Technology stocks and small caps ripped higher Thursday amid lower weekly jobless claims and the Federal Reserve's rate cut. Nvidia, Intel and TTM Technologies sizzled while volume was mixed on the stock market today.
While the major indexes prospered, small caps really took the bull by the horns. The Russell 2000 jumped 2.5% and set a record high of 2,470. Along with the Russell, the S&P SmallCap 600 ran 2.3% higher on the day and even eclipsed Wednesday's session high of 1,473.05. At 1,472.56, the 600 is up 10.4% since the start of the third quarter, though it holds a much tamer 4.6% gain for the year.
Among major indexes, the Dow Jones Industrial Average was up 0.3%. Among issues in the 30-stock blue-chip gauge, at least 10 components advanced one percentage point or more, led by Caterpillar and Nvidia, both of which jumped between 3% and 4%. Goldman Sachs and American Express each rose more than 1%.
The S&P 500 gained 0.5%, while the Nasdaq composite advanced 0.9% at the close. At the session high of 22,540, the Nasdaq is now up nearly 17% year to date.
The S&P 500, up nearly 13% since Jan. 1, still shows a high distribution day count, but evidence of intense institutional selling remains scant. Hence, Investor's Business Daily's current exposure to stocks remains at a recommended level of 80%-100%. It has been at that level since Aug. 22.
Stocks To Watch: Advanced Energy, American Superconductor
Additional IBD-style growth stocks to watch include chip equipment group member Advanced Energy Industries and American Superconductor, an expert in stabilizing energy current on the electrical grid.
Advanced Energy hauled out of a five-week flat base with a 163.07 entry point, rising 7.6% and finishing near intraday highs at 169.75. It's still in the 5% buy zone.
American Superconductor jumped nearly 7% and quickly got extended past a cup-without-handle breakout point of 58.42. The 5% buy zone went up to 61.34, but the stock finished at 64.49.
3:47 p.m. ET
Stock Market Today: Chip Firms, Smaller Issues Rule
For the Nasdaq, chip companies have a lot to do with its strong gains lately. Semiconductor equipment stocks, as a group, rose 7.4% for the second highest rise among all 197 industry groups covered by IBD.
Design software, heavy construction, data storage, security software, fabless chip and alternative energy groups also made robust moves, each up 3.7% or more.
Within these groups, CrowdStrike and Zscaler stood out, rising 12% and 4%, respectively.
Both stocks are also forming the right side of potential new bases that could presage successful breakouts.
Nvidia, Fed Drive Indexes To Highs; Palantir Leads 7 New Buys
2:59 p.m. ET
Nasdaq Volume Up, NYSE Down
Nasdaq exchange turnover surged 17% vs. the same time on Wednesday, but was running more than 6% lower on the New York Stock Exchange. Advancers still pummeled decliners by a nearly 5-2 margin on the Nasdaq and by roughly 9-to-5 on the NYSE.
In economic news, the Philadelphia Fed manufacturing index of 23.2 in September came in much higher than expected. Econoday's survey of economists produced a forecast of 3.
Which Way Is The Stock Market Today Headed? Read This Column Each Day
In recent months, the ISM national manufacturing survey has waned, hurt in large part by the flurry of tariffs imposed on a wide range of goods coming into the U.S. since President Donald Trump announced a new trade policy of reciprocal levies in early April.
Restaurant Stocks: Darden Hits Five-Month Low
On the downside in the stock market today, one stock to watch was Darden Restaurants.
The operator of the Olive Garden, LongHorn Steakhouse, Ruth's Chris and Yard House restaurant chains plunged 7% and earlier hit an intraday low of 186.90. The sharp decline sent shares below their key long-term 200-day moving average for the first time since October.
Darden fell hard despite a slight uptick in fiscal first-quarter earnings growth at 13%, vs. increases of 10%, 7% and 12% in the prior three quarters. Sales rose 10% to $3.04 billion.
That marked a second straight quarter of mild double-digit gains. Blended same-store sales rose 4.7%. Sales from the acquisition of 103 Chuy's Tex-Mex eateries also propped up total sales. Darden declared a quarterly dividend of $1.50 a share payable on Nov. 3 to shareholders of record on Oct. 10.
Darden's Retail-Restaurants industry group ranks a mediocre 113th out of the 197 groups Investor's Business Daily tracks. In general, leaders in the stock market today hail from the top 40 industries.
Please go to IBD Data Tables within the Stock Lists section on the Investors.com homepage to survey leading industry groups as well as those that are rising fast within the daily rankings.
1:12 p.m. ET
TTM Technologies Breaks Out
A midcap growth stock with a market value of $5.4 billion, TTM Technologies sharply outperformed the major indexes, rising nearly 7% and surpassing a 51.15 proper buy point in a seven-week cup base.
The 5% buy zone from 51.15 goes up to 53.71. During Thursday trading, the stock reached as high as 52.18. Thus, it is well within the correct buy range. The latest base is second stage, indicating that the recent rally might still be in its early stages.
TTM specializes in circuit boards for computer and data networking and aerospace markets. Earnings growth has been well into double digits the past three quarters, pumping up 46%, 79% and 49% vs. year-ago levels. Revenue increases have been 14%, 14% and 21%, respectively.
TTMI's Earnings Per Share Rating stands at 96 on a scale of 1 to 99. Wall Street thinks the Santa Ana, Calif.-based firm will grow profit 37% this year to $2.31 a share and 12% in 2026.
The stock has an average daily volume of 2.4 million shares, so on average roughly $125 million worth of shares exchange hands each day.
11:53 a.m. ET
Stock Market Today: New Breakout Possibilities
Along with Nvidia and Intel, Cadence Design Systems made a bullish move off the 10-week moving average, which is one spot to find long-term leaders.
Cadence, which got airtime on the Thursday episode of IBD Live, has formed myriad bases since the stock broke a steady uptrend during the stock market correction in April. It hosts a 90 Composite Rating on a scale of 1 to 99 and Wall Street expects the expert in design automation software for electronics makers to post a 16% rise in earnings this year to $6.93 a share and 15% growth in 2026.
Spotify, meanwhile, also eyed a breakout from a 12-week cup with handle. The base gives a 748.30 proper buy point. The online music and podcast giant is up 6% for the week and has reached as high as 745.
Its Relative Strength Rating is 88, which means Spotify has outperformed 88% of all companies in the IBD database over the past 12 months.
10:42 a.m. ET
Dow Outperforms On Fed Day
Following the first rate reduction of 2025 by the Fed, the Dow finished Wednesday's session higher, outperforming losses on the other two major indexes. Read more about Wall Street's take on the trim in the fed funds rate to a 4%-4.25% range in Wednesday's The Big Picture column.
Stock Market Today: Nuclear Stocks Heat Up Again
Companies aiming to become key suppliers of nuclear energy in the general artificial intelligence industry soared.
Oklo led the way, surging more than 5% and crossing 100 for the first time. Shares have found bullish support at the 10-week moving average in recent months, generating follow-on buy points. Oklo has since gotten sharply extended, trading as much as 125% above its long-term 200-day moving average.
Meanwhile, Nvidia's key competitor in the AI data-center chip space, Advanced Micro Devices, fell nearly 3% in heavy turnover. It also tested 150, a key price level, for the second time in as many weeks. Further declines below the 50-day moving average, meanwhile, would warrant exercising an Investor's Business Daily sell rule.
Meanwhile, the 10-year Treasury yield Thursday advanced to 4.1%. Oil prices held steady, as West Texas intermediate futures traded around $63.70 a barrel.
9:48 a.m. ET
Nasdaq-100 Winners, Losers: Synopsys, ASML, Dexcom, AMD
Inside the Nasdaq-100 index, Synopsys and ASML rallied 8% and 6.3%, respectively, placing them among the best performers on the stock market today.
Meanwhile, Dexcom and Advanced Micro Devices both tumbled around 5% apiece.
9:21 a.m. ET
Dow Jones Movers: 3M, Nike, UnitedHealth, Walmart
3M, Nike and UnitedHealth Group headed up the blue chip index in premarket action.
3M stock climbed 0.9%, nearing a 164.15 flat-base entry, while Nike shares gained 1.5% in early trading. UnitedHealth stock moved up 0.7%, looking to add to Wednesday's 0.5% gain.
On the downside, Walmart shares declined 0.2%, threatening to fall further below a 104.72 buy point following Wednesday's breakout move.
8:38 a.m. ET
Stock Market Today: Jobless Claims Fall More Than Expected
Early Thursday, the Labor Department said weekly jobless claims fell more than expected, to 231,000 vs. 263,000 in the previous week. They were expected to drop to 246,000, according to Econoday estimates.
Meanwhile, the Philadelphia Fed manufacturing index jumped to 23.2 in September, from -0.3 in August. It was anticipated to rise to 3.0.
8:04 a.m. ET
Nvidia Buys Intel Stake
Nvidia will invest $5 billion at $23.28 per share in struggling giant Intel, part of a new partnership to codevelop new data center and personal computer products. The U.S. government recently took a significant stake in Intel, converting CHIPS Act subsidies into an equity stake.
Nvidia stock jumped 3% in premarket trading, looking to move back above its 50-day moving average line following Wednesday's 2.6% decline. And Intel shares soared more than 29% in premarket trading.
Earnings Movers: Cracker Barrel, Darden
Key earnings movers Thursday morning include Cracker Barrel and Darden Restaurants.
Cracker Barrel shares plunged 7% premarket after the company reported mixed fiscal-fourth quarter results, missing earnings targets, but beating revenue estimates.
The restaurant chain also projected disappointing total revenue for its fiscal year 2026, between $3.35 billion and $3.45 billion, with traffic expected to fall 4%-7% from the previous year. Wall Street expected revenue to come in around $3.52 billion for the year.
Further, Darden stock also tumbled 7% in morning action. Darden Restaurants missed earnings estimates for its fiscal first quarter, but raised its full-year outlook.
Later Thursday, after the market closes, FedEx and Lennar are set to report their quarterly earnings reports.
Stock Market Today: Jobless Claims
Due out at 8:30 a.m. ET are the Labor Department's initial weekly unemployment claims. Claims are expected to fall to 246,000 after a surprising 27,000 jump to 263,000 last week.
Meanwhile, the Philadelphia Fed manufacturing index is anticipated to move into marginal expansion at 3.0 in September from -0.3 in August.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
