Dow Jones Futures: Apple Stock, Amazon Fall Late After Nasdaq Hits

Dow Jones futures rose slightly Thursday night while S&P 500 futures and Nasdaq futures fell modestly as Apple (AAPL) and Amazon stock retreated overnight on earnings.

X

The stock market rally rose solidly, closing near highs, with Apple stock, Amazon.com (AMZN) among the regular-session winners. Meanwhile, Facebook (FB), another FAANG play, said it’s changing its name to Meta Platforms, with the FB stock ticker shifting to MRVS.

Apple, Amazon, Atlassian (TEAM), Dexcom (DXCM) and U.S. Steel (X) reported earnings after the close.

AAPL stock fell overnight on mixed Apple earnings. AMZN stock retreated on weak Amazon earnings, sales and guidance. TEAM stock jumped on strong results. DXCM stock was little changed after Dexcom earnings and sales topped. U.S. Steel stock was a notable winner, signaling an early entry, after beating views.

TEAM stock is on IBD Long-Term Leaders.

Why This IBD Tool Simplifies The Search For Top Stocks

Facebook Is Now Meta

As CEO Mark Zuckerberg promised, Facebook is changing its corporate name to reflect a new focus on the metaverse. That name is Meta Platforms Inc.

“The metaverse is the next frontier,” Mark Zuckerberg said at Facebook’s Connect conference ON Thursday. “From now on, we’re going to be metaverse-first, not Facebook-first.” Zuckerberg sees a future in which interact in virtual environments with lifelike avatars, as opposed to in-person or Zoom-type environments.

The existing Facebook, Instagram and WhatsApp platforms will retain their names.

FB stock rose 1.5% to 316.92 on Thursday, but closed off session highs above its 200-day line. Shares tumbled Tuesday on weaker-than-expected revenue and guidance.

Facebook, with its new name of Meta, is switching from the FB stock ticker to MRVS stock. That’ll take place as of Dec. 1.

Metaverse: Sci-Fi Hype Or The Next Big Thing?

Dow Jones Futures Today

Dow Jones futures rose 0.1% vs. fair value. S&P 500 futures fell 0.15%. Nasdaq 100 futures retreated 0.5%, but paring losses. Apple and Amazon stock are negatives for Nasdaq futures, but TEAM stock also is on the Nasdaq 100.

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

Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live

Apple Earnings

Apple earnings were in line, though missing some forecasts. Revenue missed, for the first time since 2017 by one measure.. CEO Tim Cook said supply issues cut revenue by $6 billion.

Apple stock fell 3.5% in overnight action, but off after-hours lows. AAPL stock rose 2.5% to 152.57 on Thursday. Shares had been moving toward a 157.36 buy point from a cup base, according to MarketSmith analysis.

But Apple stock hasn’t made much progress since its September 2020 peak. The relative strength line, while off its May lows, has been rangebound since that time. That reflects AAPL stock’s middling performance vs. the S&P 500 index.

Amazon…