Dow Jones futures were little changed overnight, as were S&P 500 and Nasdaq futures, with the November jobs report released Friday morning. Broadcom (LULU) headlined the results after the close.
X
The stock market rally rebounded Thursday, with large-cap technology companies leading a broad advance. The major indexes are all near their 52-week highs.
Advanced microsystems (AMD) and parent Google Alphabet (GOOGLE) jumped on Thursday to the second day of reactions to their big announcements in terms of artificial intelligence. These AI efforts will help them tackle Nvidia (NVDA) And Microsoft (MSFT), respectively.
AMD stock rose above several buy points while Google flirted with an early entry. NVDA stock also rose, around key levels. Microsoft stock rose slightly into a buy zone.
In addition to AMD, megacaps Apple (AAPL), Amazon.com (AMZN) And Metaplatforms (META) also recovered purchase points. You’re here (TSLA) continued its rebound from the 50-day line, approaching a buy point.
Amazon, Meta, Microsoft and Nvidia stocks are active MII classification. Nvidia and Apple shares are on the rise Swing Trader. MSFT stock is on the Long-term leaders in IBD list. Microsoft, Meta Platforms, Nvidia, Google and LULU shares are on the stock market. MII 50. AMD was Thursday’s IBD Stock of the Day.
Dow Jones Futures Today
Dow Jones futures rose 0.15% from fair value. S&P 500 futures rose and Nasdaq 100 futures were little changed.
The 10-year Treasury yield rose slightly to 4.16%.
Crude oil futures rose more than 1%.
The Department of Labor will release the November jobs report at 8:30 a.m. ET. This will certainly move Dow Jones futures, Treasury yields and more. Investors want a jobs report that is neither too hot nor too cold, as concerns shift from inflation to recession risks.
Remember that overnight action Dow Jones Futures and elsewhere does not necessarily translate into real exchanges during the next regular class sotck exchange session.
Join IBD experts as they analyze top stocks and the market on IBD Live
Earnings
Broadcom, Lululemon, Smart Leaf (FAT) And Guidewire Software (THREAD) reported Thursday evening.
AVGO stock fell slightly in share price overnight as Broadcom profit slightly exceeded estimates for the fiscal fourth quarter. The chip and software giant gave optimistic guidance for fiscal 2024 and increased its dividend by 14%. Shares rose 2.1% to 922.26 during Thursday’s regular session, rebounding near the 50-day line after trending lower over the past two weeks, often in heavy volume. Broadcom stock has a still valid 923.67 flat base point of purchase, but has been consolidating since the end of May.
LULU stock fell slightly in extended trading as Lululemon profits top views But the yoga wear giant guided its earnings and sales for the holiday quarter to just below consensus. Shares edged up 0.9% on Thursday to 464.67. Lululemon stock has moved significantly away from a buy zone, but is near its November 2021 high of 485.83.
SMAR stock rose solidly overnight after Smartsheet earnings beat forecasts. Shares edged up 0.3% to 44.89 on Thursday. SMAR stock has a consolidation of 52.81 point of purchase. Investors could use Tuesday’s high of 45.96 as an early entry.
GWRE shares were little changed in extended action. Guidewire broke even, defying loss forecasts, but posted weak revenue for the current quarter. The insurance software maker advanced 0.8% to 98.85 on Thursday, finding support near the 21-day line. Guidewire stock closed in a range of a 95.88 buy point from a flat base.
Task Report Overview
Economists expect November nonfarm payrolls to increase by 180,000, up from 150,000 in October, affected by the UAW auto strike.
The unemployment rate is expected to remain at 3.9%. Hourly wages are expected to increase by 0.3%, but the annual gain will decline slightly to 4%.
Earlier in the week, other employment data was generally weak, including job postings and ADP’s jobs report.
Stock market rally
The stock market rally rebounded Thursday, with large-cap technology companies leading a broad advance.
The Dow Jones Industrial Average rose 0.2% on Thursday stock market trading. The S&P 500 index rose 0.8%, with AMD stock by far the best performer. The Nasdaq Composite Index rose 1.4%.
The small-cap Russell 2000 climbed 0.9%.
While AMD and Google’s gains on Thursday were driven by AI, more speculative AI plays saw muted gains and even losses. C3.ai (AI) fell 10.77 % on Thursday due to weak revenues and forecasts.
Chips had a strong session, even outside of AMD and Nvidia. Travel sector stocks performed well, with Reservation of funds (BKNG) to burst.
U.S. crude oil prices attempted to rebound but closed 4 cents lower at $69.34 a barrel, their lowest level since late June.
The 10-year Treasury yield edged up 1 basis point to 4.13%, just off a three-month low after hitting 4.18% Thursday morning.
AND F
Among growth ETFs, the iShares Expanded Tech-Software Sector ETF (VAT) increased by 0.5%. Microsoft is a huge IGV holding company. The VanEck Vectors Semiconductor ETF (SMH) jumped 2.3%. Nvidia and AMD shares are SMH’s largest holdings, alongside Broadcom.
Reflecting more speculative stocks, ARK Innovation ETF (ARKK) climbed 0.5% and ARK Genomic ETF (ARKG) 0.2%. Tesla shares still represent a significant holding in Ark Invest’s ETFs.
SPDR S&P Metals & Mining ETF (XME) rose 0.4% and the Global X US Infrastructure Development ETF (PAVE) added 0.5%. US Global Jets ETF (JETS) increased by 2.4%. SPDR S&P Homebuilders ETF (XHB) increased by 0.8%. The Energy Select SPDR ETF (XLE) fell 0.7% and the SPDR Health Care Select Sector Fund (XLIV) fell 0.1%.
The Select Industrial Sector SPDR Fund (XLII) increased slightly by 0.1%.
The Financial Select SPDR ETF (45) added 0.5%. The SPDR S&P Regional Bank ETF (CREATE) jumped 1.9%.
Five Best Chinese Stocks to Watch Now
AMD Stock
AMD stock jumped 9.9% to 128.37, recovering to 122.11 cup with handle buy point on a daily chart and also crossing a buy point of 125.73 on a weekly chart. On Wednesday, AMD unveiled a new line of AI chips to compete with Nvidia. But shares reversed from the buy point to close slightly lower, below the 21-day line.
Analysts have generally praised AMD’s new AI chip. Microsoft, Meta Platforms and OpenAI announced that they would purchase AMD’s AI accelerator, reducing their dependence on Nvidia.
Nvidia stock, for its part, rose 2.4% to 465.96, rebounding from its 50-day line. Stocks are still below the 21-day average and Thursday was a sweet spot compared to Wednesday’s downward turnaround. NVDA stock has a 476.09 still going strong double bottom point of purchase.
Google Stocks
Google shares jumped 5.3% to 136.93, returning above the 50-day mark. Shares are closing in on a 139.42 cup-with-handle buy point, according to MarketSmith Analysis. Intraday, GOOGL stock flirted with entering a downtrend in the handle. Investors could now use Thursday’s high of 138.56 as an early entry.
On Wednesday, Google unveiled its big Gemini language model, which will power the Bard chatbot and more, taking on Microsoft, OpenAI and others. On the day, shares edged down 0.7%. But on Thursday, JPMorgan said Gemini represented a “significant innovation” for Google.
Microsoft stock edged up 0.6% to 370.95, moving away from the 21-day line and into the 366.78 range. cup base point of purchase. After consolidating for several weeks in the buy zone, MSFT stock is no longer extended for 50 days.
Other megacapsules
Apple stock rose 1% to 194.27, moving back above the cup-with-handle buy point of 192.93 and a valuation of $3 trillion.
Amazon stock added 1% to 146.88, rebounding near the 21-day mark to again regain a 145.86 buy point.
Meta stock jumped 2.9% to 326.59, rebounding from the 50-day and moving back above the 21-day line and a 326.20 buy point. This ended a six-game losing streak.
Tesla stock rose 1.35% to 242.60, its third consecutive small advance from the 50-day line. Shares close on a trendline now just below 250, along with a recent high of 252.75. The official buy point for TSLA stock is 278.98 on a double-bottom basis.
On Thursday, Bloomberg reported that Dojo hardware head Ganesh Venkataramanan had left Tesla. Other reports suggest he left last month, perhaps due to disappointment with the next-generation “Dojo 2” chip.
Time the Market with IBD’s ETF Market Strategy
What to do now
The major indexes are near their 52-week highs, but have not erased recent sideways swings. A longer pause would be healthy, but a number of stocks have forged handles or returned to key levels over the past few days.
Investors could have taken advantage of AMD shares or other buying opportunities on Thursday, but they probably shouldn’t be too aggressive with the indexes in their recent ranges. By adding exposure throughout November, investors have the luxury of letting their holdings work.
But work on your watchlists. You want to know about emerging patterns in advance, so you can take advantage of them or not when they trigger entries.
Read The big picture every day to stay in tune with the direction of the market and the main values and sectors.
Please follow Ed Carson on X/Twitter at @IBD_ECarsonDiscussions about @edcarson1971 and Bluesky at @edcarson.bsky.social for stock market updates and more.
YOU MAY ALSO LIKE:
Why this MII tool simplifies To inputch For the best actions
Best Growth Stocks to Buy and Watch
IBD Digital: Unlock IBD’s premium stock lists, tools and analysis today
Tesla Vs. BYD: Electric vehicle giants vie for the crown, but which is the best buy?
