The Dow Jones Industrial Average and the other major stock indexes rose Thursday, as Wall Street braced for the Federal Reserve’s interest rate decision and Fed Chair Jerome Powell’s subsequent comments. Donald Trump stock Trump Media & Technology (DJT) plunged on the stock market today.
After the opening bell, the Dow Jones Industrial Average rose 0.1%, while the S&P 500 moved up 0.4%. The tech-heavy Nasdaq composite traded up 0.8% in morning trading.
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Early Thursday, the 10-year Treasury yield ticked higher to 4.43%. Oil prices declined, as West Texas Intermediate futures traded around $71 per barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) rose 0.8%, as the SPDR S&P 500 ETF (SPY) moved up 0.4% after the open.
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Fed Rate Policy Vote, Powell Comments
Markets are still pricing in 97% odds of a 25-basis-point rate cut announcement at 2 p.m. ET Thursday, according to CME Group’s FedWatch page. However, odds of a further quarter-point cut on Dec. 18 fell to 67% from 77% two days ago.
Following the rate policy announcement, Fed Chair Powell will offer comments on the current economic situation at 2:30 p.m. ET.
Donald Trump Stock Dives
Trump Media and Technology plunged nearly 16% in morning trading Thursday, giving back some recent gains.
On Wednesday, Trump Media & Technology surged as former President Donald Trump defeated Vice President Kamala Harris in the presidential election to reclaim the White House. Meanwhile, Republicans retook the Senate and may have the edge in the House of Representatives.
The Donald Trump stock ballooned early, hitting an intraday high of 45.77, before paring those gains to add 5.9% to 35.95 during market action on Wednesday. The stock soared 38% prior to Wednesday’s market open.
Stock Market Today: Earnings Movers
Key earnings movers early Thursday include Arm Holdings (ARM), Duolingo (DUOL), Dutch Bros (BROS), Lyft (LYFT), MercadoLibre (MELI) and Qualcomm (QCOM).
Arm stock reversed up 2%, while shares of Duolingo sold off 2.2% in early action. Dutch Bros stock soared 40%, as Lyft shares leapt 30%. MercadoLibre dived 15%. Finally, Qualcomm rallied 5% in early trading.
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Best Stocks To Watch
On Wednesday, the Dow Jones Industrial Average rallied 3.6%, while the S&P 500 advanced 2.5%. And the tech-heavy Nasdaq composite gained almost 3%.
During Wednesday’s IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market action.
Among the best companies to watch on the stock market today are Costco Wholesale (COST), GoDaddy (GDDY) and Netflix (NFLX).
Dow Jones components making notable moves are Amazon.com (AMZN), Apple (AAPL), JPMorgan Chase (JPM) and Microsoft (MSFT).
Amazon and GoDaddy were featured in this Stocks Near A Buy Zone column.
There were 12 new stocks on IBD MarketSurge‘s “Breaking Out Today” list Wednesday. Notably, Block (SQ) topped a 75 buy point in a cup with handle. Check for potential breakouts on the “Near Pivot” list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones: JPMorgan Surges Past Buy Point
Dow Jones financial leader JPMorgan surged past a 225.48 buy point, according to MarketSurge pattern recognition, during Wednesday’s action. Shares dropped 1.1% on the stock market today. JPMorgan was IBD’s Stock Of The Day on Monday.
Outside the Dow Jones index, Costco is forming a flat base with a 923.83 buy point, and back above the 50-day line. Costco — Wednesday’s options trade idea — traded down 0.4% early Thursday.
GoDaddy jumped out of buy range beyond a cup-with-handle entry at 166.17, with a 4.9% advance Wednesday. Shares added 0.2% Thursday.
Streaming giant Netflix rallied 2.1% Wednesday, moving above a 773 buy point. Netflix stock moved up a fraction early Thursday.
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Stock Market Today: Companies To Watch
These are four stocks in or near buy zones in today’s stock market.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Ferrari | (RACE) | 498.23 | Flat base |
| Costco Wholesale | (COST) | 923.83 | Flat base |
| MercadoLibre | (MELI) | 2,161.73 | Flat base |
| Uber Technologies | (UBER) | 82.14 | Consolidation |
Source: IBD Data as of Oct. 28
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Magnificent Seven Stocks: Alphabet, Meta, Nvidia, Tesla
Among Magnificent Seven stocks, Alphabet (GOOGL) moved up 0.8% on the stock market today. Shares are approaching a 182.02 buy point in a cup with handle.
Meta Platforms (META) continues to see support at its 50-day moving average line. Shares rose 1.6% Thursday.
Chip giant Nvidia (NVDA) rallied to new highs Wednesday, and added to those gains with a 1.2% gain Thursday.
Tesla (TSLA) surged nearly 15% Wednesday, hitting a new 52-week high and bullishly regaining a 264.86 cup-with-handle entry. Shares edged higher Thursday.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon stock jumped to new highs Wednesday and added 0.5% in morning trading Thursday, further above a 195.37 handle buy point. Investors also could use the consolidation peak of 201.20 from early July, which also was the tech giant’s high-water mark, as an alternative entry.
Shares of Apple remains below its 50-day line in the wake of the company’s earnings report last week. Apple stock rose 1.6% Thursday morning.
Microsoft shares climbed 0.1% Thursday morning. On Wednesday, shares rallied back to their 50-day line following last week’s dive below that key level.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
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