5.9% to 35.95 during market action on Wednesday. The stock soared 38% prior to Wednesday's market open.
Key earnings movers early Thursday include Arm Holdings (ARM), Duolingo (DUOL), Dutch Bros (BROS), Lyft (LYFT), MercadoLibre (MELI) and Qualcomm (QCOM).
Arm stock tumbled more than 6%, while shares of Duolingo sold off 4.7% in early action. Dutch Bros stock soared 18%, as Lyft shares leapt 24%. MercadoLibre dived 8.2%. Finally, Qualcomm rallied 6% in premarket trading.
Nvidia Poised To Dethrone Apple. Amazon Takes Aim At Google.
On Wednesday, the Dow Jones Industrial Average rallied 3.6%, while the S&P 500 advanced 2.5%. And the tech-heavy Nasdaq composite gained almost 3%.
During Wednesday's IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market action.
Among the best companies to watch on the stock market today are Costco Wholesale (COST), GoDaddy (GDDY) and Netflix (NFLX).
Dow Jones components making notable moves are Amazon.com (AMZN), Apple (AAPL), JPMorgan Chase (JPM) and Microsoft (MSFT).
Amazon and GoDaddy were featured in this Stocks Near A Buy Zone column.
There were 12 new stocks on IBD MarketSurge's "Breaking Out Today" list Wednesday. Notably, Block (SQ) topped a 75 buy point in a cup with handle. Check for potential breakouts on the "Near Pivot" list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones financial leader JPMorgan surged past a 225.48 buy point, according to MarketSurge pattern recognition, during Wednesday's action. Shares dropped 0.7% on the stock market today. JPMorgan was IBD's Stock Of The Day on Monday.
Outside the Dow Jones index, Costco is forming a flat base with a 923.83 buy point, and back above the 50-day line. Costco — Wednesday's options trade idea — traded down 0.1% early Thursday.
GoDaddy jumped out of buy range beyond a cup-with-handle entry at 166.17, with a 4.9% advance Wednesday. Shares added 1.1% Thursday premarket.
Streaming giant Netflix rallied 2.1% Wednesday, moving above a 773 buy point. Netflix stock moved down a fraction early Thursday.
Nvidia Still King, But This 'Big Daddy' Crushes All Other Mag 7 Stocks
These are four stocks in or near buy zones in today's stock market.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Ferrari | (RACE) | 498.23 | Flat base |
| Costco Wholesale | (COST) | 923.83 | Flat base |
| MercadoLibre | (MELI) | 2,161.73 | Flat base |
| Uber Technologies | (UBER) | 82.14 | Consolidation |
Join IBD Experts As They Analyze Leading Stocks On IBD Live
Among Magnificent Seven stocks, Alphabet (GOOGL) moved up 0.9% in premarket trading on the stock market today. Shares are approaching a 182.02 buy point in a cup with handle.
Meta Platforms (META) continues to see support at its 50-day moving average line. Shares inched higher Thursday.
Chip giant Nvidia (NVDA) rallied to new highs Wednesday, but threatened to give up a small part of those gains with a slight drop premarket Thursday.
Tesla surged nearly 15% Wednesday, hitting a new 52-week high and bullishly regaining a 264.86 cup-with-handle entry. Shares dipped 0.2% Thursday.
Among Dow Jones components in the Magnificent Seven, Amazon stock jumped to new highs Wednesday and added 0.1% in premarket trading Thursday, further above a 195.37 handle buy point. Investors also could use the consolidation peak of 201.20 from early July, which also was the tech giant's high-water mark, as an alternative entry.
Shares of Apple remains below its 50-day line in the wake of the company's earnings report last week. Apple stock rose 0.3% Thursday morning.
Microsoft shares climbed 0.2% Thursday morning. On Wednesday, shares rallied back to their 50-day line following last week's dive below that key level.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
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