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Stock Market Reaches New Highs in Pre-market Trades
In premarket trades on Thursday, the stock market continued its upward momentum as the Dow Jones Industrial Average futures reached the 40,000 mark for the first time, and other major indexes also hit new all-time highs. The S&P 500 futures cleared the 5,300 mark, and the tech-heavy Nasdaq 100 futures rallied before the opening bell. The 10-year Treasury yield ticked lower to 4.23%, and oil prices extended Wednesday’s losses, trading around $80.90 a barrel.
Reddit’s Debut on the Stock Market
Social media platform Reddit (RDDT) is expected to debut on the stock market today after pricing its IPO at the top end of its $31 to $34 range. The IPO is valued at $6.4 billion, raising $748 million for the company. Reddit will trade under the ticker ‘RDDT’.
Market Data and Key Earnings Reports
The Labor Department is expected to report first-time jobless claims, with claims anticipated to hold steady at 209,000. Additionally, the Philadelphia Fed manufacturing index is expected to fall to -5.0 in March, and existing home sales are expected to fall to 3.92 million in February. Key earnings reports on Thursday morning include Academy Sports & Outdoors (ASO), Chewy (CHWY), Darden Restaurants (DRI), Five Below (FIVE), KB Home (KBH), and Micron Technology (MU).
Stock Performance and Breakouts
Stocks such as Academy, Chewy, Darden, Five Below, and Micron experienced varied performance in early morning trading. The Dow Jones Industrial Average rallied 1% on Wednesday, with the S&P 500 climbing 0.9% and the Nasdaq composite advancing 1.3%. Notably, volume grew on both main exchanges, indicating accumulation by significant players in the investment world.
Best Stocks to Buy and Watch
Arista Networks (ANET), Duolingo (DUOL), Dexcom (DXCM), and DraftKings (DKNG) are among the best stocks to buy and watch on the stock market today. Disney (DIS), IBM (IBM), and Procter & Gamble (PG) are also highlighted as stocks to watch. Arista and Disney were featured in the “Stocks Near A Buy Zone” column, and the “Breaking Out Today” list shows MarketSurge Growth 250 stocks that are breaking out past new buy points.
Performance of Specific Stocks
Specific stocks such as Disney, IBM, Procter & Gamble, Arista, Duolingo, Dexcom, and DraftKings have shown varied performance, with some breaking out past buy points and others nearing buy points in bases. Notably, Nvidia and Tesla climbed in premarket action, while Apple and Microsoft traded mixed ahead of Thursday’s stock market open.
Conclusion
The stock market continues to show resilience and upward momentum, with various stocks experiencing significant movements. Investors are closely monitoring key economic indicators and earnings reports to gauge the market’s trajectory. As the market continues to evolve, it is essential for investors to stay informed and adapt to changing market conditions.
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