Dow Jones futures and S&P 500 futures fell sharply Thursday night, while Nasdaq futures declined modestly, as crude oil prices and Treasury yields fell amid the latest coronavirus variant. The stock market rally closed mixed on Wednesday. But the major indexes and many growth names found support at key levels, including Tesla stock, InMode (INMD), Unity Software (U), Shopify (SHOP) and Snowflake (SNOW).
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Some Fed policymakers signaled they would be open to a faster taper and earlier rate hikes if inflation continues to run hot. That was in newly released minutes from the early November Fed meeting, at which policymakers approved scaling back bond buys.
Meanwhile, chip leaders Nvidia (NVDA) and Advanced Micro Devices (AMD) rebounded near record highs on a solid day for growth stocks.
Rivian stock fell modestly, continuing to pull back after the initial post-IPO surge earlier this month. Rivian Automotive (RIVN) reportedly is pushing back deliveries for its R1S SUV to spring 2022 at the earliest.
Energy stocks continued to fare well, even with crude oil prices fractionally lower Wednesday. Pioneer Natural Resources (PXD) rose 1.2%, still in range from an early entry after jumping 4.2% on Tuesday, breaking a trend line and rebounding from its 50-day line.
Tesla (TSLA), Snowflake, Unity Software, InMode and Nvidia stock are on IBD Leaderboard. PXD stock is on SwingTrader. INMD stock, AMD, Nvidia, Unity Software and Tesla are on the IBD 50.
The video embedded in this article reviewed the market action and analyzed AMD stock, Ovintiv (OVV) and Dell Technologies (DELL).
Dow Jones Futures Today
Dow Jones futures sank 1.1% vs. fair value. S&P 500 futures retreated 0.9% and Nasdaq 100 futures lost 0.5%.
Crude oil prices sank 2%. The 10-year Treasury yield sank several basis points to 1.57%. A new coronavirus variant from South Africa with a high number of mutations is raising concerns. It’s not yet clear if this Covid variant is more infectious or deadly. But the U.K. is suspending flights from South Africa and five neighboring countries.
U.S. stock and bond markets were closed on Thanksgiving, but other markets around the world were open.
On Friday, the stock market will close at 1 p.m. ET, while bond markets will close at 2 p.m. ET.
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 opened lower but then rebounded to near break-even and closed near session highs.
The Dow Jones Industrial Average closed just below break-even in Wednesday’s stock market trading. The S&P 500 index rose 0.2%. The Nasdaq composite climbed 0.4%. The small-cap Russell 2000 edged up 0.1%.
The 10-year Treasury yield fell about 2 basis…
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