Dow Jones Futures: Apple Breaks Out, Tesla Pops As Rivian Reverses;

Dow Jones futures edged higher late Wednesday, along with S&P 500 futures and Nasdaq futures. Nvidia earnings were in focus overnight. The stock market rally retreated Wednesday despite positive moves from Apple stock and Tesla.

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Tesla (TSLA) rebounded even as Rivian Automotive (RIVN) sold off, falling for the first time since the RIVN IPO last week. Lucid Motors (LCID) retreated after LCID stock soared Tuesday.

Apple (AAPL) cleared a buy point.

Key Earnings

Nvidia (NVDA), Cisco Systems (CSCO), Sonos (SONO), Bath & Body Works (BBWI) and Victoria’s Secret (VSCO) reported earnings after the close.

Nvidia stock rose nearly 5% in overnight trade after Nvidia earnings and revenue topped views. NVDA stock fell 3.1% to 292.61 on Wednesday. Advanced Micro Devices (AMD) climbed 1% late after dipping 0.7% on Wednesday. Both Nvidia and AMD stock are consolidating at record highs after sharp moves over the past several weeks.

CSCO stock sank 6% overnight. Cisco earnings edged past views but revenue and guidance were weak. CSCO stock dipped 0.4% to 56.76 on Wednesday, now with a handle in its cup base, giving it a 58.73 buy point. Arista Networks (ANET) was little changed late as the Cisco networking rival works on a shelf.

SONO stock climbed 2% in extended trade after closing down 3%. High-end smart speaker maker Sonos missed on earnings and revenue, but gave a bullish outlook. SONO stock could reclaim the 50-day line and perhaps test recent short-term resistance, but investors might want to see a move above the 200-day line before taking an early entry.

BBWI stock rose 3% overnight after Bath & Body Works earnings topped views in its first report since the L Brands split into BBWI and VSCO. BBWI stock could clear a mini-consolidation — close to being a tight pattern — slightly above a double-bottom base. That could offer an add-on buy point or aggressive entry.

VSCO stock surged 10% overnight. Victoria’s Secret earnings results were mixed. After initially surging in early August on the spinoff, VSCO stock fell sharply. But it could break a trend line Thursday morning and get above its 50-day line, offering an aggressive entry.

Key Earnings Thursday Morning

Early Thursday, Macy’s (M), Kohl’s (KSS) and Chinese e-commerce giants Alibaba (BABA) and JD.com (JD) report earnings. Macy’s stock fell 4.5% Wednesday, but remains slightly extended. Kohl’s retreated 3.1%, backing off a buy point. BABA stock and JD.com are trying to break a long slump, with JD stock having more luck. But Alibaba sank 4.1% and JD.com 3% on Thursday.

Tesla, Nvidia and AMD stock are on IBD Leaderboard and the IBD 50. Apple and LLY stock are on SwingTrader. Apple stock was Wednesday’s IBD Stock Of The Day.

The video embedded in this article discussed the market rally action Wednesday and analyzed AAPL stock, Eli Lilly (LLY) and ZIM Integrated Shipping (ZIM).

Dow Jones Futures Today

Dow Jones futures were just above fair value, even with CSCO stock a drag. S&P 500 futures…