Dow Jones futures rose slightly overnight, along with S&P 500 futures and Nasdaq futures.
The stock market rally saw the major indexes fall Wednesday heading into the Thanksgiving holiday, but came off lows as Treasury yields extended their retreat.
CrowdStrike, Workday, Nutanix and Dell Technologies were notable tech turkeys on Wednesday, falling on earnings.
Nvidia extended losses but came off lows to just hold key support.
On the upside, Toll Brothers rose within a buy zone as homebuilders rally on lower rates. Warren Buffett's Berkshire Hathaway broke out.
Nvidia stock is on IBD Leaderboard and the IBD 50. Berkshire stock is on SwingTrader.
Trump Declares Victory Over Migration
Late Wednesday, President-elect Donald Trump posted on Truth Social that he had spoken with Mexico President Claudia Sheinbaum, who he says agreed to stop illegal migration over the Mexican border. President Sheinbaum said she told Trump that caravans had already been halted.
Either way, Trump declaring victory may raise hopes on Wall Street that he won't go ahead with Monday night's threat to impose 25% tariffs on Canada and Mexico on his first day in office, along with a 10% additional tariff on Chinese goods.
Dow Jones Futures Today
Dow Jones futures rose 0.1% vs. fair value. S&P 500 futures advanced 0.1% and Nasdaq 100 futures climbed 0.2%.
The U.S. stock market will be closed Thanksgiving Day, but other exchanges around the world will be open. Dow futures will trade normally.
U.S. stock exchanges will close early on Friday, at 1 p.m. ET.
Remember that overnight action in Dow futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
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Stock Market Rally
The stock market rally had a generally weak session as weak tech earnings and continued Nvidia woes contributed to the preholiday selling. Still the key indexes are all up for the week, right around all-time highs.
The Dow Jones Industrial Average sank 0.3% in Wednesday's stock market trading. The S&P 500 index declined 0.4%. The Nasdaq composite retreated 0.6%. The small-cap Russell 2000 edged up 0.1%, but finished well off highs.
U.S. crude oil prices fell 5 cents to $68.72 a barrel.
The 10-year Treasury yield sank 6 basis points to 4.24%, off 17 basis points so far this week.
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ETFs
Among growth ETFs, the Innovator IBD 50 ETF fell 0.5%. The iShares Expanded Tech-Software Sector ETF slumped 1.8%, with CrowdStrike, Workday and Nutanix stock all members. The VanEck Vectors Semiconductor ETF shed 1.3%, with Nvidia stock the dominant component.
ARK Innovation ETF rose 1.7% and ARK Genomics ETF bounced 2.4%.
SPDR S&P Metals & Mining ETF edged up 0.2%. SPDR S&P Homebuilders ETF dipped 0.2%, with TOL stock in XHB. The Energy Select SPDR ETF nudged down 0.1% and the Health Care Select Sector SPDR Fund climbed 0.5%.
The Industrial Select Sector SPDR Fund retreated 0.3%. The Financial Select SPDR ETF advanced 0.2%, with a Berkshire stock a huge holding.
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Nvidia Stock
Nvidia stock fell 1.15% to 135.34, but came off lows to avoid closing below its 50-day moving average for the first time in two months. Shares sank as low as 131.80, briefly undercutting a short-term low and flirted with an automatic sell rule from the 140.76 buy point.
It was positive to see bulls defend the 50-day line, but NVDA stock still retreated Wednesday and is down 4.7% so far this week. Also, shares are below the 10-week line.
The AI chip giant has struggled since briefly popping out to a record 152.89 on Nov. 21 following earnings. Nvidia earnings were strong but Q4 revenue guidance was only slightly above consensus, though executives were bullish on the new Blackwell AI chip.
Maybe this is a final shakeout from a five-month consolidation, and NVDA will rebound quickly back above its buy point. But don't rely on hopes and maybes. Long-term holders can choose to hold through, betting on the continued growth story, but recent buyers need to respect sell rules.
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What To Do Now
The stock market rally is acting well, with a broad-based advance. Small and midcap stocks are leading, along with financials, homebuilders and a number of nontech stocks.
Nvidia and other chip plays are ailing, with software names also struggling very recently.
Investors have to follow what's working, rather than stick to techs at all times.
Running screens can be helpful. By focusing on objective fundamental criteria and chart analysis, you can filter out your own bias and open your eyes to the actual leading stocks and sectors.
Investors don't necessarily need to be taking much action at this well. Incremental buys or add-on purchases as well as cutting losers and laggards. But let your portfolio work for you.
Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.
Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.
