Dow Jones futures rose slightly early Thursday, along with S&P 500 futures and Nasdaq futures. Crude oil prices continued to slide on Iran deal hopes.  Arm Holdings, Coherent and Albemarle were key earnings movers

The stock market rallied strongly Wednesday on Iran deal hopes and generally strong earnings. The S&P 500, Nasdaq and small-cap Russell 2000 all hit new highs.

Advanced Micro Devices soared on earnings, while Corning spiked on a big partnership with Nvidia. But there were some notable earnings losers, too.

TG Therapeutics bolted above a buy point on earnings. Rio Tinto, BHP Inc., ATI Inc. and Nvidia stock also moved above buy points.

Nvidia and Rio Tinto stock are on Leaderboard. AMD stock and ATI are on the IBD 50. Rio Tinto was Wednesday's IBD Stock Of The Day.

Dow Jones Futures Today

Dow Jones futures rose 0.2% vs. fair value. S&P 500 futures climbed 0.15% and Nasdaq-100 futures advanced 0.1%.

Crude oil futures fell 4% to nearly $91 a barrel. The U.S. is waiting for Iran's response to its latest peace plan.

The 10-year Treasury yield dipped to 4.33%.

Remember that overnight action in Dow futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.

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Key Earnings

Arm Holdings, Coherent and Albemarle reported late Wednesday, along with AppLovin, Fortinet and many more.

ARM earnings beat but sales and sales guidance were just above consensus. The chip design firm initially jumped late but is sharply lower before Thursday's open. ARM stock surged 13.6% in Wednesday's session following strong results from fellow chipmaker AMD.

Coherent stock fell modestly after slightly beating views.

Albemarle earnings solidly beat. ALB stock jumped, signaling a move back toward a 206 cup-base buy point.

AppLovin stock rose slightly before the open while Fortinet soared on better-than-expected earnings, with both trying to recover from downturns.

Stock Market Rally

The stock market rally got a big boost from reports that a U.S.-Iran deal could be close. U.S. crude oil prices dived 7% to $95.08 a barrel, well below $100 but off early-Wednesday lows under $90. Generally positive earnings and other news also buoyed indexes.

The Dow Jones Industrial Average rose 1.4% in Wednesday's stock market trading. The S&P 500 index popped 1.5%, the Nasdaq composite jumped 2%, and the Russell 2000 gained 1.5%, all hitting new highs.

The Invesco S&P 500 Equal Weight ETF climbed 0.8%, briefly marking an all-time best intraday before backing off.

AMD stock spiked 18.6% on Wednesday's strong earnings and guidance. But Astera Labs reversed lower despite a beat-and-raise report, off 0.8% to just below a buy point. Lumentum Holdings sank 5.1%, Arista Networks dived 13.6%, and heavy construction firm Primoris crashed 50.1%.

Corning jumped 12% as Nvidia will help fund a massive expansion of the company's optical products capacity.

The 10-year Treasury yield fell six basis points to 4.35%.

ETFs

Among growth ETFs, the CapStone IBD 50 ETF stepped up 2.5%. The iShares Expanded Tech-Software Sector ETF fell 0.5%. The VanEck Vectors Semiconductor ETF surged 5.2%. Nvidia stock is the No. 1 holding in SMH, with AMD also a notable position and ARM also in the ETF.

ARK Innovation gained 3.9% and ARK Genomics ran 4.3% higher.

The SPDR S&P Metals & Mining ETF jumped 4.4%%. The Energy Select SPDR ETF tumbled 4.1%, while the Health Care Select Sector SPDR Fund rose a fraction. The Industrial Select Sector SPDR Fund advanced 2.6%. The Financial Select SPDR ETF climbed 0.5%.

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Stocks In Buy Areas

Nvidia stock jumped 5.7% to 207.67, back above a 197.63 buy point from a cup base within a larger consolidation. NVDA has a 216.82 high-handle entry to the larger pattern, but broke the downtrend of that high handle Wednesday.

Rio Tinto gapped up 5% to 105.50, clearing a 101.33 cup-with-handle buy point. Base metal miner peer BHP stock leaped 6.4% to 84.33, topping a 81.26 entry from its own cup-with-handle base, according to MarketSurge. Both rallied with copper and other metal prices. Treasury yields and the U.S. dollar fell Wednesday.

ATI stock ran up 6.3% to 165.08, breaking the downtrend of a handle within a cup-with-handle base. The aerospace-exposed specialty metals play has a traditional buy point of 166.61.

TG Therapeutics stock surged 16.3% to 41.97, clearing a 38.38 early entry from a handle that was just a few cents too low to be proper. The year-long consolidation buy point is 46.48. Early Wednesday, TG Therapeutics missed earnings views on marketing and testing costs. But the biotech beat on revenue and guided up on full-year sales.

What To Do Now

The stock market rally continues to power ahead. Chip and AI stocks are still dominating, but some stocks from other sectors are showing strength too.

With the market running up for several days after pausing, the number of buying opportunities is slowing. But keep working on watchlists. Don't chase after extended stocks, and still be watchful for earnings. While there have been huge earnings winners, including AMD on Wednesday, the risk of big to huge losses is very real.

Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.

Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.

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