Dow Jones futures edged lower early Thursday, while S&P 500 futures and Nasdaq futures rose modestly. Tesla continued to rise, with third-quarter deliveries expected before the open.
The stock market rally rose slightly on Wednesday, with the S&P 500 hitting a record high despite the federal government entering a partial shutdown.
Several AI stocks did well. Nvidia partner Vertiv, Palantir Technologies and Snowflake flashed buy signals while Nvidia stock held Tuesday's breakout.
However, Meta Platforms and Reddit showed bearish action.
Vertiv stock and Palantir are on IBD Leaderboard, with Tesla and Reddit on the Leaderboard watchlist. Palantir stock is on SwingTrader. Reddit stock, Palantir, Nvidia and Vertiv are on the IBD 50. Nvidia stock, Vertiv and Palantir are all on the IBD Big Cap 20.
The video embedded in the article reviews Wednesday's market action and analyzes Vertiv, Snowflake stock and Reddit.
Dow Jones Futures Today
Dow Jones futures lost a fraction vs. fair value. S&P 500 futures climbed 0.3%. Nasdaq 100 futures rose 0.6%.
Remember that overnight action in Dow futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
Tesla Deliveries Due
Around 9 a.m. ET, Tesla deliveries are expected to come in at 456,490, according to the analyst consensus compiled by FactSet. That would be up 18.9% vs. Q2's 384,122, but down 1.4% from 462,890 in Q3 2024. However, many analysts haven't updated targets since late July. More-recent Tesla delivery forecasts have been in the 470,000-495,000 range.
Tesla deliveries hit a record 495,570 in Q4 2024.
The big driver for Q3 deliveries was the Sept. 30 expiration of the $7,500 U.S. tax credit, pulling forward demand. Buyers can take delivery and get the EV tax credit as long as they had a firm order by Sept. 30 with at least a nominal payment.
Still, U.S. demand is likely to plunge in Q4.
In addition to EV delivery and production figures, Tesla will report energy storage deployed in Q3.
CEO Elon Musk recently touted an "early wide" release for Full Self-Driving version 14 this week.
Tesla Stock Hits 2025 High
Tesla stock rose modestly before the open in Thursday's stock market trading. Shares rose 3.3% to 459.46 on Wednesday, hitting a fresh 2025 best. TSLA stock is closing in on the late December all-time high of 488.54. Investors could use that as a buy point, but Tesla currently is significantly extended from the 21-day and 50-day lines.
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Stock Market Rally
The stock market rally turned slim opening declines into modest gains, with the S&P 500 hitting record highs while the Dow Jones and Nasdaq are just below all-time bests.
The first day of the government shutdown didn't appear to affect stocks, but could if it drags on for weeks.
The ADP Employment Report showed a surprise drop in private jobs last month, while August payrolls were revised to slightly lower. Stocks took that in stride, in part because Treasury yields fell and Fed rate cut odds rose.
The Dow Jones Industrial Average edged up 0.1% in Wednesday's stock market trading. The S&P 500 index rose 0.3%. The Nasdaq composite climbed 0.4%. The small-cap Russell 2000 advanced 0.2%.
In addition to AI plays, gold miners continued to shine, while drug giants extended Tuesday's big relief rally on Trump pharma tariffs.
U.S. crude oil prices fell 0.95% to $61.78 a barrel.
The 10-year Treasury yield fell four basis points to 4.105%. Investors won't get Friday's jobs report if the shutdown continues.
ETFs
Among growth ETFs, the Innovator IBD 50 ETF climbed 0.3%. The iShares Expanded Tech-Software Sector ETF edged higher, with Palantir stock the No. 1 holding. The VanEck Vectors Semiconductor ETF jumped 2.25%, with Nvidia stock still dominant.
ARK Innovation ETF rose 0.7% and ARK Genomics ETF jumped 3.9%. Tesla stock is the No. 1 holding across ARK Invest's ETFs.
SPDR S&P Metals & Mining ETF rallied 2.3%. The Energy Select SPDR ETF was flat and the Health Care Select Sector SPDR Fund leaped 3.1%.
The Industrial Select Sector SPDR Fund declined 0.3%. The Financial Select SPDR ETF fell 0.9%.
Best Growth Stocks To Buy And Watch
AI Stocks Nvidia, Palantir, Vertiv, Snowflake Strong
Nvidia stock edged up 0.3% to 187.21 after initially undercutting the 184.48 flat-base buy point. NVDA stock broke out Tuesday.
