Why The Market Rally Could Use A Holiday; Tesla Rebounds, 5 Stocks Near Buy Points

Dow Jones futures rose slightly overnight, along with S&P 500 futures and Nasdaq futures, heading into the Thanksgiving Day holiday.


The stock market rally was positive for a second straight session. Fed officials see slower rate hikes coming “soon,” according to Fed minutes from the November meeting released Wednesday afternoon.

The Nasdaq led, buoyed by a rebounding Tesla (TSLA). The major indexes are all up solidly so far in this holiday-shortened week. But a longer holiday for the market rally could be constructive.

Investors should be cautious about adding exposure given key technical resistance and notable economic reports up ahead.

However, Dexcom (DXCM), UnitedHealth (UNH), Neurocrine Biosciences (NBIX), Medpace Holdings (MEDP) and Shockwave Medical (SWAV) are five health care stocks showing interesting action.

DXCM stock and Neurocrine Biosciences are on IBD Leaderboard, with MEDP stock on the Leaderboard watchlist. NBIX stock and Medpace are on the IBD 50.

Dow Jones Futures Today

Dow Jones futures rose 0.1% vs. fair value. S&P 500 futures advanced 0.2% and Nasdaq 100 futures climbed 0.25%.

The 10-year Treasury yield fell 2 basis points to 3.69%.

U.S. stock exchanges will be closed Thursday for the Thanksgiving Day holiday. On Friday, U.S. exchanges will close early at 1 p.m. ET. But other exchanges around the world will be open normally on Thursday and Friday.

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 had some wobbles Wednesday, but extended gains, led by techs.

Initial jobless claims rose to a three-month high while continuing claims hit an eight-month best. S&P Global’s purchasing managers indexes for U.S. manufacturing and services both signaled contraction.

The Fed minutes reinforced expectations of a 50-basis point rate hike at the Dec. 14 meeting. Markets still favor another half-point move in…


Read More

Recommended For You

Leave a Reply

Your email address will not be published.