Dow Jones Futures: Market Rally, Tesla Hold Key Levels As Fed Officials Signal

Dow Jones futures edged higher Thursday morning, along with S&P 500 futures and Nasdaq futures, even with U.S. markets closed for the Thanksgiving holiday. 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 rose 0.15% vs. fair value. S&P 500 futures climbed 0.1% and Nasdaq 100 futures advanced 0.1%.

U.S. stock and bond markets are closed on Thanksgiving, but other markets around the world will be open. Dow Jones futures will trade until 1 p.m. ET on Thursday and then open normally at 6 p.m. ET. But trading may be especially thin.

On Friday, the stock market will close at 1 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 points to 1.645% after reversing from just below 1.69%, near six-month highs. The 10-year Treasury yield didn’t move much on the 2 p.m. ET Fed meeting minutes release. There’s already been speculation that the Fed could step up the pace on the bond taper, perhaps as early as the December meeting, with inflation at a 30-year high.

U.S. crude oil futures dipped 0.1% to $76.39 a barrel.

Among the best ETFs, the Innovator IBD 50 ETF (FFTY) rebounded 2.45%, while the Innovator IBD Breakout Opportunities ETF (BOUT) climbed 0.5%. The iShares Expanded Tech-Software Sector ETF (IGV) edged…