Dow Jones futures fell modestly Friday morning, along with S&P 500 futures and Nasdaq futures. The stock market rally closed narrowly mixed Thursday after some notable swings. Big-cap techs and medical stocks rebounded while real economy sectors continued to sell off amid Federal Reserve taper fears. AMAT stock headlined earnings movers late.
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The Tesla AI Day event Thursday night focused on high-level discussions of the company’s self-driving technology and touting a humanoid Tesla Bot.
There was some positive action in Thursday’s market rally, beyond the major indexes rallying off lows. Nvidia (NVDA) cleared an early entry of 197.80 as it rebounded from its 50-day line on strong earnings. Still, while Nvidia rose 4% to 197.98, that was well off intraday highs of 204.95. Advanced Micro Devices (AMD) edged higher, while Marvell Technology (MRVL) rose 2%, rallying off its 50-day line.
Microsoft (MSFT) and Adobe (ADBE) powered up about 2% to new highs and Netflix (NFLX) rallied 4.2%. After the close, Adobe said it would buy Frame.io, a leading cloud-based video collaboration platform, for $1.275 billion. ADBE stock was not active in overnight trade.
Cisco Systems (CSCO) rebounded from morning lows to rally to a two-year high following earnings. CSCO stock climbed 3.8% to 57.27, back above a 55.45 buy point.
InMode (INMD) popped 3.9%, hitting a new high as it extended a strong rebound. Idexx Labs (IDXX) and HCA Healthcare (HCA) also rose on a solid day for medical stocks. Macy’s (M) broke out on strong earnings, guidance and more, surging nearly 20%. Kohl’s (KSS) made a strong move.
But cyclical sectors came under pressure as crude oil and copper prices sold off and Treasury yields came down. Miners and energy stocks are breaking down. Steelmakers are wiping out much of their big recent gains. Many financials have pulled back to buy points. Industrials have retreated after flirting with breakouts. Shipping companies sold off after recent gains.
Meanwhile, U.S.-listed China internets and stocks generally sold off amid economic and regulatory fears there.
Overall, market breadth remains woeful.
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Tesla AI Day
Tesla AI Day is “solely” about recruiting AI and robotics experts to work on the company’s artificial intelligence efforts, according to Tesla (TSLA) CEO Elon Musk. But the event is clearly aimed at investors and analysts as well.
The Tesla AI livestream event, which egan about 45 minutes after the scheduled 8 p.m. ET. Tesla events typically start late.
After a brief opening by Musk, Tesla AI chief Andrej Karpathy gave a high-level presentation on Tesla driver-assist systems. It’s
Musk came on later, saying his company will release a prototype humanoid robot, dubbed Tesla Bot, “probably” sometime this year. Musk said the Tesla Bot will help handle “repetitive and boring tasks.” Meanwhile, a human dressed up like a humanoid robot came out and danced.
Keep in mind that Tesla’s…
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