The Dow Jones Industrial Average and other major indexes saw gains as Nvidia rallied to a record high and Tesla aimed to recover from recent losses. Meanwhile, Federal Reserve Chairman Jerome Powell is scheduled to appear before Congress for a second day.
The Dow Jones Industrial Average climbed 0.5% and the S&P 500 rose 0.9% in morning trading Thursday. The Nasdaq composite, dominated by tech stocks, was up 1.2% after the opening bell.
Nvidia gained 3.5% and reached a new high, while Tesla bounced back from early losses to rise 0.8% in early trading. Nvidia stock has seen significant gains above a flat base entry point of 505.48 and is considered a Leaderboard stock.
In economic news, Powell is expected to discuss the potential for interest rate adjustments at a Senate hearing, following his remarks to a House panel. Initial unemployment claims rose slightly to 217,000, and several major companies reported earnings, including American Eagle, BJ’s Wholesale, Burlington Stores, Ciena, and Kroger. After the market closes, Broadcom and Costco Wholesale are due to release their earnings results.
On Wednesday, the Dow Jones Industrial Average and the S&P 500 rose, while the Nasdaq composite rebounded. Market conditions are being closely watched for signs of changing trends.
Among the Dow Jones stocks, leaders include Apple and Microsoft. Apple stock has declined over six consecutive sessions, while Microsoft is trading near a buy point in a flat base.
This information was sourced from IBD Data As Of Feb. 28, 2024, and is subject to change. For more updates on growth stocks, the Dow Jones Industrial Average, and the stock market, follow Scott Lehtonen on X, previously known as Twitter, at @IBD_SLehtonen.
