The Dow Jones Industrial Average surged 550 points Thursday before trimming gains Thursday as Wall Street had a delayed reaction to the Federal Reserve's big rate cut. Two early winners on the stock market today were Nvidia and Tesla. Both rallied above key levels in morning trading.
After the opening bell, the Dow Jones Industrial Average rose 1%, as the S&P 500 moved up 1.3%. The tech-heavy Nasdaq composite advanced 2% in early trading.
Early Thursday, the 10-year Treasury yield climbed to 3.76%. Oil prices rose more than 1%, with West Texas Intermediate futures trading around $71.90 per barrel.
Among exchange traded funds, the Invesco QQQ Trust was up 2%, as the SPDR S&P 500 ETF moved up 1.3% after the open.
Nvidia and Tesla were rallying above key levels during Thursday's morning action.
Nvidia stock jumped 4.1%, on pace to regain its 50-day moving average. Tesla raced 4.3% higher as it tops a 235 early entry, the stock's high price on Sept. 5.
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Stock Market Today: Jobless Claims
On Wednesday, the U.S. central bank ordered up a half-point rate cut, taking a first big step toward cutting its key rate a full percentage point by year's end.
New projections released with the 2 p.m. policy statement penciled in two more quarter-point rate cuts in 2024, implying one at each of the year's final two meetings, then another full percentage point in cuts next year.
Elsewhere, the Labor Department's initial unemployment claims fell to 219,000. They were expected to hold steady at 230,000 compared with the previous week, per Econoday.
Further, the Philadelphia Fed manufacturing index rebounded to 1.7 for September. It was expected to rise to 2.0 vs. August's -7.0 reading.
Later in the morning, existing home sales from the National Association of Realtors are expected to fall to 3.9 million in August vs. July's annualized rate of 3.95 million.
A key earnings mover Thursday was Darden Restaurants. Shares surged nearly 8% in morning trade.
Nvidia, Apple And Tesla Highlight How To Handle This Market
On Wednesday, the Dow Jones Industrial Average dropped 0.25%, while the S&P 500 and Nasdaq composite both fell 0.3%.
During Wednesday's IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market today.
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Stock Market Today: Best Stocks To Watch
Among the best companies to watch on the stock market today are Costco Wholesale, DoorDash and Spotify.
Notable Dow Jones components are Amazon.com, Apple, Home Depot, Microsoft and Visa.
Home Depot and DoorDash featured in the Stocks Near A Buy Zone column.
There were eight new stocks on IBD MarketSurge's "Breaking Out Today" list Wednesday during the stock market action. Notably, Sterling Infrastructure topped a 130.89 double-bottom entry. And there is an increasing number of names on the site's "Near Pivot" list. To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones: Home Depot, Visa In Buy Zones
Dow Jones payments stock Visa is trying to break out above a 290.96 flat-base entry. Shares added 0.9% Thursday morning.
Further, Home Depot is in buy range past a handle buy point at 378.58, according to MarketSurge pattern recognition. Shares were up 2% early Thursday.
Outside the Dow Jones index, Costco fell below a 896.67 cup-base entry following three days of losses. The stock rose 1% Thursday morning.
DoorDash ended Wednesday back above a cup-with-handle's 131.21 buy point. Shares advanced more than 3.8% early Thursday.
Finally, Spotify shares are tracing a consolidation that offers a 359.38 entry. The music streaming platform moved up 2% Thursday.
Find The Best Stocks To Buy And Watch With IBD Stock Screener And IBD Screen Of The Day
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 | 442.80 | Flat base | |
| Taiwan Semiconductor | 175.45 | Cup with handle | |
| ServiceNow | 850.33 | Flat base | |
| Uber Technologies | 75.40 | Double bottom |
Source: IBD Data as of Sept. 10
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Magnificent Seven Stocks: Alphabet
Among Magnificent Seven stocks, Alphabet traded up 2% in early action.
The Google parent is back above its 200-day line as it rebounds. After extending a win streak to six sessions Wednesday, shares were approaching their 50-day line.
Fellow Magnificent Seven stock Meta Platforms climbed 2% Thursday. The Facebook parent opened above a 542.81 buy point.
Dow Jones Leaders: Apple Eyes Key Level
Among Dow Jones components in the Magnificent Seven, Amazon shares reclaimed their 50-day line during last week's rally. The stock was up 1.8% Thursday morning.
Apple is approaching the 50-day line despite a bearish-looking chart. A V-shaped cup with handle shows a 232.92 entry. Shares climbed 2% Thursday morning.
Microsoft shares are also back above their 50-day line and building a new base. And on Thursday morning, the stock rose 2.3%.
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.
