The Dow Jones Industrial Average and other major indexes closed higher Thursday, as Nvidia ended an uncertain session with a moderate gain. Netflix reached a new high, while Snowflake was also a clear winner on the stock market today.
Indexes closed near session highs. The Dow climbed 1.1%, with the 44,000 level back in its sights.
The tech-heavy Nasdaq lagged with a marginal gain as Alphabet weighed on the tech sector. The S&P 500 rose 0.5%. Both indexes remained above their 21-day exponential moving averages. And the Russell 2000 outperformed the major indexes, with a nearly 1.7% lift.
Volume rose on the New York Stock Exchange and the Nasdaq from Wednesday's totals. Advancing stocks led decliners by a 7-to-2 ratio on the NYSE and by 2-to-1 on the Nasdaq.
U.S. crude oil climbed 2% to $70.21 a barrel. The 10-year Treasury yield added three basis points to 4.43% Thursday.
Nvidia Pulls Ahead After Struggling
Nvidia reversed higher and closed up 0.5% in heavy volume after a day of uncertain trading that saw the stock trade lower for much of the session. The IBD 50 and Magnificent Seven name topped fiscal third-quarter adjusted earnings and sales estimates late Wednesday.
Nvidia reported an adjusted 81 cents a share, or 103% growth, on sales of $35.08 billion. The company forecast fiscal fourth-quarter revenue of $37.5 billion, topping expectations of $37.09 billion.
Shares are back in the 5% buy zone up to 147.80 from a 140.76 buy point, according to MarketSurge analysis. Further, the stock is holding above the 21-day line.
Stock Market Today: Salesforce, Netflix Advance
Dow Jones stock Salesforce led the blue chip index with a 3.1% gain. The stock is extended from the buy range of a long cup base with a 318.71 buy point. Software stocks were strong on the stock market today. In addition, TD Cowen raised its price target to 340 from 290 and maintained its hold rating on the stock.
IBD 50 name Netflix rose 1.5% and reached a record high on the stock market today. The stock topped the 25% profit goal from a 697.49 buy point. It's also extended from a pullback to the 10-week moving average.
Amentum Holdings was a big S&P 500 winner with its 10.5% gain, although shares remain more than 27% below a Nov. 11 peak. Raymond James initiated coverage on the engineering and technology stock with a 30 price target and an outperform rating. The company started trading on Sept. 30. Amentum serves the government, military, space and energy industries.
1:44 p.m. ET
IBD 50 Stocks On The Move
Powell Industries recovered nearly 10% after Wednesday's 16.2% drop following the company's fiscal fourth quarter results. The stock bounced forcefully from its 50-day line after testing it Wednesday. Shares are bumping up to the 21-day line finding resistance.
American Superconductor jumped nearly 11% and topped the buy zone of a deep cup base with a 32.70 buy point.
Astera Labs hoisted more than 9% in robust trading and reached a record high on the stock market today.
On the losing end of the spectrum was Coinbase Global with its 2.7% drop. The cryptocurrency exchange stock remains extended from a late-stage cuplike base with a 272.55 buy point.
Outside of the IBD 50, ZIM Integrated Shipping skidded more than 12% in heavy volume and retreated below the 26.20 buy point of a skewed base. The cargo shipping stock sliced through its 21-day line but is still above its 50-day line.
12:21 p.m. ET
Stock Market Today: Google Stock Takes A Dive
Alphabet sank 6% in hefty volume, undercutting its 50-day moving average and testing its 200-day average. The stock felt pressure on news the Justice Department wants Google to unload its Chrome browser in order to unwind what it considers a monopoly on online search.
Meanwhile, Snowflake soared 32% in heavy volume, after the company had a winning trifecta of higher fiscal third-quarter earnings and sales, along with a raised outlook for fiscal 2025 product revenue. Thursday's move would be the largest percentage increase on record, according to Dow Jones Market Data.
The stock has been a laggard as seen in its dismal 15 IBD Relative Strength Rating out of 99. It holds an 18 Earnings Per Share Rating and a 39 Composite Rating.
Database stocks were climbing, possibly in sympathy with Snowflake's stellar performance on the stock market today.
MongoDB bolted 16% and passed the buy zone of a cup-with-handle base with a 297.68 buy point. The database platform stock reclaimed its 200-day line. The stock had been an underperformer as seen in its 18 Relative Strength Rating and 15 Earnings Per Share Rating. Shares have lost around 20% so far this year.
Datadog popped around 7% and topped a buy zone of a double-bottom base with a 134.80 buy point. The database monitoring stock is on pace for its third straight day of increases. Shares reached levels not seen since April 2022.
Elsewhere, Nano Nuclear Energy rocketed 25%, after the nuclear energy solutions developer announced that the former chief financial officer of the U.S. Department of Energy, John G. Vonglis, took an active role as its executive director of global government affairs.
10:48 a.m. ET
Bitcoin Near Highs
Weekly initial jobless claims for the week ended Nov. 16, came in at 213,000 vs. the 219,000 estimate and was lower than the revised 219,000 in the prior week.
And bitcoin held above the $96,000 level after reaching an early morning record high of $98,310, on its way to $100,000.
Bulls Run, Seven Stocks In Buy Areas; Big Sell-Off For MicroStrategy
Bitcoin Stocks Rise
In sympathy with bitcoin's gain, MicroStrategy was up initially, but quickly reversed and plunged 8% in recent action. The stock had climbed around 55% this week so far. The company is the largest corporate holder of bitcoin.
Bitcoin miner Mara Holdings managed to cling to gains, though, as it added more than 1%.
SwingTrader exchange traded-fund holding iShares Bitcoin Trust ETF climbed 2% and reached an all-time high on the stock market today.
Stock Market Today: Earnings For Palo Alto
Palo Alto Networks dropped 1.4% in the wake of its Wednesday earnings report. Shares remain in the buy zone up to 399.88 of a long irregular base with a 380.84 buy point. The stock tested its 21-day line on the stock market today.
The company beat fiscal first-quarter adjusted profit and revenue forecasts but came up short on their billings. It also announced a 2-for-1 stock split.
PDD Holdings tumbled nearly 10% in heavy volume after it missed third-quarter earnings and sales forecasts. The Temu parent and Chinese e-commerce stock fell further below its 50-day moving average and has dropped nearly 27% year to date.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
