Stock market recovery improves as Apple makes upward move after analyst upgrade

The Nasdaq Composite jumped more than 1% as the technology sector led a stock market rebound on Thursday.

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The Nasdaq rose 1.2%, erasing the losses of the previous two days. Technology Sector Select SPDR (XLK) led the sectors with an increase of 1.9%. With an overweight in technology stocks, the Nasdaq 100 rose 1.2% and is on track to achieve a record closing high.

apple (Camel) by more than 3% after rising from the support level at the 200-day moving average. BofA Securities upgraded the stock to buy from neutral and raised the price target to 225 from 208. Analyst Wamsi Mohan pointed to a potential boom from the company's upcoming Vision Pro headset.

The S&P 500 rose 0.5% after settling at its 21-day EMA.

The Dow Jones Industrial Average fell with a slight loss, mainly at the hands of… UnitedHealth Group (United nations). The managed care company fell more than 4% in sympathy with its rival Humana (Hmm), which fell 10% after it cut its full-year earnings forecast.

Boeing gets a shot in the arm

but Boeing (Bachelor'sThe company's shares rose 3.7% after it announced that India-based Acasa Air had ordered 150 737 MAX aircraft. The deal is a huge boost for Boeing, whose stock fell 22% this month after its 737 MAX 9 planes were grounded for safety checks.

The small-cap Russell 2000 index trimmed its gains to 0.1% while continuing to weaken.

The Innovator IBD 50 ETF (FFTY) rose 0.7% and continues to form a cup-with-handle base. IBD Stock 50 Mercadolibre (Millie) Recovered the buy point of 1600 points.

Trading volume on the Nasdaq rose and fell on the New York Stock Exchange compared to the same period on Wednesday. Despite the strong gains, gainers and decliners were roughly equal on the NASDAQ, and decliners outperformed gainers on the NYSE.

Stock market lead chips

Taiwan Semiconductor Manufacturing Co., Ltd (TSM) The 105.52 buy point of the cup bottom was crossed with huge volume, which is the catalyst for the strength of the sector.

Early Thursday, TSMC beat fourth-quarter earnings expectations as higher expectations for the year fueled optimism about the chip industry. Chip maker – Apple's main supplier, Nvidia (NVDA) and other major technology companies – expect 2024 revenues to rise more than 20%. TSMC also cited strong demand for high-end chips used in AI applications.

VanEck Semiconductor ETF (Trait) jumped 3% to an all-time high. Marvell technology (MRVL) broke above the 67.99 buy point from a long cup base.

Flexible (Estaq) is trying to cross the 118.24 buy point from a flat base. The company's Elasticsearch software helps collect, manage and analyze the data needed to create productive AI systems.

Meanwhile, an upward move in chip stocks helped offset continued strength in yields. The 10-year Treasury yield rose 2 basis points to 4.12% after data showed a strong labor market.

As well as claims for unemployment benefits It fell to 187,000This is the lowest level in 16 months. It was lower than economists' expectations of 206,000 and the previous week's claims of 203,000.

Housing starts fell to 1.460 million at an annual rate in December. But building permits, which are used to forecast future construction, rose to 1.495 million. Both reports were Above economists' estimatesAccording to the Econoday website. iShares US Home Construction ETF (ITB) rose 0.8%.

The stock market gets earnings reports

Birkenstock (Burke) Its shares sold off 9.5% in bulk, on track to post its biggest single-day loss since the company's initial public offering on Oct. 11, according to Dow Jones market data. In the shoemaker's first quarterly results since its IPO, Profit exceeded expectations The forecasts were considered cautious.

Birkenstock stock rose more than 20% from its alternative buy point of 42.96, but gave up most of that gain. This creates a selling situation.

Elsewhere, financials were mixed after earnings reports.

Key Corp (key) sold off approximately 6% and fell below the 50-day moving average. The bank missed Q4 earnings estimates, according to FactSet.

Discover financial services (DFS) fell by 8.5% on heavy trading volume. The credit card company missed fourth-quarter earnings expectations and said it was raising its reserves for credit losses.

M&T Bank (mtb) Little changed despite a mixed Q4 report. Shares are below 134.92 entry of December breakout. also, The first horizon (FHN) rose 3.3% after beating earnings expectations. additional, Trust Financial (Untie it) reversed slightly lower at midday. FirstCall data showed that the company missed earnings views.

Fuel cell company Power delivery (stopper) fell 14% to the lowest level since September 2019 after it announced that it would sell up to $1 billion in shares to raise more capital. Down 47% so far this month, it was also one of the worst-performing stocks on the stock market Thursday.

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