Dow Jones Futures: Apple Near Buy Point; Elon Musk Tells Tesla FSD

Dow Jones futures tilted higher Wednesday morning, along with S&P 500 futures and Nasdaq futures. The stock market rally closed slightly lower on Tuesday after big retreats in the prior two sessions. Investors are cautious about making big bets ahead of Fed chief Jerome Powell’s big Jackson Hole speech on Friday.

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Apple (AAPL) is carving a handle, lowering its potential buy point. Apple stock technically already has a buy point on a weekly chart.

Tesla (TSLA) rose toward an aggressive buy point Tuesday. Late Tuesday, CEO Elon Musk told an FSD Beta user not to “complain” about the driver-assist software.

Outside of Tesla stock, most EV makers are struggling. However, several EV-related plays are near buy points or actionable now. They include lithium producers Albemarle (ALB) and Livent (LTHM). Also chip plays On Semiconductor (ON), Axcelis Technologies (ACLS) and Monolithic Power Systems (MPWR).

That comes ahead of earnings Wednesday night from chip giant Nvidia (NVDA), with its comments about data centers also important for Monolithic Power.

Tuesday night, TurboTax maker Intuit (INTU) rose on strong earnings, while La-Z-Boy (LZB) jumped on its results. Luxury homebuilder Toll Bros. (TOL) and youth apparel retailer Urban Outfitters (URBN) fell on mixed results, while Advance Auto Parts (AAP) reversed on disappointing EPS and sales. Nordstrom (JWN) tumbled as it slashed guidance amid an inventory glut.

ALB stock is on IBD Leaderboard. MPWR stock is on IBD Long-Term Leaders. Tesla stock, Monolithic Power, Axcelis and Onsemi are on the IBD 50. Albemarle, Monolithic and ON stock are on the IBD Big Cap 20. Monolithic Power was Tuesday’s IBD Stock Of The Day. Livent was Monday’s Stock Of The Day.

Dow Jones Futures Today

Dow Jones futures edged higher vs. fair value. S&P 500 futures and Nasdaq 100 futures rose 0.1%.

The 10-year Treasury yield rose 1 basis point to 3.06%.

Crude oil futures rose about 1%. Natural gas futures climbed nearly 2%. Copper futures fell almost 2%.

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

Stock Market Rally

The stock market rally edged lower Tuesday, continuing a pullback but with the major indexes all near their 21-day moving averages.

The Dow Jones Industrial Average fell 0.5% in Tuesday’s stock market trading. The S&P 500 index lost 0.2%, with TWTR stock easily the worst performer. The Nasdaq composite, up for most of Tuesday’s session, closed down less than 1 point. The small-cap Russell 2000 edged up 0.2%.

U.S. crude oil prices rose 3.4% to $93.74 a barrel, continuing to bounce off Monday’s lows after Saudi Arabia suggested OPEC could cut production.

Natural gas futures fell 5%, reversing from 14-year highs, even though Freeport LNG pushed back the restart of its Texas facility from early October to early-mid…