Dow Jones futures were little changed Thursday, while S&P 500 futures and Nasdaq futures rose modestly as Meta Platforms (META) jumped on earnings guidance. Apple (AAPL), Amazon.com (AMZN) and Coinbase (COIN) rose slightly with results due after the close.
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Techs Lead On AI, Rate-Cut Optimism; Arista Networks, Dycom, TransDigm In Focus
Carvana (CVNA) and TransMedics (TMDX) were also overnight earnings winners, along with Ferrari (RACE). AI chip play Arm Holdings (ARM) and Moderna (MRNA) dived on guidance.
Nvidia (NVDA) signaled a move above its 50-day line.
Dow Jones Futures Today
Dow Jones futures were even vs. fair value. S&P 500 futures climbed 0.4%. Nasdaq 100 futures rose 0.5%.
Crude oil futures rose a fraction after soaring 4.3% to $77.91 a barrel on Wednesday.
The 10-year Treasury yield fell to 4.06% after sliding 4 basis points to 4.11% on Wednesday.
The Bank of England cut its key interest rate by a quarter-point to 5%, in a 5-4 split decision. Economists had been divided over whether the BoE would cut.
Remember that premarket action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
Stock Market Rally Wednesday
Big tech earnings buoyed AI optimism Wednesday, while Fed chief Jerome Powell said a September rate cut is “on the table.”
The Dow Jones Industrial Average rose 0.2% in Wednesday’s stock market trading. The S&P 500 index leapt 1.6% and the Nasdaq composite 2.6%, both retaking their 50-day lines. The small-cap Russell 2000 gained 0.5%.
Key Earnings
Meta earnings topped views with the Facebook and Instagram parent guiding up on revenue while also signaling strong capital spending through 2025. Meta stock surged more than 8% before the open, signaling a move back above the 50-day line and the 500 level. Shares rose 2.5% to 474.83 on Wednesday.
Arm earnings beat fiscal Q1 views but the U.K.-based wireless chip design leader guided lower for fiscal Q2. ARM stock plunged 9%.
Carvana earnings topped forecasts. CVNA stock spiked 10% overnight, vaulting out of a buy zone.
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Apple, Amazon Earnings Ahead
Apple stock climbed 1% early Thursday. Shares rose 1.5% to 222.08 on Wednesday, retaking its 21-day line. Apple earnings and revenue are expected to rise slightly in fiscal Q3, but attention will be on the upcoming AI-enable iPhone 16.
Amazon stock advanced 2%. Shares rose 2.9% to 186.98 on Wednesday, closing just below its 21-day and 50-day lines. Amazon earnings are seen jumping 59%, with Amazon Web Services growth and AI capex key.
Coinbase stock was up 2% before the open. Shares fell 10 cents to 224.36 on Wednesday after hitting resistance again at the 50-day line. COIN stock has a 283.48 buy point, with 272.55 as an early entry.
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Nvidia Replays Spring Correction?
Nvidia stock rose 3% in premarket trade, after surging 12.8% to 117.02 on Wednesday. Shares are trying to get back to their 21-day and 50-day moving averages. NVDA stock may be starting to build the right side of a new base, one that looks a lot like its March-May base.
On both March 8 and June 20, Nvidia reversed lower after being more than 40% above its 50-day line. After a brief pause, shares made a new push to highs but fell back, ultimately breaking decisively below the 50-day line before finding its footing.
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