Dow Jones Futures: Nvidia Leads Big Upside Market Reversal, 6 Stocks In Buy Areas (Live)

The stock market rally staged a dramatic bullish turnaround Wednesday, with the Nasdaq jumping and the S&P 500 retaking key levels. Nvidia (NVDA) rallied for a third straight session, surging in heavy volume. This market reversal was led by Nvidia, which has been a strong performer in recent weeks. The company's innovative technology and market positioning have contributed to its sustained growth, driving its stock price higher.

In addition to Nvidia, several other stocks flashed buy signals Wednesday. AppLovin (APP), ServiceNow (NOW), Spotify (SPOT), Eli Lilly (LLY), Freshpet (FRPT), and On Holding (ONON) all showed strong performance. These stocks have been beneficiaries of the broader market rally and have shown resilience in the face of market volatility.

The Dow Jones Industrial Average advanced 0.3% in Wednesday's stock market trading after tumbling to undercut its 50-day line intraday. The S&P 500 index ran up 1.1%, reclaiming the 50-day and 21-day lines after what appeared to be a serious rejection near those levels. The Nasdaq composite jumped 2.2%, back above the 21-day line after falling 1.4% intraday. The small-cap Russell 2000 rose 0.3% after tumbling toward its 200-day line intraday.

The Invesco S&P 500 Equal Weight ETF (RSP) rose a fraction, holding the 21-day line after briefly undercutting its 50-day line in morning trade. Wednesday's whipsaw action underscores how important the overall market is to individual stocks. Some leading stocks fell solidly Wednesday morning then rebounded.

Wednesday's whipsaw action underscores how important the overall market is to individual stocks. Some leading stocks fell solidly Wednesday morning then rebounded. The Nasdaq, now up 4.2% so far this week, is still an inside week. The tech-heavy composite is still below its 50-day, but it's definitely closing the gap.

U.S. crude oil prices rose 2.37% to $67.31 a barrel. The 10-year Treasury yield rose one basis point to 3.65% after hitting a fresh 52-week low intraday of 3.61%.

Among growth ETFs, the iShares Expanded Tech-Software Sector ETF (IGV) gained 1.1%. ServiceNow stock is a big IGV holding while AppLovin also is in the ETF. The VanEck Vectors Semiconductor ETF (SMH) soared 5.2%. Nvidia stock is the No. one holding in SMH.

Reflecting more-speculative story stocks, ARK Innovation ETF (ARKK) rallied 2.2% and ARK Genomics ETF (ARKG) 1.8%. Tesla stock is a major holding across Ark Invest's ETFs. Cathie Wood also has taken a big position in NVDA stock in recent months.

SPDR S&P Metals & Mining ETF (XME) leapt 1.95%. The SPDR S&P Homebuilders ETF (XHB) edged up 0.2%. The Energy Select SPDR ETF (XLE) slumped 0.9% and the Health Care Select Sector SPDR Fund (XLV) fell 0.3% amid some big post-debate moves up and down for many medical stocks. Eli Lilly stock is a major XLV holding.

The Industrial Select Sector SPDR Fund (XLI) climbed 0.2%. The Financial Select SPDR ETF (XLF) retreated 0.5%.

At 8:30 a.m. ET, the Labor Department will release the August producer price index and weekly jobless claims.

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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In conclusion, the stock market rally staged a dramatic bullish turnaround Wednesday, led by Nvidia and several other stocks flashing buy signals. The overall market remains important to individual stocks, and investors should stay vigilant for opportunities in a volatile market.