Early Thursday, Dow Jones Industrial Average Index rose a little, along with the S&P 500 Index and Nasdaq Index. The Trump impeachment vote was ignored after another session regarding the stock market rally. Micron Technology (MU) announced earnings after the close. The company stocks made big moves overnight. Chip stocks Western Digital (WDC), Applied Materials (AMAT), Lam Research (LRCX), and Nvidia (NVDA) were also active. Micron stock jumped last night, even though the memory chip giant was lower again. The stock price closed slightly from the buying area. As WDC and AMAT worked on consolidations, the stock increased. LRCX shares and Nvidia shares also rose. As chips led a rally of the stock market, Micron’s earnings and guidance are critical to the industry as well as the broader indexes.
Today Dow Jones index rose nearly 0.1% vs. fair value. Also, Nasdaq 100 futures and S&P 500 futures advanced 0.1%. In the next regular session of the stock market, last night’s action in Dow futures and others doesn’t certainly translate into real trading. The Democratic-led House of Representatives impeached President Donald Trump on Wednesday night. He is now the third president to be bombed. But this does not seem to have much effect on Dow Jones futures. The efforts to impeach Trump have no apparent significance in the stock market rally. The GOP-led Senate has no chance to convict him and remove him from office.
The current share market rally has not moved for the second consecutive session and has maintained a record high. The Dow Jones futures closed down nearly 0.1%, the S&P 500 futures fell a fraction, and the Nasdaq Composite Index rose slightly. The major indexes are still above the 10-day moving averages. Among the best exchange-traded funds, the FFTY (Innovator IBD 50 ETF) edged up 0.1%. In addition, the IGV (iShares Expanded Tech-Software Sector ETF) rose 0.6%, whereas the SMH (VanEck Vectors Semiconductor ETF) fell 0.35%. Overnight, Micron stock rose 4.6%. On Wednesday, the stock rose 0.1% to 53.04.