Dow Jones Nears Record High As Fed Pivot Fuels Stocks; Nvidia Clears Trendline Entry (Live Coverage)

Blockhead09-20 00:09

The Dow Jones Industrial Average rose to a record high while other indexes soared in midday action Thursday as markets were emboldened by the Federal Reserve's interest rate cuts, along with a drop in...

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Among the early winners was Nvidia (NVDA) which cleared a trendline entry on the stock market today.\n\n\n\n↑\nX\n\n\n\n\nFrom Artificial Intelligence To Interest Rate Cuts, Here's How Investors Can Win Big In 2024\n\n\nSee All Videos\n\n\n\n\nNOW PLAYING\nFrom Artificial Intelligence To Interest Rate Cuts, Here's How Investors Can Win Big In 2024\n\n\n\n\nStocks on the Dow jumped more than 400 points for a gain of 1%. In early trades, the Dow touched a record high intraday high and remained on pace to set a new closing high.\nThe Dow and other indexes made large moves initially Wednesday, but skittish traders grew tentative in the hours after the Fed's decision to cut rates by a half point Wednesday. And so the markets gave back gains and ended the day down slightly.\nThat all changed Thursday, and the S&P 500 and Nasdaq displayed even more dramatic turnarounds than the Dow. The benchmark S&P climbed 1.8% on the stock market today while the Nasdaq led the major indexes with a 2.7% surge.\nVolume on both the New York Stock Exchange and the Nasdaq was higher compared with the same time on Wednesday.\nFurther, small caps on the Russell 2000 index gained 1.6%. And the Innovator IBD 50 (FFTY) exchange traded fund climbed 2.2% in recent action.\nThe Fed cut interest rates by 50 basis points on Wednesday, ending a rate tightening cycle that lasted four years. More rate cuts are expected later this year.\nYields on the benchmark 10-year Treasury note rose 5 basis points to 3.74%.\nNvidia Clears Trendline Entry\nNvidia surged nearly 5% in midday action. The move pushed the artificial intelligence leader past its 50-day moving average — a level that it has been trying to reach for a week. The stock also rose past a trendline entry around 118.\nAmong stocks in the IBD MarketSurge Growth 250, Arista Networks (ANET) rose past a buy point of 376.50. Oscar Health (OSCR) also broke out from a 23.44 buy point in a cup base.\nFurther, Spotify (SPOT) is breaking out of a consolidation with a buy point of 359.38.\n\n11.06 a.m. ET\nJobless Claims Fall\nIn other economic news, initial unemployment claims for the week ended Sept. 14 fell to 219,000 vs. estimates for 230,000, according to Econoday. Claims numbered 230,000 for last week, figures show.\nAlso, existing home sales for August came in at 3.86 million, missing estimates for 3.9 million.\nStock Market Today: Dow Jones Players Climb\nTech stocks lifted the Dow Jones index. Apple (AAPL) jumped nearly 4% shortly after the open. The tech giant cleared its 50-day moving average within a consolidation with a buy point at 237.23, according to IBD MarketSurge.\nMicrosoft (MSFT) also made some progress toward a buy point of 468.35 in a cup base. Shares were up nearly 2% on Thursday.\nFinally, Salesforce (CRM) climbed over 5% as its company's Dreamforce conference wraps up.\nRetail and health care players on the Dow lagged.\nHomebuilders Jump On Fed News\nHomebuilders got a boost from the Fed's big rate cut on Wednesday. Pulte Homes (PHM) made further progress toward a profit zone from a buy point of 122.72. The stock is on the IBD Leaderboard.\nToll Brothers (TOL) also rose on the stock market today. And IBD 50 stock Dream Finders Homes (DFH) was unchanged in a cup base that has a buy point of 44.38.\nAnother homebuilder, Lennar (LEN) plans to report third-quarter earnings at the market close. Shares continued to climb Thursday and are well extended.\nStock Market Today: Olive Garden Parent Up On Earnings\nEarnings pushed Darden Restaurants (DRI) more than 7% higher, and through a buy zone from a 160.64 buy point. The parent of Olive Garden restaurants missed first-quarter estimates but maintained its full year outlook. It also announced a new partnership with Uber (UBER).\nFedEx (FDX) rose in a flat base with a buy point of 313.84 ahead of its first-quarter results, due after the market close.\nGeneral Mills (GIS) reported a decline in sales and earnings late Wednesday but affirmed its full year outlook. Shares fell 0.9% on the stock market today.\nMagnificent Seven stock Alphabet (GOOGL) added to Wednesday's gains when the search giant scored a win in a $1.7 billion case concerning online ads in the European Union. Shares have cleared the 200-day moving average.\nPlease follow VRamakrishnan on X/Twitter for more news on the stock market today.\nYOU MAY ALSO LIKE:\nIs Nvidia A Buy?\nIBD Live: Learn And Analyze Growth Stocks With The Pros\nLearn How To Time The Market With IBD's ETF Market Strategy\nFind The Best Long-Term Investments With IBD Long-Term Leaders\nMarketSurge: Research, Charts, Data And Coaching All In One Place\nHow To Research Growth Stocks: Why This IBD Tool Simplifies The Search For Top Stocks","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.27.0","shortVersion":"4.27.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2468683309"}