Dow Jones Futures: Market Rally Flashes Warning, Nvidia Spikes On

Dow Jones futures were mixed Thursday night, along with S&P 500 futures and Nasdaq futures ahead of Friday’s jobs report. The stock market rally continued to power higher, with Tesla stock and especially Nvidia (NVDA) pushing the Nasdaq into extended territory. But the Dow Jones and Russell 2000 fell, as falling oil prices and Treasury yields took a toll on energy and financial stocks.

X

Nvidia stock skyrocketed as Wells Fargo sees the chipmaker making a big metaverse push.

Tesla (TSLA) and Nvidia stock are now greatly extended themselves, but their rapid breakouts have triggered the “eight-week hold rule.”

Bill.com (BILL), Datadog (DDOG), Cloudflare (NET), Fortinet (FTNT), Airbnb (ABNB), Expedia (EXPE), Progyny (PGNY) and Peloton Worldwide (PTON) were notable earnings after the close.

BILL stock soared late on earnings, signaling a bullish gap up on Friday. FTNT stock rose modestly, perhaps near an alternate entry. ABNB stock edged higher after moving into buy range on Thursday. EXPE stock jumped, signaling at least an aggressive entry.

NET stock and especially Datadog rallied on results overnight, and are already extended.

On the downside, PGNY stock fell sharply from near a buy point. PTON stock crashed to a 52-week low.

Tesla stock, Nvidia, Airbnb and Datadog are on IBD Leaderboard. FTNT stock is on IBD Long-Term Leaders. DDOG stock, Tesla, Nvidia and Cloudflare are on the IBD 50. ABNB stock was the IBD Stock Of The Day.

The video embedded in this article discussed the market rally and reviewed Nvidia stock, Applied Materials (AMAT) and Crane (CR).

Dow Jones Futures Today

Dow Jones futures were steady vs. fair value. S&P 500 futures and Nasdaq 100 futures were about flat.

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 was technically mixed Thursday, but the overall tone was positive as the S&P 500 and Nasdaq composite set fresh all-time highs.

The Dow Jones Industrial Average dipped 0.1% in Thursday’s stock market trading. The S&P 500 index rose 0.4%. The Nasdaq composite climbed 0.8%. The small-cap Russell 2000 hit a new high intraday but reversed lower for a fractional decline.

The 10-year Treasury yield fell nearly 6 basis points to 1.52%. But the two-year yield slumped 5 basis points to 0.43%, so the yield spread didn’t narrow much.

U.S. crude oil futures sank 2.5% to $78.81 a barrel, back below $80 after hitting $83.42 intraday. That follows a sharp drop on Wednesday on higher U.S. crude inventories. OPEC+ agreed to continue slowly unwinding pandemic-era supply cuts on Thursday, despite concerns that this would not be enough to keep up with rebounding demand.

Tesla Stock Rises, Nvidia Soars

Nvidia stock shot up 12% to an all-time level. Wells Fargo sees the chipmaker on Tuesday launching…