Dow Jones Futures: Stock Market Rally Fades, But Netflix, Roku Make

Dow Jones futures were little changed Wednesday night, along with S&P 500 futures and Nasdaq futures. The stock market rally closed mixed Wednesday, near session lows, but still near all-time highs. Netflix (NFLX) neared a buy point as fellow streaming players Roku (ROKU) and Disney (DIS) made positive moves.

Okta (OKTA), Veeva Systems (VEEV), Asana (ASAN), Semtech (SMTC) and Five Below (FIVE) reported earnings after the close.

Okta, Veeva and Asana all beat views and generally guided higher. But Okta stock fell 2.5% and Veeva stock tumbled 8.5%, below recent buy areas. ASAN stock edged higher. Five Below beat on earnings but missed on sales. FIVE stock dived 9%, below a buy zone and its 50-day line. Semtech earnings and targets topped views. SMTC stock rose 6% overnight after recently reclaiming its 200-day line.

Meanwhile, the Justice Department is getting ready to file a second antitrust suit vs. Alphabet (GOOGL) unit Google over its digital-advertising business, Bloomberg reported late Wednesday. The DOJ and several states filed a Google antitrust suit over its search dominance late last year. Google stock fell a fraction overnight. GOOGL stock rose 0.4% to 2,904.31 on Wednesday, hitting a fresh all-time intraday high.

Netflix Stock, Streaming Plays Rise

Netflix stock climbed 2.3% on Wednesday to 582.07, closing in on a 593.39 buy point. NFLX stock has rallied 11.5% over the past 10 sessions. The web streaming giant has been in multiple consolidations going back a year. Netflix said Wednesday it will begin streaming “Seinfeld” on Oct. 1 after six years on Disney-owned Hulu.

Meanwhile, Roku stock popped 4.5% to 368.10, just reclaiming the 200-day line. Aggressive traders could try to start a Roku stock position off the 200-day line, but perhaps wait for a bit of a bounce. Disney stock climbed 1.2% to 183.48, bouncing from the 50-day line. But investors might want to treat 187.68 as a “proper” early entry, just above the post-earnings pop on Aug. 13, when it stalled out close to a prior short-term peak in July. The official DIS stock buy point is 203.12.

VEEV stock is on IBD Long-Term Leaders. ASAN stock is on the IBD 50.

Dow Jones Futures Today

Dow Jones futures were steady vs. fair value. S&P 500 futures and Nasdaq 100 futures tilted higher.

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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Stock Market Rally

The stock market rally had a disappointing finish Wednesday after Tuesday’s pause.

The Dow Jones Industrial Average fell 0.1% in Wednesday’s stock market trading. The S&P 500 index closed a fraction higher, with AbbVie (ABBV) and Wells Fargo (WFC) weighing on the benchmark index. The Nasdaq composite eked out a 0.3% gain, but showed some stalling action. The small-cap Russell 2000 advanced 0.7%.

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