Dow Jones Futures Fall: Trump Social Media Firm To Go Public, Tesla

Dow Jones futures fell slightly Thursday morning, along with S&P 500 futures and Nasdaq futures, with Tesla earnings in focus. The stock market rally closed narrowly mixed on Wednesday, with the Dow Jones hitting an all-time high. Bitcoin soared to record levels.

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Former President Donald Trump is launching his own social media company. Trump Media & Technology Group will go public via a SPAC merger with Digital World Acquisition (DWAC). Trump Media & Technology will have a social media site Truth Social, as well a subscription-based video-on-demand service TMTG+.

DWAV stock surged premarket.

Trump’s access to key social media networks has been restricted since the Jan. 6 assault on the Capitol.

Tesla Leads Key Earnings

Tesla (TSLA), Lam Research (LRCX) and CSX (CSX) reported earnings late Wednesday.

Tesla stock fell slightly in extended trade despite beating earnings views. LRCX stock fell modestly on mixed results. CSX stock rose on strong earnings, after closing just above a buy point on Wednesday.

IBM (IBM) and Tenet Healthcare (THC) also reported late. IBM stock fell solidly on weak revenue. THC stock rallied on strong results, though Q4 EPS guidance was a little light.

Crocs (CROX) reported strong results. CROX stock jumped 5% in premarket action, signaling a move back to the 50-day line. Share fell 4.5% on Wednesday, hitting resistance at the 50-day.

Nucor (NUE), Union Pacific (UNP) and Freeport-McMoRan (FCX) also are due early Thursday.

On Wednesday, UNP stock advanced 1%, approaching a buy point. Union Pacific edged lower in extended trade on CSX earnings.

A move above that level on strong Crocs earnings could offer an early entry. NUE stock climbed 1.8%, nearing its 50-day line. FCX stock edged up 0.2%, pausing around a short-term resistance level.

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Democrat Tax Shift?

Democrats reportedly may ditch a plan to raise tax rates on the wealthy, businesses or capital gains. That’s due to the continued opposition on tax-rate hikes from Sen. Krysten Sinema, D-Ariz. That could further complicate how to pay for the reconciliation spending package, which is already getting scaled back. Senate Democrats need all 50 members to agree on the same tax-and-spending plan.

Of course, it’s unclear what the final package will be. Other reports said some tax hikes are still on the table. But investors and analysts at the very least may ratchet down Democrat tax-hike expectations.

Bitcoin Price

The Bitcoin price rose 3% vs. 24 hours earlier to below $66,000 after hitting a record $66,974.77 on Wednesday. The ProShares Bitcoin Strategy ETF (BITO), which tracks Bitcoin futures, rose 3.2% to 43.28 in its second day of trading. BITO options began Wednesday. Bitcoin-related stocks powered higher once again.

Tesla stock is on IBD Leaderboard.

Dow Jones Futures Today

Dow Jones futures fell 0.3% vs. fair value. S&P 500 futures lost 0.25%. Nasdaq 100 futures dipped 0.2%. IBM stock is on the Dow, S&P…