Dow Jones, S&P 500, and Nasdaq Futures Rise as Stock Market Rally Rebounds
The stock market rally rebounded on Wednesday following Tuesday’s tech-led sell-off, with Dow Jones futures rising Thursday morning alongside S&P 500 and Nasdaq futures. However, major indexes closed well off intraday highs.
Federal Reserve chief Jerome Powell has stated that there is no rush to cut interest rates, and labor market data did not raise any alarms. CrowdStrike gapped up on earnings but came off highs, failing to lift the software sector significantly after Tuesday’s hammering.
Companies such as Nvidia, AMD, and Super Micro Computer hit new highs, while Palantir Technologies and Dexcom cleared buy points. Qorvo also regained a buy point, and Square parent Block is setting up for potential success.
On the flip side, Tesla briefly undercut 2024 lows, showing significant underperformance compared to the S&P 500. Novo Nordisk experienced a jump after positive news on an experimental weight-loss drug, while Eli Lilly edged lower.
Leaders like Nvidia stock, Square stock, and CrowdStrike stock have made it onto various IBD lists. Despite the rebound in the market, overall bullish sentiment is nearing near-euphoric levels, prompting investors to exercise caution.
ETFs including tech-software, semiconductor, and aerospace climbed, indicating some rebound in the market. Stocks like Palantir, Dexcom, Qorvo, and Square showed positive movement, while Tesla stock continued to perform poorly, hitting new lows and facing production halts.
The market rally continues to bounce back, but caution is advised due to excessive bullishness among investors. Stay tuned for more updates on the fluctuating stock market.
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