Dow Jones futures changed little on Thursday night, along with S&P 500 futures and Nasdaq futures. The rise in the stock market took place strongly on Thursday when treasury yields tumbled despite a bunch of strong economic reports.
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Technical titans took the lead, with Nvidia (NVDA), Adobe (ADBE) and Facebook (FB) makes clumsy movements around access points. appeal (AAPL), Microsoft (MSFT), Amazon.com (AMZN) and Google parent Alphabet (GOOGL) has also made good progress.
All of these stocks fell on Wednesday as the market traded cyclical stocks like Freeport McMoRan (FCX).
S&P 500 steady rise
The mini-rotations made the market challenging, despite the general rising trend. But look at a chart of the Dow Jones and especially the S&P 500, and you will struggle to see much volatility. While Apple shares, Facebook, Microsoft, Google, Amazon, Adobe and Nvidia are big weights in the S&P 500, the benchmark index also boasts non-technological giants such as Goldman Sachs (GS), General Motors (GM), Deere (DE), Home Depot (HD), Target (TGT), FCX stock and many more. Although some of these names and sectors will lead or lag behind on any given day, the broad S&P 500 has risen modest days.
In the current market rises, investors should strive for sector balance sheets such as the S&P 500, but focus on leading equities. In addition to Nvidia, Adobe and Facebook are also likely to include Goldman Sachs, GM, Freeport McMoRan, Deere and Target, with Amazon joining early. Home Depot is expanding.
Nvidia, Adobe, Microsoft, GM and Google shares are all on IBD Leaderboard. Freeport McMoRan, Google and Goldman shares are on SwingTrader. Microsoft and Adobe shares are on IBD long-term leaders.
Dow Jones Futures Today
Dow Jones futures were flat against fair value. S&P 500 futures have risen lower. Nasdaq 100 futures fell 0.1%.
In addition to the hot US economic data on Thursday, China will release the most important reports on Friday morning local time, including GDP growth in the first quarter, which should easily reach 10%.
Remember that overnight actions in Dow futures and elsewhere do not necessarily translate into stocks in the next regular session.
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Coronavirus News
Coronavirus cases worldwide reached 139.57 million. The deaths from Covid-19 were 2.99 million.
Coronavirus cases in the US hit 32.21 million, with deaths above 578,000.
Stock market rally
The stock market rally has recovered solidly, with the Dow Jones, S&P 500 and Nasdaq 100 all reaching record highs.
The Dow Jones industrial average rose 0.9% in stock market trading to 34,000 for the first time. The S&P 500 index climbed 1.1%. The Nasdaq Composition rose 1.3%. The Nasdaq 100 gained 1.5%. The Russell 2000 rose 0.4% after recovering by 1% on Wednesday.
The 10-year treasury yield fell by 11 basis points to 1.53%, the lowest in a few weeks, although it pushed the rise in late afternoon trading to 1.57%, despite retail sales and jobless claims that many was better than expected, while other reports also showed strong growth. On Tuesday, the 10-year yield fell, despite consumer prices rising more than the view.
The acceleration of economic growth and declining treasury yields is a recipe for a broad advance, apart from rate-sensitive finances. But even those cards generally look good.
Trillion Dollar Shares
The major indices are likely to perform well if Apple, Microsoft, Amazon and Google are more than 1% higher. Apple shares have a market value of $ 2.2 billion, while the other titans are worth more than $ 1.5 billion. All are on the S&P 500 and Nasdaq compilations, with Apple and Microsoft shares also on the Dow Jones industrial average.
Apple shares rose 1.9% to 134.50 and moved to a buying point of 145.19 cups. The volume was generally sluggish as AAPL shares were building to the right of the base.
Microsoft shares climbed 1.5% to 259.50, now slightly extended from the 246.23 entry from a flat base, which was part of a base-on-base pattern.
Google shares rose 1.9% to 2,285.25, which was also extended from its flat base.
Amazon share rose 1.4% to 3,379.09. On Tuesday, the AMZN stock hit resistance just below the February 3 high of 3,434, which can be seen as the start of a cup base within a longer seven-month consolidation. It is possible that Amazon shares will form a handle around these levels.
Top ETFs
Among the best ETFs, the Innovator IBD 50 ETF (FFTY) climbed 0.8%, while the Innovator IBD Breakout Opportunities ETF (BOUT) rose 0.7%. The iShares Expanded Tech-Software Sector ETF (IGV) rose 1.85%, with key components from Microsoft and ADBE. The VanEck Vectors Semiconductor ETF (SMH) rose 1.3%, with Nvidia shares and many other chips playing well, highlighting the weakness in Taiwan Semiconductor (TSM).
SPDR S&P Metals & Mining ETF (XME) added 1%, with FCX share a major stake. Global X US Infrastructure Development ETF (PAVE) increased by 0.5%. US Global Jets ETF (JETS) fell 0.9% as Delta Luglyne (DAL) withdrew while launching airline earnings reports.
Due to more speculative story shares, ARK Innovation ETF (ARKK) climbed 1.4% and ARK Genomics ETF (ARKG) rose 1%.
Tech Giants Reclaiming Purchase Points
The Nvidia share jumped 5.6% to 645.49 and, according to an analysis of the MarketSmith chart, once again hovered above a 615 buy base of a cup base. NVDA shares are on the verge of the 5% chase zone, ending at 645.75. The relative strength of Nvidia’s share is near a consolidation high.
Adobe shares rose 2.5% to 523.25, returning above early entries of 506.61 and 507.02, while another entry was removed at 519.70. ADBE shares are approaching the official buy point of 536.98 from a consolidation beginning in September.
Facebook rose 1.65% to 307.82, above the alternative entry of 304.77 just above the top of its long consolidation. The FB share fell for five live sessions, but never fell below the official 299.81 buy point.
Read the big picture every day to keep up with the market direction and leading stocks and sectors.
Follow Ed Carson on Twitter at: @IBD_ECarson for stock market updates and more.
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