The U.S. and Europe announced tougher sanctions vs. Russia for its sweeping Ukraine invasion, but the penalties were not as severe as feared. The Nasdaq and SP 500 raced up from strong gains, with the Dow Jones recovering to close slightly higher. This marks the start of a stock market rally attempt. But it's not a green light for investors.

Palo Alto Networks (PANW) and other cybersecurity stocks raced higher, including Fortinet (FTNT) Datadog (DDOG) and ZS stock. But Zscaler (ZS) plunged overnight after reporting earnings. Meanwhile, Microsoft (MSFT) rebounded 5.1% after undercutting the low of its base. Apple (AAPL) and Expedia (EXPE) both rallied off key support, with Apple closing up 1.5% and Expedia stock paring its loss to 2.5%. Microsoft remains below its 200-day line while Apple stock is below its 50-day, so they aren't actionable. But EXPE stock is in a buy zone.

Banks were among the biggest losers, with JPMorgan Chase (JPM) and Bank of America (BAC) among the decliners. Sanctions vs. Russian banks will have a ripple effect on financials around the world. Fears of slower economic growth and flattening yield curves — with the Federal Reserve about to begin rate hikes — weighed on everyone from Wall Street titans like JPMorgan to foreign banks and regional lenders. While JPM stock and other financials rallied off intraday lows, the charts have seriously weakened in recent weeks.

Gold, a safe haven during the recent sell-off, reversed lower Thursday after surging 3% overnight. Newmont Mining (NEM), which narrowly beat views early Thursday, jumped to 70.37 shortly after the open. But NEM stock reversed to close down 2.2% to 66.72, briefly undercutting the 65.59 buy point. Microsoft stock and Expedia are on IBD Leaderboard. Microsoft and FTNT stock are IBD Long-Term Leaders.

The video embedded in this article discussed Thursday's wild moves, while also analyzing JPMorgan stock, NEM stock and PANW stock.

Dow Jones Futures Today

Dow Jones futures fell 0.5% vs. fair value. SP 500 futures sank 0.7% and Nasdaq 100 futures declined 1.1%.

Crude oil futures climbed more than 2%.

The 10-year Treasury yield fell 1 basis point to 1.96%.

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