The stock market rallied on Thursday, bouncing back from Wednesday's sharp sell-off, as major indexes traded within the range of the previous day's volatile session. Dow Jones futures fell slightly in after-hours trading, while S&P 500 futures and Nasdaq futures were relatively unchanged.

Apple (AAPL) stock edged lower but remained just above a buy point, as the tech giant halted sales of certain Apple Watch models due to a patent dispute. Carnival Corp. (CCL) cleared an early buy point driven by strong earnings, while Google parent Alphabet (GOOGL) reclaimed a buy point. Microsoft (MSFT) held in a buy zone, and Novo Nordisk (NVO) showed promise of moving towards a buy point. Super Micro Computer (SMCI) appeared to be forming a handle.

While buying opportunities currently remain limited, investors are advised to maintain stability, perhaps considering the option of taking partial profits while awaiting the market's next move.

Microsoft stock was listed on IBD Leaderboard, Carnival stock on SwingTrader, Microsoft stock on IBD Long-Term Leaders, and Carnival, Super Micro, and Novo Nordisk stocks on the IBD 50. Furthermore, Carnival was designated as Thursday's IBD Stock of the Day.

Dow Jones Futures Today saw a minor 0.2% drop compared to fair value, with Nike (NKE) stock exerting a modest drag. Meanwhile, S&P 500 futures and Nasdaq 100 futures remained relatively unchanged.

Nike's stock experienced a sharp decline overnight following its mixed earnings report. While the apparel and shoe giant beat earnings expectations, its revenue only met forecasts. Moreover, Nike slashed its sales forecast and announced a significant cost-cutting plan. On Thursday, Nike stock managed to advance 0.9% to reach $122.53, as it continued to build the right side of a long cup base. The stock currently has a buy point of $131.31.

The upcoming Friday economic data will be headlined by the release of the PCE inflation readings, which is the Fed's favorite inflation gauge. This report, along with other economic indicators, is expected to affect Dow futures and Treasury yields before the market opens.

Economists forecast a 0.1% decline in the November PCE price index compared to October, with a yearly gain of 2.9%. The core PCE price index, primarily used by the Fed to measure inflation, is projected to rise 0.2% month-on-month, while core PCE inflation should dip to 3.4%.

Accompanying the PCE price index release will be the Commerce Department's report on income and spending. Personal income is expected to climb by 0.4%, accompanied by a 0.3% increase in spending. The durable goods orders report will also be released simultaneously, with overall orders anticipated to rise 2.4%, excluding transportation items expected to increase by 0.2%, and core capital goods orders predicted to edge up by 0.1%.

Thursday's stock market trading witnessed a rebound, defying expectations of continued selling following Wednesday's sharp decline. The Dow Jones Industrial Average rose 0.9%, the S&P 500 index bounced up 1%, the Nasdaq Composite jumped 1.3%, and the small-cap Russell 2000 leaped 1.7%. All indexes showed an "inside day" pattern, trading comfortably within the range of Wednesday's session. It remains to be seen whether the market will pause or experience a modest pullback over the next few days, allowing for a recovery in leading stocks and creating new buying opportunities.

Within the realm of growth ETFs, the iShares Expanded Tech-Software Sector ETF (IGV) climbed 1.4%, while the VanEck Vectors Semiconductor ETF (SMH) leapt 2.5%.

Speculative story stocks reflected positive gains as well, with the ARK Innovation ETF (ARKK) bouncing 2.55% and the ARK Genomics ETF (ARKG) enjoying a gain of 3%.

Other sector-specific ETFs showed upward movement, including the SPDR S&P Metals & Mining ETF (XME) which rose 2.3%, the U.S. Global Jets ETF (JETS) ascending 2%, the SPDR S&P Homebuilders ETF (XHB) climbing 1.4%, the Energy Select SPDR ETF (XLE) edging up 0.4%, and the Health Care Select Sector SPDR Fund (XLV) advancing 1.2%.

Meanwhile, the Industrial Select Sector SPDR Fund (XLI) and the Financial Select SPDR ETF (XLF) both experienced a bounce of 1%.

Apple stock saw a slight dip of 0.1%, holding just above a cup-with-handle buy point at $192.93, with a rising 21-day moving average support. As expected, Apple discontinued sales of its Apple Watch Series 9 and Ultra 2 models on its U.S. website due to an ongoing patent dispute, preventing the company from selling key consumer products during the holiday season.

Carnival stock witnessed a significant 6.2% jump to $19.19 on Thursday after the company reported better-than-expected earnings and provided strong revenue and guidance. Shares came close to reaching a cup-base buy point of $19.55, according to MarketSmith analysis.

Google stock rose 1.5% to $140.42, surpassing a cup-with-handle buy point at $139.42. Although shares experienced a temporary setback during Wednesday's sell-off, the relative strength line has recently shown signs of improvement.

Microsoft stock inched up 0.8% to $373.54, maintaining its position near the 21-day moving average, while the 50-day line began closing the gap. The stock still holds within the buy range of a $366.78 cup-base buy point, initially cleared on November 10. Investors may consider waiting for Microsoft stock to surpass a short trendline, using Wednesday's high of $376.03 as a specific entry point.

Novo Nordisk stock climbed 2.1% to reach $103.48, as it nears a previous buy point of $104 from a flat base, despite its invalidity. Industry competitor Eli Lilly (LLY) has struggled below the 50-day moving average, while Novo Nordisk has shown increased strength over the past two weeks.

Super Micro stock experienced a minor increase of 0.7% to $304.18, pulling back from intraday highs. The AI server company appears to be forming a handle at key levels after a strong five-day rally. SMCI stock has shown signs of consolidation after experiencing some wild price swings.

While the stock market rally remains solid, current buying opportunities are scarce due to the unclear short-term market trend following Wednesday's reversal. Investors are advised to carefully evaluate their current holdings and investment strategies. Despite potential scenarios, it is crucial to approach the market day by day.

Continuing the development of watchlists for emerging setups is highly recommended. Should the market experience a breather, leading stocks could quickly form handles or bullish pullbacks, creating new buying opportunities.

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