Dow Jones futures fell modestly Thursday morning, along with S&P 500 futures and Nasdaq futures, ahead of some notable economic reports. The stock market rally rebounded modestly Wednesday from key levels, snapping a Nasdaq losing streak and ending, for now, a series of weak closes in the major indexes.
Energy stocks and steelmakers were big winners Wednesday, with Devon Energy (DVN) and Arcelor Mittal (MT) flashing buy signals. But it was a broad-based advance. Palantir Technologies (PLTR), Microsoft (MSFT) and Copart (CPRT) also offered buying opportunities.
Microsoft and Devon stock are on IBD Leaderboard. Copart, Arcelor Mittal and PLTR stock are on SwingTrader. Microsoft stock and Copart are IBD Long-Term Leaders. CPRT stock was Wednesday’s Stock Of The Day.
The video embedded in this story analyzed the bullish market action and reviewed Devon Energy, Copart and MT stock.
Dow Jones Futures Today
Dow Jones futures were 0.15% below fair value. S&P 500 futures lost 0.2%. Nasdaq 100 futures fell 0.3%.
At 8:30 a.m. ET, investors will get weekly jobless claims, August retail sales and the September Philly Fed manufacturing index.
Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live
Stock Market Rally
The stock market rally started off Wednesday mixed to slightly lower, but slowly gained steam.
The Dow Jones Industrial Average rose 0.7% in Wednesday’s stock market trading. The S&P 500 index popped 0.85%. The Nasdaq composite gained 0.8%. The small-cap Russell 2000 popped 1.1%.
Crude oil futures rose sharply amid declining U.S. inventories and Gulf of Mexico production that remains sharply reduced since Hurricane Ida. Copper prices also rallied.
Among the best ETFs, the Innovator IBD 50 ETF (FFTY) climbed 1.5%, while the Innovator IBD Breakout Opportunities ETF (BOUT) advanced 1.3%. The iShares Expanded Tech-Software Sector ETF (IGV) climbed 1%. MSFT stock is a top IGV holding. The VanEck Vectors Semiconductor ETF (SMH) nudged up 0.35%.