The stock market saw some movement overnight, with Dow Jones, S&P 500, and Nasdaq futures all rising slightly. Following the close, companies like FedEx, Lululemon Athletica, and Nike reported their earnings. The market rally hit record highs on Thursday morning, but gains were tempered as the day progressed.
Tech stocks like Micron Technology and Broadcom led the way, while Microsoft hit a record high following an AI event. However, Apple faced some challenges as the Justice Department filed an antitrust suit against them. Despite this, CyberArk Software flashed a buy signal, and several non-tech companies also stood out in the market.
Stocks like Neurocrine Biosciences, On Holding, and Goldman Sachs broke out, along with several other finance and investment management companies. Overall, 11 stocks were in buy areas, including Apollo Global stock, Nvidia, and Ares Management.
Earnings reports from companies like FedEx, Lululemon, and Nike showed different results, with FedEx’s earnings beating expectations and Lululemon’s guidance falling short. Nike’s earnings were strong initially but fell after the analyst call. Deckers Outdoor and On Holding also saw positive movements in their stock prices.
The market rally has shown strength, with record highs on major indexes, although some growth stocks saw gains erased. U.S. crude oil prices fell slightly, while the 10-year Treasury yield remained flat.
In the ETF space, funds like the iShares Expanded Tech-Software Sector ETF and the VanEck Vectors Semiconductor ETF saw gains, with individual stocks like Micron and Broadcom performing well.
Several stocks were in buy areas, including CyberArk, Neurocrine Biosciences, and Goldman Sachs. Microsoft stock rose following an AI event, hitting a fresh high.
As the stock market rally continues, investors are advised to stay updated and be prepared to seize buying opportunities quickly. It’s important to monitor market trends and leading stocks to make informed decisions. Remember not to get too aggressive in ramping up exposure, and always keep your watchlist updated for potential opportunities. Check out The Big Picture daily for market insights and analysis.
For more updates and stock market news, follow Ed Carson on Threads at @edcarson1971 and on Twitter at @IBD_ECarson.
Remember to stay informed and make smart investment decisions to navigate the current market conditions effectively.
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