The Dow Jones Industrial Average finished near the day's highs Thursday while other major indexes also gained ground after President Donald Trump told the World Economic Forum that he would demand reductions in oil prices and interest rates. All three indexes moved higher above their 50-day moving averages amid a slew of breakouts on the stock market today. But quantum computing stocks slipped.
Dow stocks jumped 400 points for a gain of 0.9%. Financial leaders on the Dow fared well, while Magnificent Seven stocks were mixed. Apple reversed course and dipped slightly while Amazon.com and Microsoft did the opposite and turned slight losses into slight gains. Apple is in a downtrend ahead of fiscal first-quarter results next week.
The S&P 500 went from red to black, up 0.5%, and hit a new intraday and closing high in the process. It now sits above the 6,100 mark.
Meanwhile, the Nasdaq composite was down much of the session but also managed a slight gain of 0.2% at the closing bell. As a result, the tech-heavy index slipped back above the 20,000 mark. And the small-cap Russell 2000 reversed higher for a 0.5% rise.
Volume rose slightly on the New York Stock Exchange and was lower on the Nasdaq compared with the same time on Wednesday. On the both exchanges, advancers beat decliners roughly 4-to-3.
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The yield on the benchmark 10-year Treasury note rose five basis points to 4.65%. And the Innovator IBD 50 exchange traded fund rose 0.7%.
Quantum Computing Stocks Fall
Quantum computing stock D-Wave Quantum fell more than 3%. The company revealed that it had sold $150 million of stock to fund future investments.
Earlier, Quantum Computing entered into an agreement to sell $8 million of stock to institutional investors at a price of $12.25 per share. Chief Financial Officer Chris Boehmler noted that the capital would help the company tap "considerable opportunities" in quantum computing. But it ended the day slightly higher.
Dow Jones Stocks: Nvidia Eases
Nvidia turned early losses into a slight gain by the close as it tried to build a cushion above its 50-day moving average.
Nvidia was up for fourth straight day amid news of the $500 billion Stargate artificial intelligence infrastructure project. On Wednesday, Melius analysts noted that more than $100 billion of the project could go to Nvidia.
AI leaders pulled back Thursday after rallying on Trump's Stargate project announcement. Tesla Chief Executive Elon Musk cast doubts about the financial backing for the project on Twitter/X.
Arm Holdings plunged more than 7% and Arista Networks edged lower. Tempering the news for Nvidia was word that South Korean chipmaker SK Hynix noted a potential slowdown in AI spending Thursday.
3:27 p.m. ET
Stock Market Today: More Stocks Break Out
In stocks, Tesla gave up early gains but remained above its 50-day line. Tesla is due to report fourth-quarter results on Wednesday.
Tesla announced plans to raise the price of some of its models in Canada, starting Feb. 1 — the day when tariffs on Canada and Mexico may go into effect.
GE Aerospace broke out from a base on bullish quarterly results. Earnings of $1.32 per share on sales of $9.9 billion bested views of $1.04 per share and $9.49 billion in sales. Shares gapped above a buy point of 194.80. The aerospace company also announced a dividend hike of 30% and a $7 billion stock buyback program.
Greenbriar broke out from a flat base's buy point of 69.12. The relative strength line is at a new high.
Federal Signal rose into a buy zone from a buy point of 99.89. Dick's Sporting Goods broke out from a consolidation buy point of 239.30, although it is also topping a handle entry at 235.81. For both stocks, volume was running about average today.
And Parsons triggered a sell signal by falling below the 200-day moving average in heavy volume after news that the defense company had won a contract for a one-year option period on a confidential program. The contract had been noted as pending in the company's third-quarter earnings call.
1:52 p.m. ET
Trump's Demand For Oil Price, Interest Rate Cuts
On Thursday, Trump addressed the World Economic Forum in Davos, Switzerland, remotely and emphasized the importance of artificial intelligence and cryptocurrencies in the U.S. He also demanded that OPEC countries cut oil prices. Oil fell to $74.86 per barrel.
Trump also indicated corporate tax rates for domestic producers could fall to 15% and that he would demand that interest rates fall, noting that "with oil prices going down, I'll demand that interest rates drop immediately."
11:57 a.m. ET
Two Financials Break Out Of Bases
Earlier Thursday, initial jobless claims rose to 223,000 vs. economist estimates for 218,000. The jump was apparently due to California wildfires forcing a number of people off their jobs.
Two financials broke out of bases. KKR edged into a buy zone from a buy point of 163.68. The relative strength line is at new highs also. Raymond James climbed above a buy point at 171.38 in heavy trading and is in buy range to 179.95.
10:41 a.m. ET
Stock Market Today: American Airlines Falls
American Airlines fell more than 8% after its midpoint forecast for the first quarter indicated a higher loss of 30 cents per share than views of 4 cents per share in losses. For the full year, the midpoint earnings outlook of $2.20 per share was also below estimates of $2.42. Fourth quarter sales of $13.7 billion and earnings of 86 cents per share topped expectations for $13.4 billion and 66 cents.
Earnings also moved Elevance Health, which climbed above the 50-day moving average on the stock market today. Fourth-quarter earnings of $3.84 per share and sales of $45 billion topped estimates of $3.81 per share on $44.92 billion in revenue.
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Alphabet | Amazon | Apple | Meta | Microsoft | Nvidia | Tesla
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