The stock market rally extended its gains on Thursday, with the S&P 500 and Dow Jones Industrial Average staging follow-through days following the Nasdaq's confirmation of the uptrend. Both indexes managed to break above resistance levels, while the Dow Jones came close to hitting crucial milestones. The rally was supported by a steady decline in Treasury yields and improved market breadth, with several stocks flashing buy signals.

Among the notable stocks, Eli Lilly, Weatherford, Palo Alto Networks, Palantir Technologies, Lululemon Athletica, and Ferrari all showed buy signals on Thursday. However, Apple's stock fell after the company reported earnings that surpassed expectations but saw a decrease in sales once again. The tech giant also gave lower guidance for holiday-quarter revenue.

Late Thursday, several other companies reported earnings, including Kratos Defense & Security Solutions, DraftKings, Yelp, Coinbase Global, Carvana, Atlassian, Cloudflare, and Fortinet. Winners included DraftKings and Yelp, while Fortinet, Cloudflare, and Atlassian struggled in extended trade. Coinbase fell despite beating expectations, as trading volume continues to decline.

Dow Jones futures remained steady, while S&P 500 and Nasdaq futures saw slight declines in after-hours trading. The market will also be closely watching the October jobs report, set to be released on Friday, which could impact Dow futures and Treasury yields ahead of the market open.

Mixed-to-weak economic reports during the week have contributed to the recent rally, as they pulled back Treasury yields and provided fuel for market gains. Strong October employment data could potentially trigger a negative reaction in the market.

During Thursday's trading session, the Dow Jones Industrial Average surged 1.7% or 564 points, while the S&P 500 index jumped 1.9% and the Nasdaq composite climbed 1.8%. The Dow Jones and S&P 500 staged follow-through days, confirming the new uptrend, while the Nasdaq moved above its 21-day line. Market breadth was decisively bullish, with the small-cap Russell 2000 and the Invesco S&P 500 Equal Weight ETF both making significant gains.

The 10-year Treasury yield dropped 12 basis points to 4.67%, hitting a low of 4.63% during the day. The decline in Treasury yields played a role in boosting the stock market rally, particularly benefiting growth-oriented sectors such as technology and software.

Within specific sectors, semiconductor stocks experienced a notable jump, with the VanEck Vectors Semiconductor ETF rising by 2.6%. The ARK Innovation ETF and ARK Genomics also saw significant gains, reflecting the strength of stocks with speculative stories.

Looking ahead, investors will be closely monitoring the jobs report, as well as earnings announcements from various companies, to gauge the market's direction. As the rally continues, investors are advised to gradually add exposure while remaining cautious and keeping watchlists updated to track the broadening leadership in the market.